ICICI launches speed loan scheme in Sri Lanka

Strengthening its presence in Sri Lanka, India's biggest private sector lender ICICI Bank has launched a special scheme of sanctioning a loan in just two days to its customers.

Emphasising the importance of speed and convenience, Prem Thampi, country head, ICICI Bank Sri Lanka, said the lender thrived on providing the best service to its customers.

"Apart from introducing innovative products, the bank also has necessary capabilities to process loan applications faster. Be it personal loans, motor bike loans or car loans, the bank will make them available to customers in just two days", he said yesterday.

Loans would be made available to salaried as well as self-employed customers, and the latter would be able to apply on the basis of their past repayment track records.

While the loans would be processed in two days, applications however, would continue to be screened as per the bank's stringent credit appraisal policy, the official said.

ICICI Bank Sri Lanka is one of the few banks which offers a special motorbike loan facility in the country.

ICICI Bank's car loan schemes provide finances to buy new, re-conditioned and used four-wheelers.

"We have actively started promoting loans for used cars and re-financing vehicles and we do financing up to 90% of the vehicle value," Thampi said.

ICICI Bank is also offering early settlement of loans with a 100% interest rebate and minimal foreclosure charges, he said.

In the personal loan category, a loan can be availed for meeting wedding expenses, buying a household appliance or even for a holiday abroad. Thampi said, "loan applications can be processed at the applicant's home or work place and at their convenience."

As a special value addition, ICICI Bank is offering free life insurance, which will cover the outstanding loan amount in case of an accident.

A free ATM/Debit card, which is accessible at any Visa ATM across the country without any withdrawal fee, is also provided to all loan applicants.

ICICI Bank is India's second largest bank and largest private sector lender there, with assets of Rs 3,64,944 crore (about $92.16 billion) as of September 30, 2007. (-T V Sriram)