Want money? Get overdraft up to Rs 15 lakh! Check this bank offer for MSMEs, self-employed customers

Now MSMEs and self-employed customers can avail an overdraft facility up to Rs 15 lakh with a new ICICI Bank service. The private lender has launched a new digital platform curated specially for MSMEs and self-employed customers. The platform named as 'InstaBIZ' will enable MSMEs and self-employed customers to undertake their business banking transactions digitally and instantly.  With ICICI Bank's InstaBIZ, eligible customers can avail over 115 products and services digitally and securely on their mobile phone or internet banking platform. 

With InstaBIZ, MSMEs can complete their banking transactions ‘on-the-go’, without visiting a bank branch.

ICICI Bank said in a statement that this first-of-its-kind comprehensive digital platform for businesses enables them to experience the convenience of a range of services completely digitally - "instant overdraft facility (up to Rs 15 lakh) & business loans, easy bulk collection & payments of funds through multiple digital modes, automatic bank reconciliation and undertake largely all of the export-import transactions like inward and outward remittances among others."

This digital banking platform will also enable instant payment of GST using the challan number in a single click payment. Additionally, they can instantly apply for a Point-of-Sale (PoS) machine as well as an instant marine insurance policy — both industry-first services.

MSMEs, who are not customers of the Bank, can also download ‘InstaBIZ’ and enjoy the unparalleled convenience of industry-first solutions. The bank said that the MSMEs can get instant sanction of an overdraft facility up to Rs 15 lakh by uploading their bank statements and KYC details. They can also apply for a current account and customise its account number, which is displayed instantly.

InstaBIZ Features:

One view dashboard and automatic reconciliation of bank account: The app provides MSMEs with a complete overview of sales, cash available, bills paid, invoices collected, thus enabling convenient and timely business decisions 24x7. They can also use the ‘auto reconciliation’ feature, powered by Zoho. It enables MSMEs to raise invoices, make payments and collections from the platform itself and enjoy the efficiency of instant reconciliation.  

Role-based access to multiple employees: ‘InstaBIZ’ allows MSMEs to provide role-based user access to multiple employees along with financial transaction limits, depending on the work requirements. This enables an entire team of the business to conveniently and safely benefit from the digital platform to carry out specific transactions.  

Networking and business campaigns: Businesses can spur their growth by using the in-built networking platform. The online business networking platform, specially curated for small and medium scale enterprises, aims to connect entrepreneurs with relevant business opportunities and is powered by GlobalLinker.  They can also set up promotions through ‘InstaBIZ’ platform and send notifications to relevant ICICI Bank customers for their promotions.

How to get InstaBIZ

Any MSME can download ‘InstaBIZ’ application from Google Play Store. It will shortly be available on Apple App Store also. They can also access ‘InstaBIZ’ on internet banking by logging into ICICI Bank’s ‘Corporate Internet Banking’ platform.