There used to be a time when financing a vehicle could take weeks. One had to run pillar-to-post in order to collect a bunch of documents, only to be asked to get some more a few days later. Not anymore. Modern financial institutions have changed how things work and taking it one step further is ICICI Bank. It has announced the launch of two facilities which will take millions of its customers closer to their dream of owning a vehicle within seconds, by facilitating final sanction letters for car and two-wheeler loans instantaneously, in a fully digital manner. The first initiative called ‘Insta Auto Loan’, enables over 20 lakh pre-approved customers to avail the final sanction letter of a car loan instantly and digitally up to Rs. 20 lakh for a tenure of up to seven years.
The second initiative is called ‘Insta Two-Wheeler Loan’, which offers over 1.2 crore pre-approved customers the facility to get an instant sanction for a loan of up to Rs. 2 lakh for a tenure of up to three years. Unlike most auto loans which only cover the ex-showroom cost, both the facilities will finance 100% of the on-road price of the vehicle. These two new offers go a long way in improving customer experience, as an applicant is no longer required to visit a branch to get their sanction letter. Instead, one can generate the final sanction letter with just a few clicks on the Bank’s internet banking facility.
Once armed with the sanction letter, the applicant can simply visit his/her preferred dealership across the country, select the vehicle, complete all necessary documentation and the loan will then be disbursed within a few working hours. Since this letter is valid for 15 days, it allows ample time to shop wisely. This new initiative by ICICI Bank saves a lot of time for a vehicle buyer.
How is all this possible in such a quick time? ICICI Bank has leveraged its state-of-the-art digital analytics technology to complete the credit assessment of customers online. The new algorithms use an intelligent combination of various financial parameters including the credit bureau information, relationship and vintage patterns with the Bank to ascertain the credit-worthiness of a customer. Based on the credit score of the customer, the Bank pre-approves the loan amount to customers which help them avail the loan at the time of purchase very quickly.
If you are an existing ICICI customer, you can check your eligibility for these offers very easily. All you have to do is log in to your account using Internet Banking, go to retail internet banking, click on ‘My accounts’ > Loans > click on instant sanction – car loan/two-wheeler loan, and select the amount and tenure. They also have the option to select a manufacturer and their preferred dealer. Once you accept terms & conditions, a simple click will generate the sanction letter. The ‘Insta Auto Loan’ initiative also sends the sanction letter to the customer’s registered email id. For ‘Insta Two-Wheeler Loan’, one also gets a ‘reference number’, along with the sanction letter, which the customer can take to the dealership.
To know more about Insta Auto Loans, visit https://www.icicibank.com/blogs/loan/pre-approved-for-car-loan.page
To read more about Insta Two-Wheeler Loans, visit https://www.icicibank.com/blogs/loan/pre-approved-for-two-wheeler-loan.page