Private sector lender ICICI Bank on Thursday launched a facility to hand out personal loans up to Rs 15 lakh through ATMs instantly. Existing salaried customers of the bank can avail this service even if the loans are not pre-approved.
ICICI will use data from credit information companies to pre-qualify customers for the loans, which can be taken for a five-year tenure. Customers will find out their eligibility after completing an ATM transaction.
“Every account will be assessed for pre-approval,” ICICI Bank Executive Director Anup Bagchi told The Times of India. “While having a salary account is not a requirement, such accounts usually fare better during the analytics because of the regular monthly inflows.”