News

Indian FI makes getting a loan as simple as visiting an ATM

July 25, 2017

India's Icici Bank has rolled out a new ATM feature that allows the instant disbursal of personal loans.

The service allows existing salaried customers of the bank to get a qualified personal loan in their savings account instantly, in a completely digital and paperless manner, according to a press release from the FI.

Unique features of the program include swift application in simple steps; 60-month loans in amounts up to 15 lakh rupees ($23,299), based on a prechecked credit score; and instant transfer of funds to the customer's account.

The service also incorporates an additional level of authentication for added security, the release said.

The loan option appears on the ATM screen after the customer completes a balance enquiry or cash withdrawal. To obtain a loan, the customer simply:

• selects the required pre-approved loan offer (multiple amounts may be shown depending on the customer's eligibility);
• accepts the auto-populated interest rate, processing fee and equated monthly installment amount;
• confirms the loan terms and conditions; and
• enters his or her debit card PIN.

Money is transferred instantly to the customer's account upon completion of the ATM procedure.

"The offering of instant personal loan at ATMs enables our customers to receive funds conveniently, when they choose to opt for the loan," Icici Executive Director Anup Bagchi said in the release. "We believe that this compelling proposition of a completely paperless procedure and instant disbursal of funds through our ATMs offers a unique experience to our customers. We at Icici Bank will continue to focus on innovations in technology to offer such innovative services that are simple, fast and secure."