ICICI Bank offers instant vehicle loan approval in digitized form
ICICI Bank announced the launch of two products (car loans) with definitive sanction letters for cars and two-wheelers.
ICICI Bank on April 17, 2019 announced the launch of two products (car loans) with definitive sanction letters for cars and two-wheelers. The aim is to provide instant loans in a fully digitized format. The first product, called Insta Auto Loan, is designed to help up to two million pre-approved customers get the final auto loan sanction instantly. Customers can avail a loan amount of up to Rs. 20 lakh over a seven year term. This product aims to cover two million pre-approved customers for instant vehicle loan final sanction.
The second product on offer in the same line is called Insta Two-Wheeler Loan, which aims to bring the instant digitized opportunity to 12 million pre-approved customers. In this segment, customers can avail up to a loan amount of Rs 2 lakh for a period of three years. Both products deliver 100 percent of the vehicle’s on-road price.
The facilities were introduced to keep an eye on customer comfort. Now customers no longer have to go to bank branches to receive a sanction letter. Just a few clicks and you will be able to generate the document through internet banking. Once received, the sanction letter is valid for 15 days, during which time he can visit his preferred vehicle dealer, submit the final documents and have the loan paid off within a few hours. This means that the customer can complete the entire process within a few days.
“ICICI Bank has always been committed to providing its customers with breakthrough products and services at the fastest possible speed and with the highest level of convenience. Using data analytics and technology, the bank has introduced a range of instant products including the country’s first instant credit card, Insta personal loan, instant digital loan called PayLater, Insta overdraft facility for MSMEs, instant Public Provident Fund account opening, and others . We are expanding these two compelling digital possibilities to millions of our customers who can easily process their vehicle purchase within a few hours. We believe these initiatives will help the bank consolidate its position in vehicle loans, ”said Ravi Narayanan, Head, Secured Assets, ICICI Bank.
When pre-approving a loan, the bank makes a decision based on the customer’s credit rating that would help them get the loan very quickly at the time of purchase. Based on its state-of-the-art digital analytics technology, the bank carries out the credit check of its customers online. In addition, it uses a new algorithm with a smart combination of various financial parameters, including Schufa information, relationship and vintage patterns with the bank, to check a customer’s creditworthiness.