ICICI Bank is the country's largest private sector lender
Highlights
- ICICI Bank launched a facility for instant disbursal of personal loans
- The facility is for existing salaried customers
- The bank says the process is completely digital and in paperless manner
ICICI Bank, India's biggest private sector lender, on Thursday launched a facility for instant disbursal of personal loans through ATMs or automated teller machines. This service enables existing salaried customers of the bank to get pre-qualified personal loans of up to Rs 15 lakh in their savings accounts instantly, in a completely digital and paperless manner, according to a press release by ICICI Bank. On completion of a transaction for balance enquiry or cash withdrawal at an ATM, the customer will be shown the option of availing the loan, ICICI Bank said.
The bank also gave steps to avail this loan facility at any of its ATMs:
- Select the required pre-approved loan offer. Multiple amounts may be shown depending on the customer's eligibility.
- Accept the auto populated interest rate, processing fee and EMI amount
- Confirm on the terms and conditions displayed
- Enter debit card PIN
On completion of the process, the money gets transferred to the customer's account instantly, it said.
"ICICI Bank has been at the forefront of digital innovations since its inception. The offering of instant personal loan at ATMs enables our customers to receive funds conveniently, when they choose to opt for the loan," said Anup Bagchi, executive director, ICICI Bank.
"We believe that this compelling proposition of a completely paperless procedure and instant disbursal of funds through our ATMs offers a unique experience to our customers," he added.
The instant loan facility at the ATMs will come with features including swift application in simple steps, multiple eligible loan amount options based on pre-checked CIBIL scores and instant transfer of money, the statement noted. "It also incorporates an additional level of authentication in order to make the security of the offering robust. Through this offering, a customer can get personal loans of up to Rs. 15 lakh for a fixed tenure of 60 months," it said.