ICICI Bank launches insta car, two-wheelers loans

New Delhi, Apr 17 (UNI) Private Bank ICICI Bank on Wednesday announced the launch of two facilities to empower its millions of customers with final sanction letters for car and two-wheeler loans instantaneously, in a fully digital manner.

The first service, called ‘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.
The second initiative, named ‘Insta Two-Wheeler Loan’, 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.
Both the facilities will offer 100 per cent of the on-road price of the vehicle, the bank said in a statement here.

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.

The launch of the ‘Insta Auto Loan’ and ‘Insta Two-Wheeler loan’ facility is a continuation of the Bank’s efforts to introduce an array of ‘instant’ digital products to offer unprecedented convenience to its customers across products and services.
It includes 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 and the recently introduced Instant Home Loans and Insta Top Up Home Loan among others.