ICICI Bank Instant Overdraft Facility (Insta OD) is an overdraft facility offered by the ICICI Bank that fulfils the working capital requirements of borrowers by providing instant money merely in a few steps.
The ICICI Bank InstaOD is unsecured and can be acquired quickly without any paperwork.
The ICICI Bank OD Facility can be availed by both existing bank customers, as well as new customers who do not have a current account with the ICICI Bank but want to enjoy the benefits of the ICICI Bank InstaOD.
The existing customers of the ICICI Bank can get an Insta OD facility with a limit of up to Rs 50 Lakhs.
Non-ICICI Bank customers who do not have a current account with the bank can avail an Insta OD with a credit limit of up to Rs 25 Lakhs.
Features of ICICI Bank InstaOD
The key features of ICICI InstaOD are given below:
- The Insta Overdraft offers collateral-free business banking loans for the customer.
- ICICI Bank InstaOD can be availed through an online lending platform, ie. ICICI Bank’s website.
- Video KYC for opening a Current Account with the bank.
- ICICI Bank offers paperless processing i.e. no hardcopy of financial documents required in the case of Insta OD.
- The applicants will not have to submit additional documents while availing the InstaOD services if they are ICICI Bank’s customers.
- No limit to minimum usage
- Interest payable only on the utilised amount
- No prepayment charges involved
- No foreclosure charges involved
How to Apply for ICICI Bank Instant Overdraft Facility
The procedure to apply for ICICI Bank’s InstaOD is slightly different for non-ICICI customers and for existing customers. The steps for both of these have been listed below:
For Non-ICICI Bank Customers
Non-ICICI Bank customers have to follow these steps to apply for the ICICI Bank Instant Overdraft Facility-
- Go to the ICICI Bank website (Website Link) and log in to the InstaOD Plus platform using your mobile number.
- Enter PAN details and auto-fetch the banking statement
- Receive the sanctions digitally
- Open a current account online with the bank with the help of video KYC
- Get instant disbursement soon after account opening
For Existing ICICI Bank customers
ICICI Bank customers have to follow these steps to apply for the ICICI Bank Instant Overdraft Facility-
- Log in to the Internet banking account and click on the Insta OD Plus banner in the Corporate Internet Banking (CIB) portal or the Insta BIZZ app.
- Click on the “Apply Now” option
- Approve the sanction letter digitally
- Get instant disbursement soon after account opening
Overdraft Eligibility for ICICI Bank Customers and Non-Customers
The customer availing ICICI Bank InstaOD are obliged to meet the following eligibility requirements:
- Entity type: Individuals, Partners, Proprietors, Public Limited Companies and Private Limited Companies.
- Age: The loan applicant must be at least 21 years old.
- Credit Score: A credit score of above 725 is required
- Business Vintage: The business enterprise must be at least 2 years old.
Interest Rate and other charges-ICICI Bank InstaOD
The Rate of Interest and other charges involved are given below:
- Interest rate- As per the lender’s discretion (based on the credit profile of the borrower).
- Processing Fee- 2% of the overdraft amount+ Tax
- Foreclosure charges- NIL
Documents Required for the ICICI Bank InstaOD facility
The documents required to avail the ICICI Bank Insta OD are:
- Current Account Statement/GST Returns (Last 1 year) to check eligibility in case the borrower does not have a pre-approved offer from the Bank.
- Memorandum of Association (MoA) and Board Resolution (In case of Partnerships and Companies)
- A Bank statement for the past 12 months will be required in case the case of non-ICICI Bank customers.
Frequently Asked Questions
What are the multiple channels through which InstaOD facility can be availed?
The various channels through which Insta OD facility can be availed are:
- Insta Bizz app
- Corporate Internet Banking
- Visiting the ICICI Bank’s nearest branch
- Visiting the website of ICICI Bank
- While opening a current account at the bank
- You can also apply through here
What is the ICICI Bank’s overdraft policy?
According to ICICI bank overdraft policy, the customer can get a credit limit of up to 3 times their net salary. The interest is to be paid only the actual OD amount borrowed. Thus, they need to pay for the utilised amount only.
The interest is charged monthly (last date of each month) and must be paid within the next seven days.
Is there any collateral required to avail ICICI Insta OD Facility?
No, collateral is not required to avail the ICICI InstaOD Facility.
What are the features of ICICI Bank OD against Fixed Deposit?
The features of OD against Fixed Deposit are:
- Overdraft up to 90% of the fixed deposit value can be approved
- Flexible repayment tenure of up to 18 months
- Zero processing fees
- Zero prepayment charges
- Easy Documentation
What is the maximum amount of Insta OD limit for existing customers of ICICI Bank?
The maximum limit for existing customers of the bank is Rs 50 Lakhs.
What is the maximum amount of Insta Overdraft for a new customer of ICICI Bank?
The maximum amount of Insta Overdraft for new customers of the bank is Rs 25 Lakhs.
