ICICI Bank Now Offers Overdraft facility: INSTA OD to new customers

ICICI Bank offers Insta OD (Instant over draft) limit to its existing customers who are holding current account and also to new customers not having current account but want to avail Insta OD facility.

Contents

What is INSTA OD ICICI Bank?

ICICI BANK Insta OD Features –

Benefits of ICICI Bank Insta OD

Eligibility of Insta OD for existing customers of ICICI Bank -

ICICI Bank Insta OD apply process for existing customers

ICICI bank insta od interest rate

New customers to ICICI Bank can avail Insta OD facility. It is having following features and advantages

ICICI Bank Insta OD benefits for different categories of customers

ICICI Bank Insta OD apply process for New customer –

What is INSTA OD ICICI Bank?

Insta OD i.e. Current Account Unsecured Overdraft (CAOD) online platform is developed for Pre-approved ICICI Bank Current Account customers (Individual and Sole Proprietorship Constitution only) for instant disbursements within a few clicks 

ICICI BANK Insta OD Features –

·         Online Loan Processing

·         Nil collateral Requirement

·         Minimal documentation

·         Type of facility- Overdraft

·         Maximum facility amount of Rs. 15 lakh

·         Renewable every 12 months

·         No prepayment/foreclosure charges·

Benefits of ICICI Bank Insta OD

·         Hassle free processing

·         Assessment basis banking track record

·         Competitive interest rate

Eligibility of Insta OD for existing customers of ICICI Bank -

·         Pre-approved Individuals and Proprietorships only.

·         Business vintage of 2 years

·         Current account vintage of 12 months

·         KYC complied

·         Having valid registered mobile number 

ICICI Bank Insta OD apply process for existing customers

Customers can approach the online platform from multiple channels like –

·         Corporate internet banking

·         Insta-Bizz app

·         SMS & email campaign

·         ICICI Bank website

ICICI bank insta od interest rate

Insta OD Interest is 16% only on utilized amount

New customers to ICICI Bank can avail Insta OD facility. It is having following features and advantages –

· Unsecured OD facility

· PF is 2000/lac i.e. 2% of Limit set-up amount

·  Interest of 16% only on utilized amount

·  No commitment charges

·  No fore closure charges

·  NCA InstaOD eligible Constitution : Proprietorship, Partnership and Company

·  Maximum Eligible Amount Rs 10,00,000 and Minimum Amount Rs 50,000

·  Nil Collateral

·  Paperless Processing

·  Interest paid only on the utilized amount

·  Act as a Cheque Protector

·  PF is Rs 2000/lac or Rs5/day/lac 

ICICI Bank Insta OD benefits for different categories of customers

Manufacturers

• Stock your Inventory during off season to get better pricing
• Protection against cheque bounce
• Improve Payment history
• Avail cash discount by paying upfront

Services

• Improve Payment History
• Meet sudden exigencies without impacting working capital
• Protection against cheque bounce

Traders

•       Protection against cheque bounce
• ·     Improve Payment history
• ·     Stock during off season to get better pricing
• ·     Avail cash discount by paying upfront 

ICICI Bank Insta OD apply process for New customer –

ICICI Bank insta od login New customers can login to https://clos.icicibank.com/CAOOD/Apply.jsp for initiating

 

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Click on the Auto fetch option to fetch the statement directly from the other bank 

Click on OK option to get eligibility 

Upload 12 months latest PDF bank statement basis other bank 

Please note the following before uploading the statement.

•  Statement should be in PDF format.

•  Statement should not be password protected.

•   Statement should not be pdf converted from word or excel.

 Customer will get limit eligibility message after uploading the statement.

 

Click on the apply now, case will directly get sanctioned or move to Credit Assessment tray.

ICICI Bank insta od application status

Straight Through Process- In this case manual intervention is not required and disbursement takes place instantly as per below message

Not Straight Through Process -If case requires any additional documents case goes to credit manager and taken forward following message will appear in this case

FAQ’s on INSTA Overdraft Digital Platform

Q1. What is Insta OD Digital Platform? 

 Insta OD i.e. Current Account Unsecured Overdraft (CAOD) online platform is developed 

for Pre-approved ICICI Bank Current Account customers (Individual and Sole Proprietorship 

constitution only) for instant disbursements

Q2. How do I know if the customer has Insta OD offer? 

A2. Customers having pre-approved offers can see INSTA OD offer upon logging in their CIB 

they will also receive an SMS and an email informing about the offer.

Q3. Which browser to use? 

A3. You can use any browser. But preferably use Chrome. Clear cookies and cached images 

and files (Click settings >History >History >Clear Browsing data >Clear cookies and cached 

images and files). 

Q4. Which devices are compatible for accessing INSTA OD online platform? 

A4.Platform shall be compatible on all devices like 

• Computer 

• Tab 

• Smart phone