ICICI Bank is offering 100% finance on cars with an on-road price of up to Rs. 20 lakh. The loan amount is disbursed in just 4 working hours. This offer is available on car loans for a tenure of up to 7 years. It is only offered to customers who have an existing savings account.
The bank has developed a credit assessment algorithm for customers. It uses various parameters to assess the credit worthiness of a customer and depending on the credit score, it pre-approves the loan. Customers just need to check their eligibility with the branch before purchasing the vehicle. The new system is claimed to have reduced the processing time for loans.
To avail this facility, customers will be required to a fill an application form and submit the necessary documents. On-road price includes the ex-showroom, insurance and RTO charges. Accessories and other charges and not included in the loan amount.
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