ICICI Bank has launched InstaOD, an overdraft facility for MSMEs. A MSME entity having a current account with the bank can avail of the instant overdraft facility of up to Rs 10 lakh each year. The ‘InstaOD’ will enable a few lakh pre-qualified customers, who have held a current account for at least a year, to instantly get the loan without visiting a branch or submitting physical documents, the bank said. The overdraft will be available at anytime, anywhere, using the bank’s internet and mobile banking app. The bank also said that it will soon offer a facility of instant online sanction of overdraft facility to MSME customers of other banks too. Anup Bagchi, ED at the bank said with the economy on the upswing, this convenient overdraft facility will enable MSME companies to expand their business with ease. He said the bank has seen encouraging response to the facility within just a few days of its launch and it plans to introduce a facility of instant online sanction for an overdraft facility for MSME customers of other banks too.
