ICICI Bank disburses loans over Rs 1 lakh-cr

ICICI Bank has announced that it has disbursed mortgage loans of over Rs 1 lakh crore. To commemorate this milestone, the bank also launched two new digital initiatives to simplify and quicken the assessment for new home loans as well as disbursements linked to the construction stage of projects.

The first service — online approval of home loans within eight working hours — empowers borrowers to complete the entire mortgage assessment online without visiting a branch. Christened ‘Express Home Loans’, with this offering customers can now make their applications, upload KYC and income documents, and receive the final home loan approval anywhere at their convenience. This service is available for all salaried individuals, including non-ICICI Bank customers, the bank said.

The second initiative helps individuals taking home loans for under construction projects to get subsequent disbursements (after the first disbursement) through the bank’s ‘iLoans’ mobile application in a paperless way. Download ‘iLoan’ app, scan and upload the demand letter from builder and proof of own contribution. Once uploaded, bank assesses the demand and makes the disbursement, the bank said.