ICICI Securities is diversifying into retail assets business thereby making a significant change in its business model. The firm will now offer inclusive of products such as personal loans, home loans, loans against property, auto loans and credit cards offered by ICICI Bank. It will earn a distribution commission for selling these products through its online ICICI Direct platform and a network of 200 plus branches. Vijay Chandok, MD & CEO, ICICI Securities said, with this, the company is making its presence in the entire financial planning journey of its customers’ lifecycle – from investment to protection to assets. This is a new revenue stream for the company, and it is confident that given the robustness of the platform and strength of its distribution, it will provide a lot of value to both the customers as well as principal. Over 500,000 customers of the company are already pre-approved and credit cleared who can avail of personal loan through the ICICI Direct platform without any documentation, which will get credited into their account within 3 seconds. For other categories too like auto and home loans, there is a pre-approved offer available to the customer.
