Here are a few factors

Rating 4.6 /
Total - 361 ratings
5
239
4
108
3
7
2
7
1
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Location PAN India
CIBIL Score 700+
Processing Online
Business Vintage 2 Year
Minimum Turnover 70 Lac-Existing ICICI Customer, For Other-1 Cr
Loan Amount & Tenure 2 Lac -70 Lac
(24 month to 36 Month)
Loan Product Term Loan & OD Product
Rate of Interest & Type 15.50% -18.50% (Reducing)
TAT Sanction-3 Days, Disbursement-5 Days
Processing Fees 2%
Foreclosure Charges 4%
Applicant Type Individual, Proprietorship Concern, Partnership Firm/LLP, Company
Whether Co-Applicant Mandatory Yes if Applicant is Other than Proprietorship Firm
Proprietor Age/Co-Applicant Age 24 Year- 60 Year(at the time of maturity)
Part Payment Allowed No
Whether Ownership Proof Required PAN India Owned Office/Residence can be considered only where ICICI Branch is available
Business Registration Proof Mandatory Yes
Program Banking Loan Upto 20 Lac, GST Surrogate -  50 Lac , Income- 70 Lac
Product for Professionals MBBS & MD- 50 lac (ROI -12%-14%)
Negative Profile Advocates, Jewellers, Share Traders, GYM, Liquor, Hotel and Restaurant, Aviation Sector, Tour & Travels, Real Estate
USP Financial Not required upto 20 lac Loan
Additional Unsecured Loan history is required or Higher amount of secured loan history is required
01
Visit Our Website

For the first step, you will have to visit our website to explore the loan options that fit your needs.

02
Select and Apply

Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.

03
Submit Your Document

One of the most important steps. Now you will have to submit all the required documents digitally.

04
Enjoy Your Financial Freedom!

Once your application is approved based on your eligibility, you will receive your loan amount shortly.

Features and Benefits of ICICI Bank Overdraft facility

Interest Rate: 16% p.a ( fixed) In case of interest calculated on utilized amount - I-MCLR 6M* + 2% (spread) for an amount up to Rs 40 lakh I-MCLR 6M* + 1.75% (spread) for an amount more than Rs 40 lakh Loan amount:
Up to 25 Lakhs
Up to 50 Lakhs( For existing account holder)
Pre-qualified offers
No financial documents required Online and digital processing Instant disbursal
No Collateral required Pay Interest only on the used amount No Foreclosure Charges

A Comprehensive Digital Process for your Ease

Onboarding Sanction Disbursement Repayments
For Existing ICICI Account Holder Pre-filled forms Pre-approved limit Instant Disbursement Flows in Account
No KYC documentation New to Credit & Existing to credit Avail 24*7even on holidays Standing Instructions
Limit up to Rs. 5 crores
For New to Bank Customer Pre-filled forms & Manual form Sanction on the fly Post KYC validation Flows in Account
KYC Validation required Existing to Bureau ( Consumer Bureau) Video KYC (Individuals) Standing Instructions
Limit up to Rs. 25 lakhs Online CA portals (entities)
Right Documents - Easy Process

Required Documents

PAN Card

Aadhaar Card

Driving Licence

Voter ID

Passport

Registered rent agreement

Current passport size photograph

Salaried income documents

Self Employed person documents

Note : Axis Bank Car loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.

Documents required

  • Completely field Application Form
  • KYC documents(Self-attested) - Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate.
  • Pan Card Copy and address Proof of Entity, Proprietors/Partners/Directors, Security providers, and guarantors
  • Audited/Provisional Financials of ilast 3 years
  • The entity's current-year performance and projected turnover will be required on the entity's letterhead.

Eligibility

Existing Customers New to bank Customers
Pre-filled application form Customer fill PAN and details fetched through API integration
Acceptance through SMS/eSign Upload 12 months of PDF bank statements or GST via OTP
Instant setup of limit within 2 minutes Instant sanction if eligible
Customers are free to use the funds immediately
  • Directed to online account opening portal
  • After the completion of formalities account number will be allocated
  • Limit set up facility will be given after account opening

Let us take an example, How ICICI Bank Insta OD is being calculated.

For instance, if "Shubham" applies for a Insta OD of INR 5 Lacs and get th eOD approved at the rate of 16% with a tenure range of 1 years , in such a case his EMI would be INR 48,333 and complete repayment amount till the end of 1 years tenure would be 580,000 (i.e 48,333 EMI * 12 months), wherein the total interest amount is INR 80,000 along with principal repayment of INR 5,00,000.Few additional charges like those of minimal one-time processing fee 2% of the OD amount + applicable taxes. may apply. T&C apply.
Year Total Payment Interest Principal
Months ₹ 58,00,000 ₹ 8,00,000 ₹ 50,00,000
July-2022 4,83,333 66,667 4,16,667
August-2022 4,83,333 66,667 4,16,667
September-2022 4,83,333 66,667 4,16,667
October-2022 4,83,333 66,667 4,16,667
November-2022 4,83,333 66,667 4,16,667
December-2022 4,83,333 66,667 4,16,667
January-2023 4,83,333 66,667 4,16,667
February-2023 4,83,333 66,667 4,16,667
March-2023 4,83,333 66,667 4,16,667
April-2023 4,83,333 66,667 4,16,667
May-2023 4,83,333 66,667 4,16,667
June-2023 4,83,333 66,667 4,16,667
Leave Your Question

FREQUENTLY ASKED QUESTIONS

ICICI Bank offers you a wide range of products and services to help you realize your financial goals. One among these is InstaOD Plus, the unsecured overdraft facility offering which helps you meet your expenses through a digital overdraft solution.

The ICICI Overdraft facility is available at your convenience. You can apply for an Overdraft facility through Internet Banking or the IBizz app of ICICI Bank, and you can also get assistance from their customer service regarding the same.

No, ICICI Insta OD processes no foreclosure charges for early closure of any Overdraft loan.

No, one of the best features of ICICI Insta OD, it doesn’t require the applicant to provide any collateral.

An interest rate of 16% p.a ( fixed) In case of interest calculated on utilized amount - I-MCLR 6M* + 2% (spread) for an amount up to Rs 40 lakh I-MCLR 6M* + 1.75% (spread) for an amount more than Rs 40 lakh is applicable on ICICI business loan OD.

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