The ‘loans on the spot’ (LOTS) service will deliver a pre-approved car loan offer slip through an electronic data capture terminal within the car dealership, eliminating the need to involve car centers.
According to ICICI, this automated channel, which will initially be offered in automobile dealerships in 10 cities across India, including Mumbai, Delhi and Bangalore, will allow car dealers to obtain a sanction from ICICI Bank within an hour.
Rajiv Sabharwal, senior general manager of ICICI Bank, said: Flexible schemes and quick processing of the loans coupled with convenience has always remained the priority at ICICI Bank. We at the bank constantly innovate and offer the best of schemes and services to our customers.
