An overdraft facility is provided by bank or non-banking financial company. Can be borrowed upto a certain limit it basically means that you can withdraw more money than what you have in your bank account. Father at the time of repayment you are required to pay interest on the extra money borrowed from your bank account.
1. With an overdraft limit bank account, one could pay Cheque that would otherwise bounce and get returned in case of low balance.
2. The interest on the overdraft loan is lower than the interest paid for credit cards.
3. It is a valuable tool to manage or checking account in case of emergency.
4. No prepayment charges are levied for overdraft limit facility.
5. There is no need to repay the overdraft in EMI it can be repaid cumulatively.
6. It is usually cheaper and easily accessible then other loans.
7. It is a best financial support for your short term needs.
1. The person must be a citizen of India.
2. Professional stability and saving history is also taken into consideration.
3. The applicant should be above the age of 21 years and the repayment has to be done by the age of 60 or maximum 65.
4. Nature and continuity of employment or business is also taken into consideration.
5. Any applicant can get the loan irrespective of his profession. Any salaried, or a business person can get a best loan.
6. The applicant should have all regular and steady source of income.
7. Financial history and track record including CIBIL scores are also taken into consideration.
8. Stability of business for a term not less than 1 year.
9. Annual business turnover should not be less than rupees 10 Lakhs.
Note: The criteria differ a bit from bank to bank. The above mentioned criteria are some basic important eligibility criteria.
To know your eligibility now or to apply please call us on 011-45507555 or Email us at email@example.com
1. Identity proof – Aadhar Card/ Driving License/ Ration Card / PAN Card / Voters ID Card / Employee ID
2. Age proof – PAN Card / Bank Passbook / Passport / Driving License
3. Address proof- bank passbook or Bank account statement / Voters ID / Aadhar Card / Passport flash utility bill (telephone, electricity, water) – latest month / registered rent agreement / property tax
4. Income proof- salary slip, bank statement, form 16 (for salaried individual) Last 3 years it return, last 2 years balance sheet and profit and loss account of the firm (for businessmen or self-employed)
5. Statutory documents: (for private / public limited / one person company:) MOA & AOA, certificate of Incorporation certificate of commencement of business GST registration certificate. (for partnership business): registered partnership deed GST registration certificate
6. Passport size photograph
7. Application form with photograph properly filled and duly signed.
Note: The documents required differed from lender to lender. The above mentioned documents are common and generic those are required mostly.
To know more or to apply please call us on 011-45507555 or Email us at firstname.lastname@example.org