ICICI Bank offers full finance for car loans up to ₹20 lakh in 4 hours1 min read . Updated: 18 Oct 2018, 04:39 AM IST
ICICI Bank said it is the first bank to offer upto 100% finance on the on-road price of the car. Valid only for its savings bank account customers, the bank disburses the amount of the loan, for tenure upto 7 years, in just 4 hours.
New Delhi: ICICI Bank is offering pre-approved car loans during the ongoing festive season up to 100% of the on-road price of the car, subject to a maximum of ₹ 20 lakh in just four hours.
In a statement, ICICI Bank said it is the first bank to offer up to 100% finance on the on-road price of the car. Valid only for its savings bank account customers, the bank disburses the amount of the loan, for tenure up to 7 years, in just 4 hours.
After checking eligibility with the branch, customers can walk into any car dealership and buy the car of their choice in a matter of 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 information from the Credit Bureau and relationship to ascertain the credit worthiness of a customer.
Based on the credit score of the customer, the bank pre-approves the loan amount which helps customers avail the loan at the time of purchase very quickly.
Customers can avail the car loan facility by simply walking into any auto-dealership across the country, selecting the car of his choice, checking his pre-approved loan eligibility using his account number, filling in an application form along with documents and getting the loan disbursed within just four working hours.
Ravi Narayanan, Senior General Manager & 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."