Mumbai/Kolkata: ICICI Bank on Wednesday announced that its mortgage loan portfolio has crossed the milestone of Rs. 2 trillion (Rs. 2 lakh crore), making it the first private sector bank in the country to achieve this feat.
The achievement can be attributed to ICICI Bank’s focus on offering a hassle free and frictionless experience to customers by digitizing the entire mortgage process along with instant loan approvals. The growth was also aided by the Bank’s expansion of footprint far and wide across the country including tier 2,3 and 4 cities.
Anup Bagchi, Executive Director, ICICI Banksaid, “We have been catalyzing the growth of retail lending in the country over the past two decades by making it more convenient and widely accessible for customers. We have crossed Rs. 2 trillion (Rs. 2 lakh crore) in retail mortgage portfolio. This makes us the first private sector bank to cross the milestone.”
Coupled with making the entire mortgage process digital, ICICI Bank has been leveraging Big Data analytics to offer loans-fresh loans, top ups and balance transfer-instantly to millions of pre-approved customers. Also, the Bank’s completely digital process allows a customer to get a sanction letter immediately.
During the pandemic, the Bank launched the video KYC facility for customers so that they can onboard from their home, without visiting a branch. Due to these initiatives, the Bank now sources nearly one-third of new home loans digitally. It plans to scale it up to three-fourth within the next three years.
During the Q2 results announcement, the Bank had informed that mortgage disbursements during the September quarter surpassed the pre-Covid levels and reached an all-time monthly high in September.
Ravi Narayanan, Head-Secured Assets, ICICI Bank said, “The disbursements in October were even higher than September. October witnessed highest ever mortgage disbursement. The digitisation of the entire process helps customers to apply for loans from the comfort of their homes.”
ICICI Bank launched a slew of innovative digital loan products over the past few years to help customers finance their dream homes.