India’s largest private sector bank, ICICI, will now be instantly disbursing personal loans of up to Rs. 15 lakhs through their ATMs.
The bank said that this service is intended to offer paperless and digital solution to existing salaried customers of the bank to get a pre-approved personal loan instantly in their bank account. The facility will offer multiple eligible loan amounts up to Rs. 15 lakhs, according to pre-checked credit scores, for a fixed tenure of 5 years i.e. 60 months.
Currently, the second largest private lender, HDFC bank is offering small instant loans to its customers at their ATMs based on their salary credits, balances and other transaction details.
The Executive Director of ICICI bank, Anup Bagchi said in his statement, that this facility will enable the customers to receive funds easily when they wish to opt for loans.
This facility can be opted for from 13882 ATMs of ICICI bank across the country. To avail a personal loan from ICICI bank, you can follow the below mentioned steps:
- Each ICICI ATM will show the option of availing a personal loan after a balance enquiry or cash withdrawal transaction is completed.
- Depending upon the customer’s eligibility multiple loan amounts will be shown, from which the customer needs to select the required amount.
- After selecting the loan amount, the customer is required to accept the populated interest rate, EMI, processing fee and other terms and conditions.
- The customer will thereafter be required to enter the debit card pin to get the loan processed.
- Once all the steps mentioned above are completed successfully, the loan amount is credited directly to the customer’s account.
ICICI bank said that apart from this facility, customers can also avail a personal loan through their mobile banking app iMobile, through the bank’s website and by visiting the bank branches directly.