Overdraft Loan for Financial Flexibility

Features

Flexible Withdrawal: Withdraw funds as per your requirements, up to the approved limit.
Pay Interest Only on Used Amount: Interest is charged only on the amount you utilize, not on the entire approved limit.
Overdraft Protection: Prevents your account from going into a negative balance.
No Collateral Required: Secure an overdraft without the need to provide any collateral.
Convenient Access: Easily access funds through online banking, ATMs, or branch visits.

Rates & Charges

Interest Rate: Competitive interest rates starting from 10% per annum.
Processing Fee: A nominal processing fee of 1-2% of the approved limit.
Overdraft Limit Fee: A small annual fee based on the approved limit.
Late Payment Charges: 2% per month on the overdue amount.
Prepayment Charges: No prepayment charges for early repayment.

Eligibility Criteria

Residency: Must be an Indian resident.
Age: Applicants must be between 21 and 65 years old.
Employment: Salaried employees, business owners, and self-employed individuals are eligible.
Credit Score: A fair CIBIL score is required to qualify for the overdraft.
Bank Account: Must have a savings or current bank account.

Documents Required

Overdraft Application Form: Completely filled and signed application form.
Identity Proof: PAN Card, Aadhaar Card, Passport, or Voter ID.
Address Proof: Recent utility bill (electricity, water, gas), rental agreement, or passport.
Income Proof: Last 3 months' bank statements and last 6 months' salary slips or income tax returns for business owners and self-employed individuals.
Photographs: Recent passport-sized photographs.

FAQs About OD Loan

Q: What is OD Loan facility?

A: Overdraft Loan allows withdrawal as per requirement. Pay interest only on utilized amount for usage period.

Q: What are OD Loan eligibility criteria?

A: Available for businesses with current account, 1+ year vintage, and satisfactory financial track record.

Q: How is OD Loan limit determined?

A: Based on your business turnover, bank statements, and collateral security provided.

Q: How to increase OD Loan limit?

A: Submit updated financials and collateral enhancement. Annual review increases limits automatically.

Q: What are OD Loan renewal charges?

A: Nominal renewal fee of 0.25% applicable annually. Existing limits renewed without fresh documentation.

Q: Can I use OD Loan for personal expenses?

A: OD Loan meant for business working capital only. Personal use not permitted.

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Overdraft (OD) Loan