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Generally, Automated Teller Machines (ATMs) are used to withdraw cash, generate the PIN code of your debit card, check balance, and sometimes to transfer money. This may interest you to know that now you can get a personal loan through an ATM. Once you complete the transactions such as cash withdrawal or checking balance, you can see a pre-approved personal loan offer on the ATM screen. 

Many banking institutions, such as ICICI Bank, HDFC Bank, and State Bank of India, are offering a pre-approved personal loan of up to Rs. 15 lakhs to its customers through their ATMs.  Getting a personal loan through ATM can be the best option, when the banks are closed but the customer is in urgent need of credit. 

However, personal loans through ATMs are generally offered to pre-selected eligible customers. There is an instant disbursal of loan amount in their account through an ATM. And almost all ATMS have been designed to provide the loan offer. Multiple instant personal loan offers are displayed based on the customer’s eligibility, such as income, work profile, and other personal details.  

Here is a step by step guide how pre-approved customers can get an instant personal loan through an ATM.

1#. Instant personal loan from ICICI Bank ATM

An ICICI bank is a leading private sector bank in India. The bank offers the facility of disbursing a personal loan to its existing salaried customer through the bank’s ATMs. Customers need to take the following steps to get a personal loan on ICICI Bank ATM. 

Step 1: Complete any one of the primary transactions at the ATM:

• Balance inquiry 
• Cash withdrawal 

Step 2: A pre-qualified personal loan offer notification will be displayed on ATM screen to the customer with maximum loan amount the customer is eligible for. Click on ‘Apply Now’ to proceed further. 

Step 3: All offers will be shown on the screen according to your eligibility. Select any of the 6 offers. 

Step 4: Next screen will show standard MII, which applies to all customers. Accept the terms and conditions displayed on the screen. 

Step 5: For a 2FA (two-factor authentication) to initiate the loan disbursement process, you need to authenticate it through your ATM Card PIN.

Step 6: Post authentication, the loan amount will be credited into your bank account.  

An instant personal loan through ICICI Bank ATM has various features and benefits: 

• A completely paperless and digital process; no need to visit the bank
• Extra layer authentication for secure and robust loan application
• Personal loan amount up to Rs. 15 lakhs
• The loan can be availed at all ICICI Bank ATMs
• ICICI Bank offers a personal loan starting at 11.25% interest rate

Apply Personal Loan 10.99%*

2#. Instant Personal Loan from HDFC Bank ATM

HDFC Bank is one of the largest private banks in India with a network of 5,130 branches and 13,395 ATMs in 2,764 cities nationwide. The bank is one of the leading lenders of a personal loan in India. HDFC personal loan has a wide array of features and benefits, like competitive interest rate, flexible repayment tenure, simple documentation, quick disbursal, flexible repayment tenure, personal loan balance transfer facility, and so on and so forth. 

In an attempt to leverage the ATM, the most significant touchpoint for customers, HDFC Bank has started to offer an instant personal loan to its pre-qualified customers at its ATMs across the country. 

Loans are provided based on big data analytics by the bank that captures the customer’s income detail, employment status, credit rating, daily withdrawals, and the customer’s repayment history. ATMs can provide a 10-second approval and an instant disbursal. 

3#. Instant Personal Loan from State Bank of India

State Bank of India is the largest Indian multinational bank with a network of over 50,000+ ATMs in India. A large number of people hit the SBI ATMs daily basis across the country. Considering the enormous volume of customers, the State Bank of India offers a personal loan and insurance products through ATMs to its customers. 

Based on customers’ data such as income, repayment history, withdrawals and credit rating, pre-approved personal loan offers are displayed on ATM screen during times when a customer withdraws money or checks balance.

If interested, customers can apply for an instant personal loan on SBI ATM. They are required to agree to the terms and conditions to get the loan. After the mobile number verification, the loan amount will be sent to the customer’s account. 

SBI Personal Loan starts at 9.60% p.a. Let’s take an example and see how much you need to pay as an EMI.

Loan Amount = Rs 200000

Interest rate = 11%

EMI for 1 Year	₹ 17676
EMI for 2 Year	₹ 9321
EMI for 3 Year	₹ 6547
EMI for 5 Year	₹ 4348

A personal loan through ATMs is an unconventional way of loan disbursement; it is paperless and digital, and offered to a pre-qualified customer of the bank who has a good track record of income, employment, and credit history. Getting a personal loan from ATM can be most helpful when a customer is in urgent need of money and banks are closed.