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InstaOD Plus is an unsecured Overdraft (OD) facility that can be availed online without any paperwork. The facility serves day-to-day needs as well as sudden exigencies, for business.
Existing ICICI Bank Current Account customers can avail an instant Overdraft limit of up to Rs 50 lakh
Non ICICI Bank Current Account customers can avail an instant Overdraft limit of up to Rs 25 lakh
Get instant disbursem*nt of ICICI Bank Overdraft facility by opening a Current Account instantly with Video KYC.
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OVERDRAFT ELIGIBILITY FOR ICICI AND NON ICICI BANK CUSTOMERS::
Individuals
Proprietor
Others
Additionally, For Non ICICI Bank Customers:
Business Vintage
2 years
Account Statement/ GST Returns
1 year
Credit Score (*T&Cs apply)
>725*
OVERDRAFT DOCUMENTATION:
For institutions such as Partnerships and Companies, other documents such as Memorandum of Association and Board Resolution may be required.
For new to bank customers, bank statement would be required for assessing the banking transactions.
CONTINUE TO GROW WITH US. HERE’S HOW YOU CAN APPLY
- FOR NON-ICICI BANK CUSTOMERS
- FOR EXISTING ICICI BANK CUSTOMERS
How To Apply
- Log in to the InstaOD Plus platform using mobile number
- Enter PAN and auto-fetch bank statement
- Accept sanctions digitally
- Open Current Account online with Video KYC
- Get instant disbursem*nt post account opening.
How To Apply
- View InstaOD Plus offers on CIB/InstaBIZ
- Click on "Apply Now" button*
- Accept sanction digitally
- Get instant disbursem*nt post account opening.
*If you do not have a pre-approved offer from the Bank, please check eligibility with Current Account statement or GST Returns of the last 1 year.
Upgrade your ICICI banking relationship with Overdraft
Overdraft on Savings Account
Avail an instant Overdraft facility online of up to Rs 5 lakh on your existing ICICI Bank Savings Account.
KNOW MORE
Purpose-based Overdraft
Avail an instant Overdraft facility online of up to Rs 15 lakh for a specific purpose like GST/tax payments with minimal documentation.
KNOW MORE
Overdraft-basis Home Loans
Avail an instant Overdraft facility online of up to Rs 25 lakh basis your existing Home Loan with ICICI Bank.
KNOW MORE
Overdraft for Existing Merchants
Suggested: Avail a tailor-made Overdraft facility online for merchants, of up to Rs 25 lakh instantly without the hassle of paperwork.
KNOW MORE
FAQs
An Overdraft is a flexible form of borrowing that allows businesses to withdraw funds from their Current Account up to a pre-approved limit. Interest is only charged on the amount overdrawn for the period of borrowing, making it a cost-effective way to manage short-term cash flow. Customers can also deposit funds into the account to reduce the outstanding balance or withdraw more as needed providing further flexibility. Interest is calculated daily on the fluctuating balance and typically charged at the end of the month.
The maximum limit sanctioned depends on the banking transactions and account conduct assessed by ICICI Bank over a period of 12 months. Existing customers can avail up to Rs 50 lakh and new to bank customers can avail up to Rs 25 lakh.
The maximum limit sanctioned depends on the banking transactions and account conduct assessed by ICICI Bank over a period of 12 months. Existing customers can avail up to Rs 50 lakh and new to bank customers can avail up to Rs 25 lakh.
For customers having pre-approved offers, no documents are required.For new to bank customers, bank statement would be required for assessing the banking transactions. No additional physical documentation is required. For partnerships and companies, other documents such as Memorandum of Association or Board Resolution may be required.
The tenure of the OD facility is for 12 months from the date of limit setup and is renewed at the end of the 12-month period at the discretion of ICICI Bank. ICICI Bank shall intimate eligible customers prior to expiry of the Overdraft limits, giving the customer an option to extend the facility for a further period of 12 months. A non-refundable renewal processing fee of 2% of the OD amount, excluding applicable taxes will be levied.
There is no foreclosure or pre-payment charges applicable on instant Overdraft and there are no commitment charges on limit utilisation.
You can visit your nearest ICICI Bank Branch or call 1800 1080 (from 09:30 a.m. to 06:00 p.m.).
- Log in to InstaBIZ or Corporate Internet Banking and click on the banner in the ‘Offer section’ to check for Instant Overdraft facility
- You will then be redirected to a pre-populated InstaOD application form if you have an offer from the Bank that you can verify and submit
- After completing the two-step approval process, you can immediately access the Overdraft facility in your Current Account
- You can provide bank statement to check the eligibility of InstaOD in case you don’t have an offer from the Bank.
A customer can also apply using the link -https://clos.icicibank.com/CAOOD/Apply.jsp
Processing fees applicable will be 2% of the Overdraft amount, excluding applicable taxes and will be non-refundable.
- Click on the banner on Corporate Internet Banking & log in
- Click on the banner on the InstaBIZ app & log in
- ICICI Bank website → Business → Business Loans → InstaOD
Individuals, Proprietors, Partnerships, Private Limited Companies and Public Limited Companies.
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.
InstaOD is an unsecured Overdraft facility and thus, there is no collateral requirement.
Sanction amount ranges from Rs 50,000 to Rs 25 lakh.
The Overdraft digital platform is responsive to web-based systems & is accessible across devices.
ALLIANCE FOR ICONNECT LENDING SERVICE
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