ICICI unveils on-the-spot car loans for a/c holders
ICICI Bank has launched loan-on-the-spot (LOTS) product for car loans. This is an automated channel through which ICICI Bank can sanction car loans for its select savings account holders in an hour on the swipe of the debit card.
By TNN |
MUMBAI: ICICI Bank has launched loan-on-the-spot (LOTS) product for car loans. This is an automated channel through which ICICI Bank can sanction car loans for its select savings account holders in an hour on the swipe of the debit card.
For example, if you want to buy a car, just go to the dealer’s outlet and choose your car. If you are an existing ICICI Bank savings account holder and hold a debit card, just check if the bank has a pre-approved loan offer for you. Then swipe your card at the dealer’s outlet at the Electronic Data Capture (EDC) terminal, which would eject a printed slip.
This slip would contain loan details along with the unique number generated for you. The dealer can use this pre-approved offer slip to avail the loan within an hour. “Quick processing of the loan is the selling point of this scheme,” says ICICI Bank senior general manager Rajiv Sabharwal.
Alternatively, you can call up the call centre to seek your unique identification number. You can obtain your loan by providing this number to the dealer even without swiping the card, says the bank’s head - car and commercial vehicle loans, N R Narayanan.
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