Insta Home Overdraft: Here’s All You Need to Know
A financial emergency can occur at any time. And, in such a situation, generally, people tend to apply for an unsecured loan like a personal loan to get the desired funds immediately. However, repaying such loans can be stressful as the interest rate tends to be high. You may feel the burden of repayment even more if you are already nursing a home loan.
So, what is the alternative to get funds immediately for planned or unplanned expenses that may crop up without any warning. If you already have a home loan, you can take advantage of the home loan overdraft facility. Today, many financial organisations offer this facility to all home loan applicants.
Insta Home Overdraft by ICICI Bank
ICICI, one of the leading financial organisations in India, is known to offer a wide range of financial services. They also offer several innovative services for customers, and one such service is known as Insta Home OD (overdraft).
It is a pre-approved fully digital overdraft facility available for all existing home loan borrowers and gives you access to immediate funds to meet your emergency expenses. You can use the Insta Home OD as a top-up loan on your existing ICICI Bank home loan or LAP (Loan against property).
One of the significant features of this facility is that you can use the money to meet your personal or professional needs like home renovation, debt consolidation, buying business equipment, child education/marriage, etc.
The best thing about using the OD facility is that you can repay the amount over a more extended period, and the interest rate is quite affordable. This makes repayment more manageable, and you may not feel the burden or compromise on your other financial goals.
You can now learn more about home overdraft eligibility by visiting the bank’s website. You can also speak to a representative by giving a missed call on 8100881008 and get more information about the Insta home OD.
Let us look at some of the critical features of Insta Home Overdraft
- You can borrow a loan up to Rs. 25 lakhs. This is a significant amount, and you can easily meet your needs where you need a high amount, like paying medical bills or managing your child’s marriage expenses.
- You have complete flexibility on funds usage.
- You can easily withdraw the funds in your OD account, through your savings account by sweep and reverse sweep facility and the interest charged would be only on the actual amount utilised and only for the number of days you have used.
- You set up a maximum limit for withdrawal.
- The entire Insta Home OD facility is digital. This means there is no paperwork involved.
How to get Insta Home OD
Getting the Insta Home OD is easy, and it involves a simple three-step process.
- View and choose the offer that suits your specific requirement
- Pay the processing fees online
- Get the sanction immediately, and the amount is disbursed to your InstaOD account
The Insta Home OD is an excellent facility that allows you to access funds for immediate requirements without any hassles. If you have any queries regarding this facility, get in touch with the bank.