ICICI bank has launched a new instant online overdraft facility ‘InstaOD‘ for its MSME (Micro, Small and Medium Enterprises) customers in most easy and convenient way. This new facility is completely paperless and customers need not to visit bank branches. The upper limit for ICICI overdraft facility is Rs. 15 lakh for a one year term. Customers can avail it using Internet and mobile banking app.
Further the bank announced that it will also offer the facility for instant online sanction of overdraft facility to MSME customers of other banks shortly. This new move will help MSME businesses to expand with ease and will overcome their short term money problem quite efficiently.
How to Apply for ICICI Bank Online overdraft facility
Customers can avail the facility by loging in to their Corporate Internet Banking (CIB) account or the iBizz mobile application for businesses. Customers can also visit ICICI Bank Website directly from where overdraft facility can also be availed.
Then customers have to select the required limit, confirm their details and finally submit the application by going through steps provided. The overdraft facility is on annual basis and will be renewed after one year based on repayment track records.
