ICICI Bank's Swipe your card and drive a car

As part of its retail banking initiative. ICICI Bank has introduced a new service of sanctioning car loans in about an hour for its savings bank account customers. " Loans on the Spot" allows a customer to swipe his debit card at the electronic data capture terminals, stationed at dealers' outlets, to check the pre-approved loan offered by the bank. the pre-approval loan offer is made to a customer based on his profile at the bank, taking into account the quarterly average balance and other parameters. The terminal will generate a unique number and a pre-approved slip, which the dealer can use to obtain a sanction from ICICI Bank. In the first phase, ther service will be availabel at Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Pune, Ahmedabad, Chandigarh and Jaipur.