Overdraft (OD) Apply Now

For businesses in need of working capital or short-term financing, our Overdraft (OD) services provide the necessary liquidity to manage your day-to-day operations, bridge cash flow gaps, and seize growth opportunities. We offer competitive interest rates, easy renewal options, and quick disbursal to ensure uninterrupted business operations.

Features of Overdrafts (OD) Loan

Overdrafts provide individuals and businesses with financial flexibility and convenience, allowing them to manage their cash flow effectively and bridge temporary gaps in funds. It offers a safety net by providing access to additional funds whenever required, offering peace of mind and ensuring uninterrupted financial operations.

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Check Your Overdraft Loan Eligibility

Overdraft Loan EMI Calculator

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Overdraft Loan Interest Rates

Eligibility Criteria

  • You must be a Salaried Employee
  • Age: 23-55 years old
  • Net Monthly Income must be more than Rs. 20,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai,Mumbai or Hyderabad.

What does a Overdraft loan cover?

Documents Required after Digital Approval

  • Aadhaar Card
  • PAN Card
  • 4 Cheques from your Salary Account
  • Current Address Proof
  • Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)

An overdraft loan, also known as an overdraft facility, is a type of loan provided by banks that allows individuals or businesses to withdraw more money from their bank account than the available balance. The coverage of an overdraft loan typically includes:

It's important to note that the specific coverage and terms of an overdraft loan may vary among banks and financial institutions. The overdraft limit, interest rate, repayment terms, and associated fees will depend on factors such as the individual or business's creditworthiness, relationship with the bank, and the bank's policies. It's advisable to consult with your bank to understand the specific overdraft facility options available and the terms and conditions associated with them.

Types of loans

Personal Loan

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Personal Loan

Buisness Loan

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Buisness Loan

Home Loan

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Home Loan

Mortgage

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Mortgage

Cash Credit

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Cash Credit

Gram Panchayat/Gavthan Property Loans

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Gram Panchayat/Gavthan Property Loans

Interest Rates

Avail Overdraft loans at attractive interest rates of 10.99% per annum to 17.99% per annum. All you have to do is fill in a few details here and get to see the eligibility, applicable Overdraft loan interest rates and your approximate EMI within a few seconds. Keeping your best interest in mind, we recommend you to go for a Overdraft loan amount that you actually need and not more than that. This way, repayments will not be a hassle and you can pay your loans without any delay or late payment fees.

FAQs

What is Cash Credit Overdraft (OD)?

Overdraft (OD) are types of short-term financing options provided by financial institutions to meet the working capital needs of businesses. These facilities allow businesses to withdraw funds from their current accounts beyond the available balance, up to a predetermined limit. CC is generally utilized by businesses with regular cash flow needs, while OD provides flexibility for occasional or temporary cash flow gaps.

When a business is granted a OD facility, they are provided with a predetermined credit limit by the financial institution. The business can then withdraw funds as needed from their current account up to that limit, even if the available balance is insufficient. Interest is charged only on the amount utilized and for the duration of usage. Once the business repays the withdrawn amount, the available credit limit is restored for future use.

OD facilities offer several benefits to businesses. They provide quick access to funds for managing day-to-day operations, handling unexpected expenses, bridging cash flow gaps, purchasing inventory, and meeting short-term financial needs. These facilities offer flexibility as businesses can withdraw funds as required and are only charged interest on the utilized amount. They provide a safety net to ensure uninterrupted business operations during temporary cash flow challenges.

Interest is charged on the amount utilized from the OD facility and for the duration of usage. The interest rate may be variable or linked to a benchmark rate set by the financial institution. It is important to note that interest rates for CC and OD facilities are typically higher than those for other long-term financing options. However, the interest is charged only on the outstanding balance and not on the entire credit limit.

Qualification for OD facilities depends on the financial institution's criteria and the business's creditworthiness. Lenders typically consider factors such as the business's financial stability, cash flow projections, repayment capacity, credit history, and existing relationships with the institution. The documentation required may include financial statements, bank statements, business plans, and other supporting documents. It is advisable to consult with the specific financial institution to understand their eligibility requirements and application process.