In an industry saddled by bad loans and poor credit growth, ICICI Bank last week announced to offer Rs 15 Lakhs Instant Personal Loan via ATMs. The largest private lender of India introduced this new policy of selling personal loans through its ATMs and stunned many. However, to keep itself in a safe space, these personal loans will be limited to the amount of ₹15 lakhs and also available only to select salaried persons.
The select salaried persons will be pre-qualified and selected based on data from credit information companies. When such customers complete a transaction on the ATM, a message stating their eligibility for personal loans will be displayed on the screen.
If such a person opts for such a loan, the person can avail a 5 Years Personal Loan of Rs 15 Lakhs and such loan amount will be credited right into the person’s account. A customer is given multiple amounts to choose from and will be given critical information like the interest rate, processing fee and monthly installments before the transaction is completed by crediting the loan amount into his/her account.
Another noteworthy point here is that these Instant Personal loans are available to even those selected persons who have not applied for a personal loan. The aim behind these Instant Personal Loans via ATMs is to truly offer a paperless, convenient and quick dispersal of Personal Loan.
ICICI Bank Executive Director Anup Bagchi said, “We trust this is a convincing recommendation as it is a totally paperless methodology and moment disbursal of assets through the ATM”.
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