ICICI Bank becomes the first private sector bank in the country to achieve a milestone of crossing the mortgage loan of Rs.2 trillion. It had crossed the mark of 1 trillion in 2016. The bank had reported that it had witnessed the highest level of disbursement in October 2020. This was a time period when the signs of recovery from the pandemic were clearly seen.
The bank also has high expectations to reach the next trillion in three years. There was a lot of digital processing of the bank loans in the pre-covid phase which also contributed greatly to this growth. It is expected that 75% of loans will be granted digitally. Customers also attracted by the fact that the loans are greatly affordable now with reasonable interest rates.
There is a rapid growth of the bank outside the metro areas which included the outskirts of the city. The number of processing centers has also increased to 200 from 17 in the past two years The borrower moves their loan account to a lower interest rate which also contributed to the significant growth. The lending is also very safe as the collateral is very good. However, there is more trust on the salaried employees and those who are self-employed.