ICICI Bank Overdraft Loan

The ICICI Insta Overdraft is a service offered by the bank to its account holders. This feature ideally allows users to withdraw money from their bank account even if they do not have a sufficient balance. The withdrawn funds can be used for various personal or business expenses, including utility bills, credit card payments, mortgage payments, and more. However, like any other credit facility, beneficiaries are required to repay the amount along with applicable interest. 

To know more about this borrower-friendly financing option, let’s scroll down. Hereunder, Urban Money presents a brief overview of an ICICI overdraft loan. We primarily cover information such as ICICI overdraft interest rate, applicable fees, eligibility criteria, required documents, application process, and expected features.  

Features of Personal Loan Overdraft Facility

The following are the features you can expect from the ICICI Insta Overdraft facility:

• Collateral free
• Multipurpose 
• No minimum usage requirement 
• No prepayment/foreclosure charges
• Interest is charged only on the withdrawn amount.
• Instant sanction and disbursement 

ICICI Fees & Charges Overdraft Loan

Here are the fees and charges of the ICICI overdraft loan: 

Who Is Eligible for Overdraft in ICICI?

The eligibility criteria for ICICI insta overdraft may vary depending on the type of overdraft facility and the type of customer. However, the following are some general guidelines for ICICI overdraft loan eligibility:

• The applicant must be an existing ICICI Bank customer with either a savings account or a current account (Non-ICICI bank customers may open a new bank account to avail of the ICICI overdraft loan).
• The applicant must have a stable and regular source of income.
• The applicant must have a good credit score and repayment history.
• The applicant must be an Indian citizen.

ICICI Documents Required for Loan Application

For customers having pre-approved offers, no documents are required. Other customers may require 12 months of bank statements to assess the banking transactions. However, if you are not a bank customer, you may require the following documents:

• Proof of Identity:  PAN Card (mandatory), Aadhaar Card, Driving licence, or Passport.  
• Proof of Address: Utility Bills, Voter ID Card, or Ration Card.
• Proof of Income: Bank statement, salary slip, income tax return, etc.
• Proof of Business: Business vintage, GST registration, business profile, etc. (for self-employed applicants)

Process to Avail ICICI Overdraft Loan

You can initiate the process of obtaining an ICICI Insta Overdraft by visiting the official website of Urban Money. Alternatively, feel free to dial 1800 208 3344; our dedicated loan specialist will gladly guide you until you receive the necessary funds. Thus, you can anticipate the fund disbursal within a day or two.