ICICI Bank to launch innovative automobile finance loan products

Senior Vice President and Head of Retail Assets ICICI Bank Sri Lanka, Kurien Elias, said the Bank has recently launched an automobile loan product tailored for the Sri Lankan market.

"We also plan to introduce various innovative automobile loan products similar to the ones in India so that our customers would have access to a wide range of financial schemes to suit their convenience.

ICICI Bank Sri Lanka has also tied up with certain leading automobile manufacturers in both the car and motor bike segments by offering exclusive packages along with several value additions for our customers".

Kurien said that ICICI Bank Sri Lanka was offering very competitive interest rates, which coupled with the Bank's doorstep service, ensured that the loan was processed in shorter time periods. "We also offer loans based on repayment track records, and other surrogate criteria thereby minimizing the documentation for the customer .We have also recently launched our loan in two days campaign which has received a tremendous response" commented Kurien.

ICICI Bank Sri Lanka intends bringing in availability and affordability of finance, driven by a strong distribution network, and innovations backed by cutting edge technology.

"The Bank has also been a pioneer in bringing in high levels of co-operation between the financier and the manufacturer/dealer, to arrive at finance packages which are most suited for the market in terms of product features as well as financing terms".

"With more than a 32% market share in the automobile finance sector in India currently, ICICI Bank India has been the undisputed market leader since 2001".

ICICI Bank Sri Lanka will offer customers, dealers and manufacturers, the best of terms with optimum offerings.

"We intend offering the best deals to our customers via Manufacturer and Dealer tie-ups, establishing a wide reach for customer convenience, utilising inventory financing as a strategic tool for support to dealerships, as well as retailing mechanism for dealers, with good levels of stocks being available, tapping new and innovative Sourcing Channels to form a wide distribution network, offering a 'simple and easily accessible' product which is competitively priced, innovative means of cross selling various products leading to ease and convenience for our customers, and not the least ICICI Bank's world class service levels".

ICICI Bank would have a special stall at the Motor Show organised by the Ceylon Motor Traders Association at the BMICH from today to December 2 where they would make these special products available to customers.