India’s largest private sector lender ICICI Bank will now be offering its personal loans up to Rs 15 lakh via its ATMs.
As per the bank, salaried customers who haven’t applied for the loan before can also opt for this service.
The bank will be using the data from credit information companies for pre-qualifying the selected customers for disbursing the personal loan.
Customers who will be selected for the personal loan will get a message on the ATM screen as soon as they complete the transaction, informing the bank about their eligibility to avail the personal loan.
Such customers will get a message on the ATM screen after completing a transaction, informing about their eligibility for personal loans.
If the customer decides to avail the loan, she can opt for a five-year personal loan of up to Rs 15 lakh and the amount would immediately get disbursed to the account holder.
The ATM will offer several amount options to the customer to choose from.Further important information pertaining to interest rate, processing fee and monthly instalments would also be available on the display screen before the transaction successfully completes with the disbursement of the loan amount.
“This will help customers receive money conveniently once they opt for a personal loan. We believe this is a compelling proposition as it is a completely paperless procedure and instant disbursal of funds through the ATM,” said Anup Bagchi, Executive Director, ICICI Bank.
