ICICI Bank on April 17, 2019 announced the launch of two products (car loans) with final sanction letters for car and two-wheeler. It aims to provide instant loans in a completely digitised format. The first product named Insta Auto Loan is designed to aid up to two million pre-approved customers to receive final sanction of a car loan instantly. Customers can avail a loan amount of up to Rs. 20 lakh spanning a tenure of seven years. This product aims to cover two million pre-approved customers to receive final sanction of vehicle loan instantly.
The second product offered on the same lines is named Insta Two-Wheeler Loan that aims at offering 12 million pre-approved customers the instant digitised facility. In this segment, customers can avail up to a loan amount of Rs 2 lakh for period of three years. Both the products provide 100 per cent of the on-road price of the vehicle.
The facilities have been launched, keeping in mind customers’ convenience. Now customers will no longer have to visit bank branches to receive sanction letter. Just a few clicks and they will be able to generate the document through internet banking facility. Once received, the sanction letter will be valid for 15 days, and within that time they can visit his or her preferred vehicle dealer, submit final documents and get the loan disbursed within few hours. With this the customer can complete the entire process, within few days.
“ICICI Bank has always been committed at offering path-breaking products and services to its customers at the fastest possible speed and with the highest level of convenience. Leveraging upon data analytics and technology, the bank has introduced a bouquet of instant products including the country’s first instant credit card, insta personal loan, instant digital credit called PayLater, insta-overdraft facility for MSMEs, instant opening of Public Provident Fund account, among others. We are extending these two compelling digital facilities to millions of our customers, who will be able to fulfil their vehicle purchases in a hassle-free manner, within just a few hours. We believe that this initiatives will help the Bank to consolidate its position in vehicle loans,” said Ravi Narayanan, Head, Secured Assets, ICICI Bank.
When it comes to pre-approval of loan, the bank based on the credit-score of the customer, takes decision, which would help them avail the loan at the time of purchase very quickly. On the back of its state-of-the-art digital analytics technology, the bank completes its credit assessment of customers online. Further it uses new algorithm with an intelligent combination of various financial parameters including the credit bureau information, relationship and vintage patterns with the Bank to check the credit-worthiness of a customer.