Access to loans through Debit Card from ICICI Bank

ICICI Bank, India's second largest bank, has launched a personal loan product in Sri Lanka where a user’s ATM cum Debit card could be used to obtain a loan, any-where and anytime.

The bank said in a statement the loan can be utilised for any purpose such as a holiday for the family, education, buying a lap-top or home-theatre, medical expenses, marriage in the family, renovation of the home, working capital, etc.

“The personal loan is directly credited into the customer's account specifically opened for the disbursement purpose and the customer is given a Visa-enabled international ATM-cum-Debit card for operating this account. Customers can shop using the card to settle bills in Sri Lanka as well as abroad,” it said.

Other features of this product are that it is available to everyone whether the person is salaried or self-employed, with the loan being processed within 24 hours.

No guarantor is required and there is a flexible repayment option with respect to the term of the loan ranging from 12 months to 60 months. There is also a unique option of top-up, thereby allowing the customer to re-borrow the already paid amount, the bank said.