The fee applicable will be 2 per cent of overdraft amount excluding applicable taxes.
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.
ICICI Bank is offering its MSME (micro, small and medium enterprises) customers an overdraft facility of up to Rs 15 lakh through InstaOD (Insta Overdraft).
InstaOD is an online lending platform which caters to working capital requirements and provides instant disbursement, said country's second-largest private lender on its website -- icicibank.com.Everything you need to know about ICICI Bank's InstaOD facility:Process: Customers can apply for ICICI Bank's InstaOD facility either by clicking the offer banner after login to corporate internet banking on the bank's website.
Customer can also apply for InstaOD by clicking the offer banner after login to i-Bizz app.Customer can also log in to ICICI Bank's website and click InstaOD facility available under business loans section.Eligibility: Existing ICICI Bank customers who are individuals and proprietors can avail the InstaOD facility.
Customers who are new to the bank and firms such as partnership, limited liability partnership, private limited company and public limited company can aslo avail the facility.Security: The facility is an unsecured one and thus there is no collateral required.Processing fees: The fee applicable will be 2 per cent of overdraft amount excluding applicable taxes and will be non-refundable.Tenure: The tenure of InstaOD 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.