Private sector lender ICICI Bank on Wednesday announced the launch of insta car and two-wheeler loans that is going to provide existing customers final sanction letters instantly.

“The first service, called ‘Insta Auto Loan’, enables over two million pre-approved customers to avail the final sanction letter of a car loan instantly and digitally up to Rs 20 lakh for a tenure of up to seven years,” according to ICICI Bank. The second initiative, named ‘Insta Two-Wheeler Loan’, offers over 12 million pre-approved customers the facility to get instant sanction of loan up to Rs 2 lakh for a tenure of up to three years, it said.

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ICICI Bank stressed that both the plans will offer 100 per cent of the on-road price of vehicle.

“Armed with the sanction letter, which is valid for 15 days, the customer can simply visit his/her preferred vehicle dealer across the country, select the vehicle, submit final documents and get the loan disbursed in a few working hours. This is a marked improvement over the current average of few days that a customer needs to complete the entire process,” it said.

The bank informed, “Leveraging upon data analytics and technology, the bank has introduced a bouquet of instant products, including the country’s first instant credit card, insta personal loan, instant digital credit called PayLater, insta overdraft facility for MSMEs, instant opening of PPF account facility, among others.”