Comparing Interest Rates: ICICI Bank Two-Wheeler Loan vs. Other Banks

Check out this interest rate comparison for ICICI Bank and find out how flexible and convenient these rates are in comparison with other private and government banks. This will help you choose the right lender while you purchase the desired two-wheeler through a bank loan.

Owning a motorcycle in India isn’t just about your freedom! Amidst the bustling streets, having a swift mode of transportation like a motorcycle adds to your convenience. Do you know that financing your dream bike through reputed private lenders like the ICICI Bank is easy? Before purchasing your motorcycle, you would be carrying out an interest rate comparison, right?

This guide is all about comparing interest rates for ICICI Bank's two-wheeler loan. ICICI Bank is among the reputed lenders, offering flexibility and convenience to owners with affordable funding options. With competitive rates of interest, this lender ensures that motorcycle owners can enjoy manageable EMIs throughout their tenure.

So, let’s compare ICICI Bank's rates vs other banks when it comes to bike loans. Beyond the rate of interest, we have also discussed other crucial aspects like processing fees and associated charges that you must factor in.

How Much Interest Does ICICI Bank Charge On Two-Wheeler Loans?

Before helping you with a comprehensive interest rate comparison, let’s take a look at the minimum and maximum rates of interest charged by ICICI Bank. While the bank offers motorcycle loans at reasonably low-interest rates of 10.50% per annum, it can go as high as 26% a year under certain circumstances. 

Borrowers with a healthy credit score and adequate documents can find affordable funding options with this bank. If your credit score is over 750, you can negotiate a better deal from the lender. 

 Comparing Interest Rates of ICICI Bank for Two-Wheeler Loans

Now, we will be comparing interest rates for ICICI Bank's two-wheeler loan with other banks. In this comparison, we have considered both private and government banks. Depending on your financial stability and repayment capacity, you can choose the right lender for financing your new motorcycle. 

1. ICICI Bank

 The interest rate at ICICI Bank starts at 10.05% per annum for two-wheeler loans. You need to pay a processing fee of up to 4.75% of the loan amount along with the associated GST in addition to the interest.

2. IDFC First Bank

 IDFC First Bank offers motorcycle loans starting at 9.99% per annum. While borrowers need to contact the bank for specifications on the minimum loan amount, it charges a 5% processing fee on the loan amount.

3. Axis Bank

The interest rate charged by Axis Bank on two-wheeler loans is 11%, and borrowers need to apply for a minimum loan amount of INR 25,001. This bank charges a low processing fee of 2.5%.

4. Bank of India

 BOI offers motorcycle loans starting at just 8.75% an annum. While carrying out this interest rate comparison, it appears that this bank offers loans at low-interest rates. For specific information on the minimum loan amount to apply for and the associated processing charges, get in touch with your local branch.

5. Punjab National Bank

PNB is known for the low processing fees it charges, although the interest rates are higher than some other government banks. Here, you can get motorcycle loans at 11.15% interest an annum. The processing fee is just 0.5% of the loan amount and generally ranges between INR 500 and INR 1000.

6. Canara Bank

 This is one of the best banks to get your motorcycle loan sanctioned from. While Canara Bank charges an annual interest rate of 11.35% on motorcycle loans, it charges zero processing fees. This makes the loans affordable for buyers, particularly if the amount is significantly large.

7. Union Bank of India

 This government bank sanctions large bike loans, up to INR 10 lakhs. While the annual interest rate starts from 12.40%, you need to connect with your bank to know the associated processing fee.

8. Bank of Baroda

 Bank of Baroda is a reputed lender where the interest rates on motorcycle loans start from 13.65% per annum. You can apply for a bike loan up to INR 10 lakhs, and the lender charges a 2% processing fee on the loan amount sanctioned.

9. Karnataka Bank

Here, borrowers need to shell out a comparatively higher rate of interest, around 14.21% annually. The minimum loan amount to apply for is INR 2 lakh. For specific information on the processing fee, you need to contact the bank.

10. HDFC Bank

 While the HDFC Bank is a reputed private lender, it charges higher interest rates compared to ICICI Bank. At 14.50% per annum, the interest rates look pretty high, while you also need to fork out a 2.5% processing charge on the sanctioned loan amount.

11. State Bank of India

 SBI offers flexible motorcycle loans, where you can apply for amounts ranging between INR 20,000 to INR 25 lakhs. The interest rate is competitive, at 12.40%, while you need to shell out a processing fee of 2% on the loan amount along with the GST.

12. Indian Overseas Bank

 This is yet another government bank offering motorcycle loans at competitive rates of interest. The annual interest rate starts at 12.55%, while you need to talk to the loan officer for specific information on the minimum loan amount and processing fee.

 Table Showing ICICI Bank's Rates Vs. Other Banks

Wrapping up

Now that you can compare ICICI Bank's rates vs other banks, check out the associated clauses like the minimum loan amount to apply for and the processing fee. This interest rate comparison will help you find affordable financing options for your two-wheeler. 

Consider the flexibility of repayment, tenure, and preclosure fees for each lender during your comparison. Comparing interest rates ICICI Bank's two-wheeler loan with other government and private banks, you can settle for the most affordable loan that promises convenience while repaying.