The largest private sector lender in India, ICICI Bank, has launched a unique facility for instantly disbursing personal loans through automated teller machines (ATMs). This service will help existing salaried customers at ICICI Bank get pre-qualified personal loans up to Rs.15 lakh instantly in their savings accounts and the entire procedure will be completely digital and paperless. Upon completion of a transaction for cash withdrawal or balance enquiry at an ICICI Bank ATM, the personal loan option will be displayed to customers.
The Bank has also provided the steps required for getting this innovative loan facility across its ATMs in India:
- Choose the desired pre-approved loan offer. There may be multiple amounts displayed based on the eligibility of the customer.
- Accept the auto-populated rate of interest, EMI amount and processing fee.
- Confirm the terms and conditions that are shown.
- Enter the PIN of the debit card.
- Once the procedure is completed, the money will be instantly transferred to the account of the customer.
According to the executive director at ICICI Bank, Anup Bagchi, it has always been a mission to offer digital innovation to customers and the instant personal loans through ATMs will enable more convenient receipt of funds by customers whenever they wish to opt for these loans. He stated that this attractive paperless procedure and instant fund disbursal would go a long way towards enhancing customer experience. The instant loan facility at ATMs will be backed by features like multiple eligible loan amounts based on pre-checked CIBIL scores, instant money transfer, swift application through simple steps and additional authentication level for greater security. Customers can get loans up to Rs.15 lakhs through this feature with 60 months as a fixed tenor according to ICICI Bank.