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

Want to stay up-to-date on the latest querying tips? Sign up for the newsletter to get new posts directly to your inbox.

Get in Touch

Ready to take your online presence to the next level? Contact us today to discuss your web development and digital marketing needs. Let's work together to turn your vision into reality.

Overdraft (OD) Loan