After the PSBs, ICICI Bank launches the carnival to offer instant loans

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“Each camp will be a two-day affair where individuals can enter with the required documents and exit with on-site approval to fund their dream products,” the bank said in a press release. (Reuters)

After the lending measures of public sector banks in October to stimulate credit underwriting, ICICI Bank on Friday announced the launch of its own lending mela – ‘Maha Loan Dhamaka’ – to provide loan approvals on the spot. During the current fiscal year, the bank plans to organize 2,000 such “Maha Loan” camps across the country in rural and semi-urban areas and on company premises. The first camp was inaugurated at Deesa in Banaskantha district, Gujarat.

“Each camp will be a two-day affair where individuals can enter with the required documents and exit with on-site approval to fund their dream products,” the bank said in a press release.

The country’s second-largest private lender said exclusive offers from manufacturers would be available from manufacturers, including Hyundai Motors India to individuals, including non-customers of the bank. Special offers and packages on two and four wheelers, trucks, farm equipment and tractors, personal loan, gold loan and Kisan credit card would be given during the loan mela. The camps would have vehicles of reputable brands on display.

Anup Bagchi, Executive Director of ICICI Bank, said: “We bring our unique proposition of instant loans and on-site approvals to the doorstep of potential clients… We believe that we offer an unparalleled experience of a unique combination of a easy access to financing, exclusive offers on manufacturer vehicles and a range of other benefits.

Recently, public sector banks held loan melas in more than 400 districts in two phases in October to spur sagging credit growth due to the economic downturn.

During the T2FY20 earnings call, Sandeep Bakhshi, CEO of ICICI Bank, said the bank’s domestic loan portfolio grew 16.4% year-on-year through September 30, driven by growth 22% year-over-year in personal loans. Overall loan growth was 12.6% year-on-year. The growth of the domestic companies’ portfolio, said Rakesh Jha, chief financial officer, was 7.3% year-on-year as of September 30, excluding net APNs and restructured loans.

According to a recent Credit Suisse report, loan growth has fallen to a demonetizing low of 6% as NBFCs cut lending and bank lending slowed to 8%. Even private bank lending growth fell to 14%, from 22% a year ago. PSU loan growth is down to 5% year-on-year from 8% in the first quarter of FY20 despite the government’s significant recapitalization, according to the report.

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