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ICICI’s Interesting Insta PL, an Easy Way To Get A Personal Loan

ICICI's Interesting Insta PL, an Easy Way To Get A Personal Loan

Get up to 15 lakhs personal loan through ICICI ATM

One thing everyone hates about a loan application is the seemingly endless loop of documentation and bank visits that are inevitable. Things have changed slightly with deeper internet penetration and the rise of a tech savvy generation. However, for the average person, the loan application still remain pretty much the same. It is precisely this category that will benefit the most out of ICICI’s new ATM – Instant Disbursal Process for Personal Loan or simply Insta PL through ATM.

How does Insta PL through ATM work?
  • A customer should visit an ATM and perform any of the below functions to proceed.
    • Balance enquiry
    • Cash Withdrawal
    • Ultra-Fast Cash Withdrawal
  • On completion of the same, a personal Loan pre-qualified offer message is displayed on screen for eligible customers with the maximum loan amount on offer.
  • The customer has to select Apply Now to go the next step
  • The next screen will display all available offer amounts along with interest rates and EMIs
  • Accept the terms & conditions
  • Next is the authentication step where the customer is required to use his debit card PIN to authenticate the loan disbursal
  • The selected loan amount is transferred to the customer’s account instantly.

The offer message will be displayed for the first 3 completed transactions in the new quarter. If the customer chooses to ignore the same by selecting ‘No’, the option will no longer be displayed.

Who are eligible for Insta PL through ATM?

All pre-approved customers are eligible to avail instant disbursals through ATM. So how can you become a pre-approved customer? Before we answer that, let us try and understand how the whole pre-approved loan through ATMs work. Like with all loans, the bank needs to have an in-depth understanding of the spending pattern and financial stability of the customer before the loan is approved. This is ensured by offering the loan only to customers who have a salary account with the bank. This will allow the bank access to the monthly statements of the customer, his spending pattern, credit history, CIBIL score and so on. For a customer who ticks all the right boxes, getting a pre approved loan is a cakewalk. The pre-approved loan through ATMs does away with the bank visits and other documentation process which will result in considerable time saving for the individual.

What is the loan amount on offer?

The pre-approved loan amount will vary from individual based on their credit score, spending pattern and so on. There is no other way than to visit an ATM and find out for yourself. There will be multiple loan amounts on offer with varying repayment options. The customer should make sure that he goes through these options carefully before making a choice.

The maximum amount offered by ICICI bank under the Insta PL through ATM is 15 lakhs. The tenure may vary from 12 months to 60 months. The highlight of this offer is that once the customer chooses to apply for a preapproved loan, the disbursal is instantaneous. Alternately, customer can visit the bank’s website or its mobile application- iMobile to find preapproved loans.

The bottom line

The pre-approved loan through ATMs is provided to save customers the time and documentation that is otherwise part and parcel of a standard loan application process. When compared to other preapproved loans that will still require the customer to visit a nearby branch and submit the required documents, ICICI’s Insta PL through ATM does not come with any such hassles. It is as simple as choosing the required loan amount, repayment period and having the money instantly credited to your account. Walk into an ICICI ATM today to find out your preapproved personal loan offers!

In case if you want to do it the old fashioned way and not through an ATM, you can also apply for a personal loan here.

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