ICICI Bank customer? You can avail up to Rs 20 lakh car loan in just 3 easy steps; find out how much you can get to buy 2-wheeler

Private lender ICICI Bank has enhanced its facilities to provide vehicle loans. The bank has now launched two new digital modes, which can help customers to avail 4-wheeler loan of up to Rs 20 lakh, and Rs 2 lakh loan for 2-wheeler. Availing loan will be done in fully digital manner. The first mode is called as ‘Insta Auto Loan’ - enables over two million pre-approved customers 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. While the second mode is ‘Insta Two-Wheeler Loan’, which offers over 12 million pre-approved customers the facility to get instant sanction of loan up to Rs 2 lakh for a tenure of up to three years. 

Talking about the new launches, Ravi Narayanan, Head - Secured Assets, ICICI Bank, said, “ICICI Bank has always been committed to offering path-breaking products and services to its customers at the fastest possible speed and with the highest level of convenience. Leveraging upon data analytics and technology, the 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 endeavor. 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. We believe that this initiatives will help the Bank to consolidate its position in vehicle loans," Narayanan added. 

Both the facilities will offer 100% of the on-road price of the vehicle.

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These offers significantly improve the customers’ convenience as they are no longer required to visit a branch to get their sanction letter. Instead, they can generate the final sanction letter themselves with just a few clicks on the Bank’s internet banking facility.

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. This is a marked improvement over the current average of few days that a customer needs to complete the entire process.

In just 3 simple steps you can avail for  Insta Auto and Two-Wheeler loan using the Bank’s internet banking platform. 

Step 1 - Log in to retail internet banking > click on ‘My accounts’ > Loans > click on instant sanction - car loan / two-wheeler loan.

Step 2 - Select the amount and tenure. They also have the option to select manufacturer and their preferred dealer.

Step 3 - Accept terms & conditions and generate the sanction letter. (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).

The facilities will be available on iMobile, the Bank’s mobile application shortly.