ICICI Bank offers instant personal loans through ATMs

ICICI Bank, India's biggest private sector lender, on Thursday launched a facility for instant disbursal of personal loans through ATMs or automated teller machines.

This service enables existing salaried customers of the bank to get pre-qualified personal loans of up to Rs. 15 lakh in their savings accounts instantly, in a completely digital and paperless manner, according to a press release by ICICI Bank. On completion of a transaction for balance enquiry or cash withdrawal at an ATM, the customer will be shown the option of availing the loan, ICICI Bank said.

The bank also gave steps to avail this loan facility at any of its ATMs:

• Select the required pre-approved loan offer. Multiple amounts may be shown depending on the customer's eligibility.
• Accept the auto populated interest rate, processing fee and EMI amount
• Confirm on the terms and conditions displayed
• Enter debit card PIN

On completion of the process, the money gets transferred to the customer's account instantly, it said.
The instant loan facility at the ATMs will come with features including swift application in simple steps, multiple eligible loan amount options based on pre-checked CIBIL scores and instant transfer of money, the statement noted. "It also incorporates an additional level of authentication in order to make the security of the offering robust. Through this offering, a customer can get personal loans of up to Rs. 15 lakh for a fixed tenure of 60 months," it said.