ICICI Bank will offer loans to its customers who are planning to buy two and four-wheelers up to ₹2 lakh and ₹20 lakh, by providing the final sanction letter instantly. The bank will offer 100% of the on-road price of vehicle.
Customers can visit the vehicle dealer along with the sanction letter, which is valid for 15 days, and submit final documents and get the loan disbursed in a few working hours, the bank said. “This is a marked improvement over the current average of few days that a customer needs to complete the entire process,” it added.
Anup Bagchi, executive director, ICICI Bank, said as on December 31, 2018, the bank had an outstanding auto loan book of ₹53,000 crore. The auto loan portfolio is 16% of the bank’s total retail loan book and is growing at a rate of 17-18%.
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