ICICI Bank has developed a new facility for employees customers who took home loans from the bank. The lender will now provide overdraft option to those customers up to Rs 1 crore for their personal needs against the property of the borrower.
It combines the advantages of a home loan and overdraft for clients simultaneously, according to the bank.
Guests can use the money for various needs such as education, medical treatment, renovation, marriage and travel abroad.
"Today we have taken a step forward with the launch of" Home ICICI Bank Overdraft "which aims to offer our employees the flexibility customers quick access to funds against their property," said Anup Saha Assets ICICI Bank, said in a statement.
"In the future, we aim to introduce more innovative solutions that offer convenience and flexibility to our customers and help them fulfill their aspirations," he added.
Shares of ICICI Bank fell 2.07% to Rs 269 each on the Bombay Stock Exchange (BSE) to 14 h 25. The bank will declare its Q2 results on 7 November.
ICICI Prudential Life Insurance shares were trading at Rs 307 each, down 1.32 percent.