Financial Daily from THE HINDU group of publications
Thursday, Apr 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 08, 2004 |
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Money & Banking
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Private Banks Marketing - New Products & Services ICICI Bank launches `Car Overdraft' Our Bureau
Mumbai , April 7 ICICI Bank on Wednesday announced the launch of `Car Overdraft', an overdraft facility against car as security. Under the scheme, the bank opens an ICICI Bank roaming current account in the customer's name with a pre-approved overdraft limit. The account is accessible to the customer through multi-city cheque and debit card, according to a bank release. The limit of the overdraft is determined on the basis of the vintage and condition of the car. The customer pays interest only on the amount withdrawn and for the period it is withdrawn for. They also get the flexibility of repaying only a minimum of five per cent of the total outstanding every month. The customer gets all the regular benefits of ICICI Bank Roaming Current Account, including multi-city chequebook, fund transfer facilities, ICICI Bank HPCL Visa Electron Debit card, Internet banking, phone banking and so on.
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