ISSN: 1391 - 0531
Sunday, April 08, 2007
Vol. 41 - No 45
Financial Times  

Motorbike loans from ICICI Bank

ICICI Bank, which cornered a 40% share of the two-wheeler financing market in India, has now brought that expertise to Sri Lanka by launching motorbike (two-wheeler) loans in the country. ICICI Bank’s Motorbike Loans will fund all categories and brands, Indian as well as Japanese. The loans will be for up to 85% of the vehicle value and will be sanctioned to customers within 24 hours after submission of requisite documentation, a company statement said.

Loans will be available to salaried as well as to self-employed customers, with the option of joint applicants. The bank is offering flexible repayment options to suit every customer, with tenures ranging from 12 months to 36 months. The bank says no guarantor is necessary. Kurien Elias, Vice President & Head of Retail Assets, ICICI Bank Sri Lanka, said, "ICICI Bank in India does about 100,000 motorbike loans a month and has tie ups with all the two-wheeler manufacturers in both retail and inventory financing.”
ICICI Bank is India's second largest bank and the largest in the private sector.

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Copyright 2007 Wijeya Newspapers Ltd.Colombo. Sri Lanka.