Now get your car or two-wheeler loan approved instantly

Now get your car or two-wheeler loan approved instantly

Looking for a car or two-wheeler loan? The process to apply and get the loan sanctioned and then get it disbursed is fast becoming easy, simple and quicker. ICICI Bank has launched two facilities to empower loan seekers with final sanction letters for car and two-wheeler loans instantaneously, in a fully digital manner.

The first service, called ‘Insta Auto Loan’, enables one 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, named ‘Insta Two-Wheeler Loan’, offers loan seekers the facility to get instant sanction of loan up to Rs 2 lakh for a tenure of up to three years. Both the facilities will offer 100 per cent of the on-road price of the vehicle.
To avail loan, a loan seeker need not make a visit to a branch and instead, they can generate the final sanction letter themselves with just a few clicks on the Bank’s internet banking facility.

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Armed with the sanction letter, which is valid for 15 days,  the customer can simply visit his/her preferred vehicle dealer across the country, select the vehicle, submit final documents and get the loan disbursed in a few working hours.

Insta Auto Loan

ICICI Bank introduced new processes which have enabled faster processing of car loans for existing ICICI Bank customers and New to bank customers. Existing customers have extra mileage as the requisite documents for credit assessment have been reduced to a very minimal level.

Existing customers can check out the offer by sending an SMS <CAR> to <5676766> from their mobile number that is registered with ICICI Bank. A pre-approved Car Loan customer can generate an approval letter online by following these steps:

  • Log in to Internet Banking
  • View ‘Car Loan Pre approved’ via Offers widget
  • Navigate to the offer and select manufacturer details
  • Accept offer and generate approval letter
  • Visit the nearest ICICI Bank branch
  • Submit disbursal Kit

Two Wheeler Loan

Someone seeking a two-wheeler loan can generate the approval letter online and avail loan by submitting minimum documents. Existing customers can check the offer by sending an SMS <TW> to <5676766> from their mobile number registered with ICICI Bank.

A Pre-Approved Two Wheeler Loan customer can generate approval letter online by following these steps:

  • Log in to Internet Banking
  • View ‘Two Wheeler Loan Pre approved’
  • Navigate to the offer and select manufacturer details
  • Accept offer and generate approval letter
  • Visit the nearest ICICI Bank Branch or Dealer
  • Submit Approval Letter and Mandatory Documents

In ‘Insta Auto Loan’, customers get the sanction letter also on their 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.

Speaking about the initiatives, Ravi Narayanan, Head – Secured Assets, ICICI Bank, said, “ICICI Bank has always been committed at offering path-breaking products and services to its customers at the fastest possible speed and with the highest level of convenience. ‘Instant’ auto and two-wheeler loan facilities are extensions of this same endeavour. We are extending these two compelling digital facilities to millions of our customers, who will be able to fulfil their vehicle purchases in a hassle-free manner, within just a few hours.”

How the bank pre-approves the loan

ICICI Bank has leveraged upon its state-of-the-art digital analytics technology to complete the credit assessment of customers online. The new 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.

FE Online’s take: There is nothing wrong in taking the sanction letter from a lender but explore other options too. In addition to the pre-closure charges, the interest rate and the processing fees need a careful look and spend some time in finding the best loan rates before finalizing.

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