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About Two Wheeler Loan EMI Calculator

What is a Bike Loan EMI Calculator?

The Bike Loan EMI Calculator is a tool that helps in calculating the Equated Monthly Instalment (EMI) of a Two Wheeler Loan. Simply enter the loan amount, interest rate and tenure. The calculator will automatically give you the results, i.e. total amount payable and the monthly EMI amount. 

How to use a Two-Wheeler Loan Calculator?

Follow the steps given below to calculate your Two-Wheeler Loan EMI:

 

Step 1: Enter the Loan Amount (Principal)

Start by entering the principal amount of the loan using the slider or by directly entering the amount.

 

Step 2: Adjust the Interest Rate

Next, fine-tune the interest rate using the slider or enter the interest rate manually. Ensure that the interest charged on the loan amount is accurately reflected. 

 

Step 3: Specify the Loan Tenure

Determine the loan tenure (duration) using the slider or by entering the desired period.

Once these steps are completed, the calculator will give you an accurate value for your EMI.

What are the Benefits of Knowing your Two Wheeler Loan EMI in Advance?

Knowing your Bike Loan EMI amount in advance helps with your financial planning. Based on the monthly instalment amount, you can apply for a loan amount and select a tenure that suits your repayment capacity. It also helps you to plan for other expenses and helps you accommodate the EMI payments in your monthly budget in a way that does not cause any financial stress.

FAQ'S

What is a Two-Wheeler Loan?

A Two-Wheeler Loan enables you to buy a motorbike or scooter of your choice and pay for it in equated monthly instalments (EMIs). ICICI Bank offers Two-Wheeler Loans to both salaried and self-employed individuals.

How can I apply for a Two-Wheeler Loan?

You can apply for a Two-Wheeler Loan in the following ways:

 

  • Visit any ICICI Bank Branch
  • Visit the dealership store of the two-wheeler you are interested in and connect with an ICICI Bank representative
  • Apply through ICICI Bank Internet Banking. Available only for ICICI Bank customers with a pre-approved loan offer.

What is the maximum amount that I can get as a Bike Loan?

The maximum amount you can avail is 100% of the two-wheeler’s on-road price.

How can I get 100% of the on-road price?

100% two-wheeler finance is available to ICICI Bank customers with a pre-approved loan. We also offer the same to prospective buyers based on proof of income.

Who can apply for an ICICI Bank Two-Wheeler Loan?

Any Indian national over 21 years of age can apply for an ICICI Bank Two-Wheeler Loan.

What is the EMI of a Two-Wheeler Loan?

The EMI of a Two-Wheeler Loan depends on factors like Loan Amount, Tenure and Interest Rate. Use a Bike Loan EMI calculator to estimate your monthly payments accurately.

What is the Interest Rate of a Two-Wheeler Loan?

Interest Rates of Two-Wheeler Loans vary based on the Loan Amount, Tenure and the borrower's creditworthiness. Interest Rates of ICICI Bank Two-Wheeler Loan range from 10.25% p.a.* to 26.10% p.a.*

What is the Two-Wheeler Loan Application Process?

The Two-Wheeler Loan application process involves filling out an application form, submitting required documents (ID proof, Address proof, Income proof) and Bank verification.

What is the minimum Credit Score required for Two-Wheeler Loan?

The minimum credit score required for a Two-Wheeler Loan varies as per the lender. Generally, a score of 750 or above is considered favourable, but some lenders may offer loans to applicants with lower scores as well.

Do I have the option to prepay the entire Two-Wheeler Loan Amount?

Yes, most lenders like ICICI Bank allow prepayment of the entire Two-Wheeler Loan amount. However, there may be certain charges associated with prepayment or specific conditions for the same. With ICICI Bank, the charge is 5% + applicable GST of the Principal outstanding.

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