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InstaOD FAQs

What are the documents required?

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Customer will have to accept and submit online, the application form (read with Terms & Conditions), debit mandate & Schedule of Charges and confirm the same through SMS. No additional physical documentation required to be submitted by the customer

What is an Overdraft facility?

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An overdraft is a limit which is set up in customer’s current account for business purpose. The customer can withdraw money from the current account to the extent of limit sanctioned. Overdraft is an efficient form of borrowing, as interest will be levied only on the amount utilized for the corresponding period. It gives flexibility to the customers of depositing money into the account, to reduce the outstanding balance or draw more as per customer’s business needs. Interest is calculated daily on the fluctuating outstanding balance and is normally charged at the end of the month..

How can I apply to InstaOD facility?

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Customer can apply in following ways –

  • By clicking the offer banner after login to Corporate Internet Banking
  • By clicking the offer banner after login to i-Bizz app
  • ICICI Bank website → Business → Business Loans → InstaOD

What is the process for online application for InstaOD facility?

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The eligible customers can login to Corporate Internet Banking or I Bizz App and click on the InstaOD offer banner. Thereafter, the customer shall view and verify a pre-filled application form for availing InstaOD. . Upon completion of a two–step acceptance process, customers can instantly avail the InstaOD facility in their current account.

 

Customer can also apply using the link - https://clos.icicibank.com/CAOOD/Apply.jsp

What are the loan processing fees charges applicable?

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Processing fees applicable will be 2% of OD amount excluding applicable taxes and will be non-refundable.

What is the amount that can be sanctioned?

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The amount sanctioned shall depend on banking transactions and account conduct assessed by ICICI Bank over a period of 12 months.

Which devices are compatible for accessing InstaOD online platform?

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The online digital platform is responsive to web based systems & is accessible across devices

What is the tenure of the InstaOD facility and what is the renewal process?

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The tenure of the facility will be for 12 months from the date of limit setup and the facility is renewable at the end of 12 months at the discretion of ICICI Bank. ICICI Bank shall intimate eligible customers prior to expiry of overdraft limits giving the customer an option to extend the facility for a further period of 12 months. A non-refundable renewal processing fees of 2% of the OD amount excluding applicable taxes will be levied.

Will there be any pre-payment or foreclosure charges applicable?

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There is no foreclosure or pre-payment charges applicable under InstaOD product and there is no commitment charges on limit utilization.

Whom shall I contact for assistance in applying online for the InstaOD facility?

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You can contact nearest ICICI Bank branch or call on the central help line on 022-42097572 (9:30 am to 6:00 pm).

Which browser shall I use?

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InstaOD platform is compatible with Chrome, Internet explorer, Firefox and Safari. It is recommended that you clear all cookies and cached files and enable pop-ups as the application will open in a new browser window after clicking the InstaOD offer banner

What does periodicity of reset means?

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Interest rate shall be reset at the end of every 6 months from the limit set-up date/renewal date as a sum of I-MCLR-6M + "spread", prevailing on the reset date plus applicable statutory levy, if any.

What is MCLR?

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MCLR stands for Marginal Cost of Funds based Lending Rate. MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned from April 1, 2016 onwards in terms of the guidelines provided by Reserve bank of India..

 

What is the interest rate applicable for the InstaOD facility?

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Interest rate for INSTAOD under non-priority sector lending is I-MCLR 6M + 7.5% (spread). For latest I-MCLR please refer ICICI Bank website.

What is the security required under InstaOD program?

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InstaOD is an unsecured facility and thus there is no collateral requirement

What type of entity can be funded under InstaOD?

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Existing ICICI Bank customers who are individuals and proprietors meeting certain criteria) can avail the InstaOD facility.

 

Customers who are new to the bank & other constitution firms’ i.e Partnership, Limited Liability Partnership, Private Limited Company and Public Limited Company may avail overdraft through the branches.