ICICI Bank offers instant approval for car & two-wheeler loans to millions of customers

Mumbai: ICICI Bank today announced the launch of two facilities to empower its millions of customers with final sanction letters for car and two-wheeler loans instantaneously, in a fully digital manner. The first service, called ‘Insta Auto Loan’, enables over two million pre-approved customers to avail the final sanction letter of a car loan instantly and digitally upto Rs 20 lakh for a tenure of upto seven years. The second initiative, named ‘Insta Two-Wheeler Loan’, offers over 12 million pre-approved customers the facility to get instant sanction of loan upto Rs 2 lakh for a tenure of upto three years. Both the facilities will offer 100% of the on-road price of the vehicle. These offers significantly improve the customers’ convenience as they are no longer required to visit a branch to get their sanction letter. Instead, they can generate the final sanction letter themselves with just a few clicks on the Bank’s internet banking facility. Armed with the sanction letter, which is valid for 15 days, the customer can simply visit his/her preferred vehicle dealer across the country, select the vehicle, submit final documents and get the loan disbursed in a few working hours. This is a marked improvement over the current average of few days that a customer needs to complete the entire process. Speaking about the initiatives, Mr. Ravi Narayanan, Head - Secured Assets, ICICI Bank, said, “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 facility, among others.