If you have an account with ICICI Bank and you need a loan, forget visiting your bank for formalities. It can be done at your nearest ATM. Keeping convenience of its account holders in mind, ICICI Bank has come up with a facility in which it will make available personal loans to its customers from its Automated Teller Machines (ATMs) present across the country. The loan amount will range between Rs one lakh to Rs 15 lakh and the amount of interest from 11.5 to 15 per cent will vary, depending on track record of accounts. For this facility, the bank will use a combination of artificial intelligence (AI) and analytics that will analyze the savings accounts database to determine loan eligibility, reported Times of India. The company will programme the machines in a way that it would flash an option of loan on the screen for eligible customers who use it. There will be no form filling or manual processing. The only need to say yes to get the loan and the account holder merely needs to enter his PIN, he said.
Though the process of providing loans has been made easy, it will not be available for all and will depend on eligibility of the accounts. Every account will be assessed for pre-approval by the technology installed in the machines. At present, the Bank has 3.71 crore debit cardholders but all of them will not be covered under this. The loan giving will depend on the analytics.