An overdraft is issued generally for a short-term monetary need. Repayment is not as strict as that of regular loans and it has both the options, secured as well as unsecured ODs depending upon your choice and eligibility.
Overdraft against Fixed Deposit (FDOD)
Individuals and Proprietorship Firms can avail Overdraft (OD) against Fixed Deposit online via ICICI Bank Corporate Internet Banking (CIB) or InstaBIZ app. Below are the basic details of the OD facility offered by ICICI bank against FD:
- Overdraft Up to Rs. 10 crore
- OD facility available for Proprietorship Firms
- Overdraft against Self-fixed deposit
- No physical documents required
- Aadhar Authentication Required
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Availing Overdraft (OD) Facility from the ICICI bank
When undergoing with some unexpected negative incidents or urgency of money, need money for a wedding or for any short-term requirement, the Overdraft offered by ICICI bank is one of the best options available. The overdraft offered by ICICI bank is named InstaOD which can be availed online, as well. Unlike many other financial features where you have to run here and there so many times, OD of ICICI is available at your disposal. Through the official website, I Bizz app of ICICI, or via internet banking, you can get an OD for your needs. In case you are not an ICICI customer, you can visit the branch for details and processing.
Also Know: How to get overdraft facility in HDFC bank
Process of availing OD facility from ICICI bank
ICICI OD facility is mainly aimed at by entrepreneurs or for commercial purposes. ICICI has introduced MSME (Micro, Small, and Medium Enterprises). Within few minutes, you can create an OD for yourself, as with the access to hassle-free online mode, you can do it easily. The processes involved are-
- You need to login via I Bizz app or with Internet banking account
- Click on the offer banner for proceeding further
- You will be asked some basic details which are mandatory to fill
- With the completion of 2 steps, you will be finalized for the OD
- Lastly, confirm the process by sending the SMS on the specified number
- If you go for the website then go <business> <business loans> <InstaOD>
- You can also click here to fill the form – https://clos.icicibank.com/CAOOD/Apply.jsp
So, through these simple steps, you can fill and assure an OD for yourself.
Insta-Secured Overdraft Facility
Insta-Secured Overdraft Facility is a lending option offered by ICICI bank to meet the working capital requirements.
Features and facilities:
- Secured loan amount up to Rs. 1 crore
- Pre-qualified offers
- Online and digital processing
- Instant sanctioning
- No financial documents required
So, these are the few things you must go through and keep in your mind before going further with your thought of applying for an Insta Secured OD facility.
Also Read: What is overdraft against salary?
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Documents required availing OD from ICICI bank
Apart from the process, you also must know all are the documents you need while applying for an OD in the ICICI bank. Basically, there is no physical document that you need to submit for the completion of this process. You just need nominal documents that are concerned while the online method. And unlike other institutions, you are not required to submit additional documents.
You just need to submit the online application form, debit mandate, and schedule of charges. Do not forget to read and agree to the terms and conditions of the overdraft. It will save you from unnecessary problems arising in the future. And you must know every detail before making any monetary decision to avoid adversities.