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EV BIKE LOAN
Electric Two Wheeler Loan
As the world turns its focus towards eco-conscious choices, electric bikes have emerged as a sustainable and efficient mode of transportation. To make the transition to electric mobility smoother and more accessible, ICICI Bank offers Electric Bike Loans.
Electric Bike Loans:
A Sustainable Choice
Electric bikes, commonly known as e-bikes, are an eco-friendly alternative to traditional gasoline-powered vehicles. They are cost-effective in the long run as they require minimal maintenance and help to reduce fuel expenses significantly.
Recognising the growing demand for e-bikes, ICICI Bank has introduced Electric Bike Loans with up to 100% on-road funding to make it easier for you to adopt this sustainable mode of transport.
Electric Bike Loans offer an excellent opportunity to embrace eco-friendly and cost-effective commuting options. By choosing an electric bike, you not only help in reducing the carbon footprint but also enjoy the convenience and affordability of this mode of transport.
Key Highlights of Electric Bike Loans
Easy Financing
ICICICI Bank provides hassle-free financing options for both high-speed and low-speed electric bikes so that you can make this choice without straining your finances.
Competitive Interest Rates
Enjoy competitive interest rates on your Electric Bike Loan, making it an affordable choice for two wheeler enthusiasts.
Quick Approvals
With a streamlined loan approval process, you can get your loan sanctioned swiftly.
Flexible Repayment Tenures
ICICI Bank offers flexible repayment tenures, allowing you to choose a comfortable tenure that suits your financial situation.
Minimal Documentation
The documentation requirements for Electric Bike Loans are minimal, thus reducing the paperwork and simplifying the application process.
Eligibility, Charges and Documents for Electric Bike Loan
How to Apply for an Electric Bike Loan
Applying for an Electric Bike Loan from ICICI Bank is a straightforward process. Here are the steps involved:
Check the eligibility criteria:
Determine whether you meet the eligibility criteria such as age, income and credit score before you apply for an Electric Bike Loan.
Compile all the documents
Compile all the necessary documents such as proof of identity, address, income and the quotation or invoice for the electric bike you wish to purchase.
Apply for the loanÂ
Visit any ICICI Bank Branch or apply online through our website to avail the loan. Our Bank executive will assist you in filling out the loan application form digitally once you provide the correct details.
Processing of the loanÂ
Once you submit your loan application, ICICI Bank will review your documents and assess your eligibility.
Approval and Disbursement of the loan:
Post the loan approval process, the Bank will disburse the loan amount directly to the electric bike dealer or seller.
Repayment of the loan
You can start repaying the loan amount in Equated Monthly Instalments (EMIs) as per the chosen repayment schedule.
Electric Bike Loan EMI Calculator
- ₹30,000
- ₹30L
- 12 months
- 36 months
- 9%
- 30%
-
₹ 2,00,000
-
₹ 22,605
-
₹ 2,22,605
Your Monthly EMI is ₹9,275
How to Use the EMI Calculator
- Loan Amount:Â Enter the loan amount you wish to borrow for your electric bike purchase. This should include the cost of the electric bike itself along with any additional expenses such as the cost of insurance or accessories.
- Loan Tenure:Â Choose the loan tenure that suits your financial situation. The tenure represents the number of months required to repay the loan.
- Interest Rate:Â Input the applicable interest rate for your Electric Bike Loan. ICICI Bank offers competitive interest rates to ensure affordability.
The calculator will carry out the calculations side by side and give you varying figures as you adjust the inputs. This way, you can find the ideal EMI plan for repaying the loan comfortably.
For instance:
Principle Amount= 5,00,000
Rate of Interest= 10.25%*
Tenure= 3 years
Loan EMI= Rs. 16,192
Note: The Rate of interest is subject to change.
Factors Impacting Your EMI Amount
Several factors can influence your EMI amount
Higher interest rates result in higher EMIs. ICICI Bank offers competitive rates to keep EMIs affordable.
A larger loan amount translates to higher EMIs. You should borrow according to your financial capacity.
Longer tenures lead to lower EMIs but increase the total interest paid. Consider your financial goals and capacity when choosing the loan tenure.
ICICI Bank offers flexible EMI schemes that allow you to adjust the EMI amount to suit your convenience.
FAQs
Is there any loan option available for purchasing electric bikes?
Yes, ICICI Bank offers Electric Bike Loans to support the purchase of electric two wheelers. These loans are designed to promote eco-friendly transportation solutions and financially assist individuals looking to invest in sustainable mobility options.
Why should I apply for an Electric Bike Loan from ICICI Bank?
Applying for an Electric Bike Loan from ICICI Bank gives you access to tailored financing solutions for purchasing eco-friendly vehicles. With competitive interest rates, flexible repayment terms and convenient application processes, ICICI Bank makes it easy for you to transition to environmentally-conscious transportation alternatives.
What is the maximum loan amount that I can get for an Electric Bike Loan?
The maximum loan amount depends on various factors including creditworthiness, income and the value of the financed electric bike. At ICICI Bank, we offer a maximum loan amount of up to Rs 30 lakh to eligible customers.
