ICICI Bank in a bid to woo its saving bank customers has announced the launch of pre-approved car loan facility as part of which car buyers this festive season will be able to secure loan up to 100% of the on-road price of the car. Plus this loan of up to 20 lakhs and repayment tenure of 7 years will be made available in a matter of just 4 working hours.
So, through the facility, customers can get away with the otherwise long process of processing and disbursal that in some of the cases lasts few days and instead buy their much coveted four-wheeler right away.
How to avail this ICICI Bank loan?
As per ICICI bank, customers can check their eligibility for such a pre-approved car loan by either visiting any of the bank branch or sending SMS to 5676766 from their mobile number registered with ICICI bank and if eligible they can walk into any of the auto-dealer's outlet all across the country and after completing all the procedural requirement such as filing the application form and providing all the required documents can get credit within 4 hours time.
"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.
"This particular proposition is in line with our constant endeavour to add to the customer's delight during the festive season", Ravi Narayanan, Senior GM & Head - Retail Secured Assets, ICICI Bank said on bank's new initiative.