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ICICI Bank has launched instant overdraft ‘InstaOD’ facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner. Customers can get overdraft facility up to Rs 15 lakh for a year anytime, anywhere using the bank’s Internet and mobile banking app.
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.
Anup Bagchi, Executive Director, ICICI Bank said, “…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 an encouraging response to the facility within a few days of its launch.”
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.
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