Icici Bank Limited Two Wheeler Loan FAQs

Fees and Charges Applicable on Two wheeler Loans are:

• Loan Processing Charges
• EMI Late payment penalty
• Prepayment Fees
• Loan cancellation charges
• No Due Certificate
• No Objection Certificate (NOC)
• Charges for Conversion
• Administrative Fee
• Cheque Bounce / EMI return charges
• Loan Rebooking Charges
• Legal, Repossession & Incidental charges

Yes, you should avail the loan even if you have enough money with you. The reason is you don't have to spend your money in lumpsum and you can invest that money in better options like mutual funds, banks FDs, etc. Further, two-wheeler loans are available in very attractive and competitive interest rates in the market.

The two-wheeler loans offered by banks are available for a period ranging from 3 years to 5 years. This period also varies on the basis of purchase of new two-wheeler or old two-wheeler.

If the loan is taken against a security or collateral like home, flat, debentures, land, etc., it is called secured two-wheeler loan. This type of loan is offered on very low rates as the risk of loan repayment is reduced.

If the loan is taken without any collateral or security, it is called unsecured two-wheeler loan. As the loan repayment risk is high for banks, they offer this loan on higher interest rates.

If you have a good credit score then the loan will be offered at the most competitive interest rates and other lenient terms.

It generally takes about 1-7 working days for processing the loan and getting it sanctioned after submission of all the required documents.

There are 4 stages involved in availing a two-wheeler loan, which are:

1. Submitting a Loan Application
2. Processing of application
3. Approval of the loan
4. Disbursement of loan amount

It varies from bank to bank. Some banks provide loans up to 100% for their account holders for some specific models.