ICICI Bank launched a pre-approved loan facility for its savings account holders wherein the bank would finance upto 100 per cent of the on-road car price.

The bank customers can avail loans up to ₹ 20 lakh in this facility. The bank would clear the loan amount within four working hours, according to the press release. The private lender came out with this compelling proposal during the festive season to help customers buy the vehicles of their choice.

Talking about the initiative, Mr Ravi Narayanan, Senior General Manager & Head - Retail Secured Assets, ICICI Bank said, “ICICI Bank has always been committed at offering path-breaking products and services to its customers quickly and with the great convenience. This particular facility is in line with our endeavour to add to the customer’s delight during the festive season. This is being extended to all our customers and they can now make their purchases in a hassle-free manner, within just a few hours.”

Customers can avail the car loan facility by simply walking in to any auto-dealership across the country, selecting the car of their choice, checking their pre-approved loan eligibility using their account number, and get the loan disbursed within just four working hours.

This facility is based on a new algorithm for credit assessment of customers. The 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.

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