ICICI Bank to nearly double its retail loan disbursement in Assam to over Rs. 1,200 crore in FY’20

ICICI Bank announced that it aims to nearly double its retail loan disbursement in Assam to over Rs. 1,200 crore in FY’20. Major segments of retail loans such as consumer loan and mortgages are set to grow at a rapid pace in the state this financial year.

The Bank aims to achieve this growth by expanding its consumer loan disbursement, which comprises largely of personal, car & two-wheeler and commercial vehicle to more than double to over Rs. 850 crore in FY20, compared to FY19. Alongside, it will also grow mortgage loan disbursement by 40% to Rs. 300 crore.

“Retail consumer loans have witnessed significant growth in Assam over the last few years. There has been a robust growth in the economy of the state and we see the potential of increasing the retail loan disbursement in the state by more than double to over Rs. 1,200 crore in FY’20. We are focusing on consumer loans and home loans to grow in the state”, said Mr. Anup Bagchi, Executive Director, ICICI Bank.

“A significant driver of this growth is our technology led instantaneous loan offerings to our customers and making our products available in the tier II and tier III towns. Armed with our technological prowess, we now offer instant sanction of home loans, instant personal and auto loans to pre-approved customers instantaneously through our digital channels,“ added Mr. Bagchi.

Within the mortgage portfolio, the focus is to drive growth in the affordable housing segment category. In the affordable housing segment, the Bank is focusing on cities like Jorhat, Dibrugarh, Tinsukia, Tezpur, Silchar, Sivasagar among others. It is also expanding its home loan proposition to tier II & III cities with robust housing potential.

Mr. Bagchi added, “We plan to increase our mortgage loan disbursement in Assam by 40% to Rs. 300 crore in FY’20. To drive this growth, we have adopted a multi-pronged strategy. This includes, focus on affordable housing segment, expansion to tier II & III markets and credit processing centres (for quick decision making and disbursal of home loans). We have recently launched the industry’s first facility to get instant home loan approval upto Rs. 1 crore digitally. This technology led initiative is available to lakhs of our pre-approved customers and is a key part of our growth strategy.”

To make the home loan disbursal process quick and convenient to the customers, the Bank has two credit processing centres- one each at Guwahati and Dibrugarh.

On personal loans, Mr. Bagchi said that the Bank has been witnessing an encouraging response for its instant offering, called ‘Insta PL’. “Through this facility, our pre-approved customers can apply for a personal loan and get money in their account immediately. Additionally, we have seen good uptick in tier II locations like Dibrugarh, Tinsukia, Jorhat, Tezpur, Silchar among others for personal loans from both salaried as well as self-employed individuals.

On auto loans, he added, “We have recently introduced pre-approved ‘Insta Auto Loan’, to empower millions of our customers with final sanction letters for car loans instantly, in a fully digital manner. Our efforts will be to tap potential in cities like Guwahati, Dibrugarh, Nagaon and Jorhat among others.”

ICICI Group has also been actively involved in imparting free-of-cost vocational training to the underprivileged youth in the state of Assam through the ICICI Academy for Skills. The Academy has one centre in Assam at Guwahati and has imparted vocational training to over about nearly 5,250 students of which about 20% are women. By end of FY’20, it would train 5,700 youth with skills for leading a sustainable livelihood. The skill academy centre in Assam aims to provide training to the underprivileged youth in skills like ‘Retail Sales’, 'Selling Skills', and 'Office Administration' (Tally).