The bank, in a statement, said the new facility will enable a few lakh of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents. ICICI Bank will also offer the facility for instant online sanction of overdraft facility to MSME customers of other banks shortly.
Talking about the initiative, Anup Bagchi, Executive Director, ICICI Bank said, “At ICICI Bank, our philosophy is ‘Ready For You. Ready For Tomorrow’. Herein we are committed to offer innovative products and services to our customers at the fastest possible speed and with the highest level of convenience. The introduction of ‘InstaOD’ is an outcome of this vision. We believe that this first-of-a-kind proposition offers a unique experience to our customers. With the Indian economy on the upswing, this convenient overdraft facility will enable the MSME companies to expand their business with ease. We have seen encouraging response to the facility within just a few days of its launch. We plan to shortly introduce a facility of instant online sanction for an overdraft facility for MSME customers of other banks as well.
How to apply?
To apply, customers can log in through their Corporate Internet Banking (CIB) account or the iBizz mobile application for businesses or directly from the bank’s website, where they will have the option to avail of overdraft facility.
Customers can select the limit required, confirm their details on a pre-populated personal information page and submit the application by following simple steps. The overdraft is renewable on an annual basis, depending on the repayment track records of the overdraft facility.