Bank Overdraft Loan

A Bank Overdraft (or simply an Overdraft) is a flexible form of borrowing that allows businesses to withdraw funds from their Current Account (more than the Account balance) up to a sanctioned limit. Interest is charged only on the amount overdrawn and for the period of borrowing, making it a cost-effective way to manage short-term cash flow. Customers can also deposit funds into the Account to reduce the outstanding balance or withdraw more as needed, providing further flexibility. Interest is calculated daily on the fluctuating balance and typically charged at the end of the month.

Interest is charged only on the amount used. The annualised interest percentage depends on the customer profile.

The maximum limit sanctioned depends on the customer’s banking transactions and the usage of the Current Account as assessed by ICICI Bank over a period of 12 months. Existing ICICI Bank customers can avail an Overdraft of up to ₹ 50 lakh and new customers can avail an Overdraft up to ₹ 25 lakh.

For customers having an offer for an Instant Overdraft, no documents are required. For other applicants, a bank statement would be required for assessing their banking transactions. No additional physical documentation is required. For partnerships and companies, other documents such as Memorandum of Association or Board Resolution might be required.

The tenure of the Overdraft facility is 12 months from the date of limit setup and the Overdraft is renewed at the end of the 12-month period at the discretion of ICICI Bank. ICICI Bank shall intimate eligible customers prior to expiry of the Overdraft limit, giving them an option to extend the Overdraft for a further period of 12 months. A non-refundable renewal processing fee of 2% of the Overdraft amount, excluding applicable taxes, will be levied.

There are no foreclosure charges or pre-payment charges applicable on InstaOD  (Instant Overdraft) and there are no commitment charges on limit utilisation.

You can visit any ICICI Bank Branch or call our Customer Care on 1800 1080.

• Log into InstaBIZ / Corporate Internet Banking and navigate to the Offers section to check if you have an InstaOD offer

• On clicking on the offer, you will be redirected to a pre-populated application form that you can verify and submit

• After completing the two-step approval process, you can immediately access the Overdraft in your Current Account

• You can provide your bank statement to check your eligibility for an Overdraft in case you don’t have an InstaOD offer from ICICI Bank

 https://clos.icicibank.com/CAOOD/Apply.jsp

Processing fees applicable will be 2% of the Overdraft amount, excluding applicable taxes and will be non-refundable.

• Click on the banner on Corporate Internet Banking & log in
• Click on the banner on the InstaBIZ app & log in
• ICICI Bank website → Business → Business Loans → InstaOD

Individuals, Proprietors, Partnerships, Private Limited Companies and Public Limited Companies can apply.

The InstaOD platform is compatible with Chrome, Internet Explorer, Firefox and Safari. It is recommended that you clear all cookies and cached files and enable pop-ups as the application will open in a new browser window after clicking on the InstaOD offer.

InstaOD is an unsecured Overdraft facility and thus, there is no collateral requirement.

Sanction amount ranges from ₹ 1 lakh to ₹ 50 lakh.

The InstaOD digital platform is accessible across devices.