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2 mins Read | 2 Years Ago

Now get an instant Overdraft online!


Everyday thousands of small business owners across the country need working capital instantly to propel their businesses to the next level and to meet sudden business related financial exigencies. Also, when the requirement of funds is for the shorter period, the possibility of having a collateral to borrow money is nil. In such situations, they are looking for instant, low cost and hassle-free financing solutions. Let us tell you the story of two such business owners – Shilpa and Ravindra.

Small Business Owner – Shilpa

Sector – Handcrafted Gift Products

Shilpa’s gift boutique just had a great month. She had shipped the highest number of orders ever and this miraculous feat was achieved just when she was on the verge of closing the boutique down. A couple of months back her tiny but well-established business had come to a grinding halt when the nationwide lockdown happened in the wake of the COVID-19 pandemic. When it was all but over, she along with her artists’ showed immense resilience thus, rebuilding the business and orders started flowing in for the festive season. The team pulled all stops to ensure that all gifting orders were fulfilled in time. Her customers were delighted. The payments arrived in due course over the next 15-30 days.

And yet, Shilpa was worried. Diwali was 5 days away and she needed to pay the artisans to ensure that they could celebrate with fervour. She had committed to pay them, but she had no funds left. How could she meet her commitments?

Small Business Owner – Ravindra

Sector – Data Processing

Ravindra was a local hero of sorts. Five years back he had left his cushy job in Coimbatore to return to his village. He built a small data processing business from ground-up. Not only did his firm provide employment to graduates in his village, but also enabled young girls and boys to participate in the digital dream.

Today was a big day for Ravindra. A client had signed-up to contract 20 additional data processing desks at his firm immediately. The 20 additional desks would double his firm‘s size overnight. But, the additional 20 desks also meant that he would have to invest in people and infrastructure. His client had agreed to extend a partial advance to help him in setting up the infrastructure, but he would still need to find funds to hire and train people.

Where would he find the short-term capital to fund his business expansion overnight?

Do you find the above dilemmas familiar? Do you want to know what Shilpa and Ravindra did for meeting their immediate working capital requirements?

Shilpa and Ravindra, like many other small business owners, turned to ICICI Bank’s InstaOD Plus to meet their working capital requirements. InstaOD Plus is a first of its kind instant Overdraft (OD) offering by an Indian bank, which sanctions the Overdraft line in just a few clicks and in a paperless manner. The facility is not limited to only existing ICICI Bank customers. Even non-ICICI Bank customers can apply online using the digital platform of InstaOD Plus

An OD is generally considered as an efficient and flexible form of borrowing, as interest is levied only on the amount utilised for the corresponding period. Customers can deposit funds into their Current Account to reduce the outstanding balance and withdraw funds based on the business requirements. Interest is calculated daily on the fluctuating outstanding balance and is normally charged at the end of the month.

ICICI Bank extends the Overdraft limit of up to Rs 50 lakh for existing customers and up to Rs 25 lakh for customers who are new to the Bank. InstaOD Plus can be availed through multiple channels including ICICI Bank’s website, Internet Banking and the Bank’s InstaBIZ app.

Existing customers can draw from their OD line immediately post disbursement and there are no commitment charges and no foreclosure or prepayment charges.

So, if you are looking for a seamless and hassle-free way to fund your working capital requirements, ICICI Bank’s InstaOD Plus is the offering you need to turn to.

Click to apply for InstaOD Plus, now:

Terms and Conditions apply.

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