ICICI Bank Two Wheeler Loan Eligibility Norms:
- Following are persons eligible for loan:
- Minimum age at the time of application should be 21 years.
- Maximum age at maturity should be 60 years, in case of salaried employees and 65 years for non-salaried borrowers.
- Salaried employees should have a minimum income of Rs.48, 000 per annum
- Non-salaried employees should have their minimum income as Rs.42, 000, yearly.
- Quantum Of ICICI Bank Two Wheeler Loan:
Permissible quantum of loan at ICICI Bank Two Wheeler Loan rate that may be sanctioned to applicants eligible as per ICICI Bank Two Wheeler Loan eligibility criteria is subject to rules:
- Minimum and maximum amount of loan is Rs. 7, 500 and Rs. 1, 50, 000 respectively.
- Actual amount of loan that may be disbursed is based on repayment capacity and on income / salary drawn.
- Procedure To Be Followed While Applying For Loan:
- Borrowers, who are eligible for loan at ICICI Bank Two Wheeler Loan interest rate as per pre-determined ICICI Bank Two Wheeler Loan eligibility norms, may be able to apply by either:
- visiting official link at website or
- by approaching nearest branch of bank to know more.
- Documents to be submitted are as follows;
- Proof of identity
- Proof of residence
- Proof of age
- Signature verification proof
- Proof of income / salary: as per category of borrower under ICICI Bank Two Wheeler Loan eligibility norms
- Processing fee is also charged at 0.25% on loan amount. It is over and above interest at ICICI Bank Two Wheeler Loan rate.
- Tenure Of ICICI Bank Two Wheeler Loan:
Loan has repayment tenure between 1 year and 3 years and borrowers may opt for either 1, 2 or 3 years.
- Repayment Of ICICI Bank Two Wheeler Loan:
Borrowers are required to repay entire amount of loan in a minimum of 12 and a maximum of 36 equated monthly installments, which would be inclusive of interest at ICICI Bank Two Wheeler Loan interest rate. Modes of repayment may be:
- Post-dated cheques
- Pre-Payment Of ICICI Bank Two Wheeler Loan:
- Bank levies a charge or penalty equivalent to amount that is lower of:
- 4% on loan principal that is left unpaidOr
- Interest remaining for period of tenure still left.
- Above charge is independent of ICICI Bank Two Wheeler Loan rate.