Instant Car Loans from ICICI Bank

The Indian institution ICICI Bank unveils a new financing offers called “Insta Auto” and “Insta Two-Wheeler”.

Commitment: instantly approve car loans (Insta Auto) and loans for two-wheelers (Insta Two-Wheeler). These offers are only meant for their customers.
Amounts:
- Cars: up to 2 million rupees (roughly €25,000), over 7 years max.
- Two-wheelers: up to 200,000 rupees (roughly €2,500) over 3 years max.
Pre-approved customers may subscribe from their e-banking, through a full-digital process.
The approval enables the customer to be provided a final sanction letter valid for 15 days and to be availed at a car dealer to purchase a vehicle.
Once the vehicle selected, the loan may be disbursed in a few working hours.

KEY FIGURES

Goal for Insta Auto: 2M customers

Goal for Insta Two-Wheelers: 12M customers

Secure customer loyalty and expand their range of instant loans. ICICI Bank intends these instant loans for their own preapproved customers to avoid all risks: a way for them to add value to their customer relation, too.
This institution enhances their range of instant digital lending services, first introduced with Ola ridesharing drivers, and which soon included their savings account holders and even ended up encompassing mobile-based payment facilities.
Adding value to data analytics. These “insta” loans are also a way for ICICI Bank to highlight their skills in processing and analysing customer data so as to build customised services.

ICICI Bank relies on an algorithm and smart analytics tools to process customer data and establish links with local credit bureaus. They can then be sure of their customers’ creditworthiness ability (or not) to pay back a loan.
This considered, the “Insta” loans barely imply any risk for ICICI. They should rather be viewed as a way for them to boost their sales of new financing products for preapproved customers, i.e.: customers who haven’t reached their maximum debt capacity.

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