ICICI Bank has launched a pre-approved car loan facility for its customers, which will help them finance up to 100 per cent of the on-road price of the car.
Are you an ICICI Bank customer and willing to buy a car during this festive season? Here’s good news for you. ICICI Bank has announced the launch of a pre-approved car loan facility for its savings account holders, which will help them finance up to 100 per cent of the on-road price of the car. The bank customers can avail car loans up to Rs 20 lakh for a tenure up to 7 years.
Another good news is that the loan amount will be disbursed within four working hours. Thus, the customers won’t have to wait for a few days for getting the loan sanctioned and disbursed, and can buy the vehicles of their choice quickly during this festive season.
According to the bank, its customers can avail the car loan facility by simply walking into any auto-dealership across the country, selecting the car of their choice, checking their pre-approved loan eligibility using their account number, filling in an application form along with documents and getting the loan disbursed within four working hours.
“This facility is based on a new algorithm curated by ICICI Bank for credit assessment of customers. The algorithm uses 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,” the bank said.
ICICI Bank customers can also walk into any of the bank branch or SMS <CAR> to 5676766 from their registered mobile number to check their eligibility. Then, they can walk into any car dealership and buy the car of their choice in a matter of hours.
Talking about the initiative, Ravi Narayanan, Senior GM & Head – Retail Secured Assets, ICICI Bank, said, “This particular proposition is in line with our constant endeavour to add to the customer’s delight during the festive season. This is being extended to lakhs of our customers and we are happy that with the new service, they can now fulfill their festive purchases in a hassle-free manner, within just a few hours and delight their families. We believe that the compelling proposition will offer a unique best-in-class banking experience to our customers.”