ICICI Bank offers InstaOD facility to MSME, sanctioned amount up to Rs 15 lakh

New Delhi, May 28 (KNN) ICICI Bank is offering its MSME (micro, small and medium enterprises) customers an overdraft of up to Rs 15 lakh through InstaOD (Insta Overdraft) facility.

InstaOD is an online lending platform which caters to working capital requirements and provides instant disbursement.

The customers can apply for ICICI Banks InstaOD facility either by clicking the offer banner after login to corporate internet banking on bank’s website or by clicking the offer banner after login to i-Bizz app.

Also, customers can login to ICIC bank’s website and click InstaOD facility available under business loans section.

Existing ICICI Bank customers who are individuals and proprietors and customers who are new to bank and firm’s such as partnership, limited liability partnership, private limited company and public limited company can avail the InstaOD facility of ICIC bank.

This facility is an unsecured one and thus there is no collateral required. The fee applicable will be 2 % of overdraft amount excluding applicable taxes and will be non-refundable.

The tenure of this facility will be for 12 months from the date of limit setup and the facility is renewable at the end of 12 months at the discretion of the bank.

ICICI Bank offers overdraft facility under which customer can withdraw money from the current account to the extent of sanctioned limit. According to ICICI bank, an overdraft is a limit which is set up in customer's current account for business purpose.