ICICI Bank in a bid to make its loan offerings simplified has launched two new instant loan offers one for auto loan of up to Rs. 20 lakh and the Insta Two-Wheeler Loan for up to Rs 2 lakh that is totally paperless and digital.
The instant auto loan facility will grant loans to as many 20 lakh pre-approved banks' customers of up to Rs. 20 lakh for a term of up to 7 years.
Likewise, some 12 million pre-approved customers of the bank can get sanction letter for two-wheeler loan of up to Rs 2 lakh for a tenure of up to three years.
As per the official statement made, the loan offerings will provide 100% of the on-road vehicle price. The sanction letter will have a validity of 14 days and during that customers can visit the dealer of their choice, select the vehicle, submit requisite documents and secure the loan within few working hours.
The statement quoting Ravi Narayanan, Head - Secured Assets, said, "ICICI 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. 'Instant' auto and two-wheeler loan facilities are extensions of this same endeavour."