#182/B, First floor, B.K Guda, S.R.Nagar, Hyderabad

Dropline overdraft

Dropline overdraft is a service which allows you to overdraw your current account up to an agreed limit. Overdraft is flexible & works in a way where you only pay interest for the time you use the money. You can at any time deposit money into the account to reduce the outstanding balance or can draw out money whenever you need it as long as you do not exceed the limit. The interest rate is paid only on the withdrawn cash and not on the total borrowing limit. Money can be deposited anytime to reduce the outstanding balance. Interest rate is calculated daily and is charged at the end of each month. Overdraft against Property is a flexible product that allows you avail Term Loan and Overdraft facility against residential or commercial property. This product is useful for professionals, Sole Proprietors, Proprietorship Firms, Partnership Firms or a Private Limited Company with an annual turnover in the range of INR 90 lakh.

Eligibility

The self-employed & companies with a minimum turnover of Rs. 60 lakh, & audited finances.

Minimum of 3 years in profit-making current business and 5 years of total business experience

Documents Required

Personal Documents:

  • Application form with Passport Size Photographs of all applicants and co-applicants.
  • PAN Card of applicant and co-applicant.
  • Identity Proof – Voter ID/ Driving License/ Passport/ Aadhar Card.
  • Address Proof – Voter ID/ Driving License/ Passport/ Telephone Bill/ Electricity Bill .
  • Ownership proof of residence and office either in the name of the applicant or jointly with family members.

Financial Documents

Self-Employed Individuals / Sole Proprietorships :

  • Latest audited ITR and financials for the last 3 years -Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules and audit report.
  • Past 12 months Bank statements from the borrower’s main account/s as mentioned in the Balance Sheet for the latest year.
  • GST returns of the last 12 months.
  • Sanction letter and repayment Track of any running loan.

Partnership Firms / Private Limited Companies:

  • Latest audited ITR and financials for the last 2 years -Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.
  • Past 12 months Bank statements from the borrower’s main account/s as mentioned in the Balance Sheet for the latest year.
  • Partnership Deed for partnership firms.
  • Memorandum and Articles of Association and Board Resolution from the company.
  • Certificate of Incorporation for private limited companies.
  • Latest shareholding patterns for Private Ltd. /public Ltd. Companies.
  • GST returns of the last 12 months.
  • Sanction letter and repayment Track of any running loan.

Property Papers(Overdraft against Property)

  • Photocopies of Latest sale deed/ registry in the name of the borrower or their family.
  • Photocopies of Conveyance Deed, if available.
  • Photocopies of Property Map, if available.
  • Photocopies of all other old relevant property papers chain associated with the property.

Common Questions

Yes, It is always recommended to maintain a good credit score for availing any type of loan.
Ans. Dropline overdraft facility comes in both secured and unsecured forms, so for a secured loan, collateral is required.
The minimum and maximum borrowing limit depend on the applicant’s profile.
Drop Line Over Draft generally is available for 1year to 15 years.

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