Consumer spending in India has been on the rise since economic reforms where introduced almost two decades ago. However much of this spending which has taken place has been done with borrowed money. It is a fact today that banks are lending aggressively so that growth is not stagnant. Today a huge section of the population of our country has two wheelers. A two-wheeler is very helpful as it is cheaper than a car yet people can move from one place to another very quickly with the help of a two-wheeler. It is very helpful to sales persons whose job is to move around from shop to shop.
However all this has been made possible by the fact that today banks are lending more aggressively than ever before. If you want to buy a two-wheeler, you would do well to walk into any Icici branch and enquire about two wheeler loans. You may urge that you will get two wheeler loans anywhere. The big advantage about this bank is that it is more customer friendly and will walk the extra mile to sanction you the loan. Let us now have a look at how does it work.
The first point about any loan is that the bank will not provide you 100% finance. You will have to provide some portion of the money yourself. However Icici bank goes to the extent of financing 85% of the vehicle. You will be mistaken if you think that a two-wheeler only means a bike. Mopeds, scooters all fall within the two-wheeler category. The repayment terms are very easy. The tenure of the loan is also very important. The repayment amount depends a lot on the tenure of the loan. The tenure of the loan can vary from six months to thirty-six months.
The next important thing that should cross your head is the rate of interest on the loan. This is one thing, which is not in the hands of the individual bank. It is controlled by the Reserve Bank of India. The RBI takes stock of the overall financial situation of the country and increases or decreases the CRR, which means the cash reserve ratio.
If it increases the cash reserve ratio then the banks have to increase the cash they have deposited with the RBI. Now this increased amount has to be made up from somewhere. Here they have no option but to increase the rate of interest on your loan. Thus, your EMI now becomes costlier. However if they decrease the cash reserve ratio the rate can also decrease and your EMI can scale down drastically also. They sometimes tickle with the repo rates also. All this is done with an aim to kill high inflation. It takes out the extra money from the consumer’s pocket, which in turn affects the market.
Icici Bank will offer you two wheeler loans if you want to purchase two wheelers from any of the major manufactures of the country. Some of the big names are Hero Honda, Bajaj, TVS, Kinetic Honda, Yamaha, Suzuki to name a few. Now it may so happen that you do not fall into some of the criteria, which is needed to buy a two-wheeler. Never be disheartened, as mentioned earlier Icici bank will go the extra mile to give you the loan. All you have to do is to convince any of your blood relatives who fulfill the criteria to be your co applicant and you will be granted the loan. Icici bank will always do whatever within its means to help any person who walks into its branches.
Applying for loans is also a cumbersome process. You may have to fill up a lengthy form, which may include many of your personal details. However, the customer friendly nature of Icici bank has now ensured the customer that all this is outdated. Today is the age of competition where competitors are trying to outsmart each other.
Today Icici bank has introduced a new concept called loan by phone. Here the operation are every simple. You will just have to pick up the phone and dial and ask for a two-wheeler loan. Of course, do not expect things to be as simple. You will not get the loan straight away. Now the normal process of verification will follow. This process is suitable for busy people who do not have the time to go to the bank and apply for the loan.
You can also apply the normal way by visiting the nearest branch. The executive in the branch will greet you warmly. Now if you fulfill the criteria to obtain the loan it is a very simple and easy process. The documentation process is also very simple. Other than the standard Id and address proof, you will also have to submit some income proof. Now if you are a salaried person you will have to place your salary slip for the last few months. However if you are a businessperson you will have to submit details of your income tax returns you have filed for the last three years. Now if the bank feels you will be able to pay the monthly installments they will not hesitate to give you the two-wheeler loan.
The customer also has to decide how he is going to repay the monthly installments. Is he going to obtain the ESC facility from his bank or is he going to deposit many post dated a/c payee cheques in favor of Icici bank. The ECS here stands for the electronic clearing system. The amount to be released can vary from Rs, 7500 to Rs 1, 50,000. However, the customer will have to be within the age limit of 21 to 60 years for salaried. However if you are self employed the age limit can go up to 65 years.
Icici bank is one of the largest banks in our country. It ha pan India presence and is located in every corner of our country. It is very customer friendly and will walk the extra mile to help anyone who will enter its branches.