ICICI bank announces the launch of a new digital facility called Insta Flexi cash. This facility can be availed using the bank’s internet banking platform. Customers can make use of this venture by logging into their internet banking account and then navigating to offers section, then check for preapproved OD offer and apply for that. This facility can be sanctioned immediately and the customers can use the OD within 48 hours.
When a person experiences any liquidity crisis, the first option he always goes for is the facility of a personal loan. But if that person is an ICICI bank salary holder, then he can make use of this digital facility called Insta Flexi Cash. Bank’s preapproved account holders can avail of this facility from their home itself without visiting the branch. The OD borrower needs to pay interest only for the credit availed. For instance, if the borrower avails 60,000 and if the OD is for 5 lakh, the borrower needs to pay interest only for 60,000. Customers can renew the OD limit every 12 months. However, this facility can only be used for short term liquidity concerns.
This facility includes an auto-sweep facility. This will increase the convenience of customers. It will automatically sweep the funds from the OD account to the salaried account in order to meet scheduled payments. The funds are automatically returned to the salaried account upon any credit and interest is charged only for the amount utilized.
Mr. Sudipta Roy, Head of unsecured assets of ICICI bank speaks about this initiative as, this facility will be beneficial for many customers, especially during this crisis, when they face any liquidity crisis. He also added that the bank has always focussed on the maximum convenience for its customers. As a part of this, recently they have leveraged upon data analytics and technology to introduce the cut down of retail products.
Major advantages of using Insta Flexi Cash are as follows:
• Interest is paid only for the availed credit, not for the actual amount.
• Offers a credit limit of 3 times the customer’s salary.
• Flexibility of repayment, no foreclosure charges are availed.
• Instant approval of overdraft facility in a paperless manner.
The concept of ICICI banks Flexi cash can be best understood with the help of an example. For instance, you have a FlexiCash limit of 100000, with ROI- 12.20%. But you have utilized only 10000 to meet an urgent need. If the amount utilized is repaid within 15 days then the interest charged is only 50.14.
