ICICI Securities has diversified its business model to include offering retail loans through its online (ICICI Direct) platform and offline channels, which includes a network of nearly 200 branches.
“This service is inclusive of products such as personal loans, home loans, loan against property, auto loans, and credit cards offered by ICICI Bank,” it said in a release on Tuesday, adding that it will earn a distribution commission for selling these products.
Stating that this is a new revenue stream for the company, Vijay Chandok, Managing Director and Chief Executive of ICICI Securities, said retail distribution is a fast-growing segment and entry into this segment marks their presence in the entire financial planning journey of their customer’s lifecycle.
Over five lakh I-Sec customers are already pre-approved and credit-cleared who can avail personal loan through the ICICI Direct platform without any documentation.