Business

Good News: Now Get Personal Loan Via ATMs !

न्यूज़ वर्ल्ड इंडिया | 0
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| July 21 , 2017 , 19:11 IST

Making a huge step in the financial industry, money lender giant ICICI Bank has decided to readily avail loans to its customers via ATMs.

Now, ICICI bank account holders will be able to instantly avail Rs 1 lakh to Rs 15 Lakh pre-approved loans from any of the 13,900 ATMs of the bank.

ICICI Bank Executive Director, Anup Bagchi says, “Every account will be assessed for pre-approval. While having a salary account is not a requirement, such accounts usually fare better during the analytics because of the regular monthly inflows.”

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The bank will use analytics along with artificial intelligence to analyse all the bank accounts to determine loan eligibility. Also, the credit score will be the only parameters in the analytics that will examine the account for eligibility.

The bank will take interest rate ranging from 11.5-15% on these loans.

The banks won’t require any manual process or forms in availing these loans. Since many customers won’t get the pre-approval for the loans, the service would flash on the screen of eligible customers at the end of an ATM transaction instead of a fixed menu option.

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Earlier in February 2016, HDFC Bank had offered pre-approved loans via net banking, making them the first lender to do so. Many other lenders have extended this service to the customers since then.

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