ICICI Bank has announced the launch of an instant overdraft facility for MSME customers in a completely online and paperless manner. Named ‘InstaOD’, the offering enables a few lakhs of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents. This facility is said to significantly improve customers’ convenience, as they get an overdraft facility upto Rs 15 lakh for a year using the bank’s internet and mobile banking app. The application procedure incorporates an additional level of authentication in order to make the security of the process robust. ICICI Bank will also offer a facility of instant online sanction of overdraft facility to MSME customers of other banks shortly.
Anup Bagchi, Executive Director, ICICI Bank said, “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.”
To apply, customers can log-in through their Corporate Internet Banking (CIB) account or iBizz mobile application for businesses or directly from the bank’s website, where they will get an option of availing an overdraft facility. They can select the limit required, confirm their details on a pre-populated personal information page and submit the application by following the below simple steps.
The overdraft is renewable on an annual basis, depending on the repayment track records of the overdraft facility.