ICICI Bank on Tuesday launched a debit card facility for customers taking loans (loan against security (LAS)) in exchange for security from the bank. The card is available on the Visa platform. It can be used by customers for easy POS and online transactions at all merchant establishments such as making payments on e-commerce portals etc. Your accepted LAS amount can be used for payment.
According to the statement issued by the bank, ICICI Bank is the first bank in the country to introduce this facility after allowing RBI banks to issue electronic cards to customers who enjoy the OD facility. It is like a personal loan with no specific end-use restrictions. The debit card will be issued to new customers, who take advantage of LAS and will renew automatically on renewal of LAS account.
Customers will get a digital credit card within one business day of taking LAS which can be accessed on the bank’s mobile app iMobile. By using this digital card, they can start online transactions after the facility is enabled. They also get a physical card within seven business days. Existing customers of LAS will also get this card soon.