Unsecured Overdraft Limit

The overdraft facility allows you to continue withdrawing from your savings or current account even after the balance has touched zero. availing the overdraft facility is a kind of loan, and hence you have to repay the overdrawn amount within a particular duration. Overdraft account holders are to pay interest on overdrawing from their account

Eligibility

Sole Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited Companies can apply.

Manufacturers, Service, Traders, Wholesalers, Retailers, Online Sellers can apply.

Minimum 3 Years old business vintage required.

Latest 1 Year audited turnover required.

Individuals whose age limit is between 21 years to 60 years.

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Documents Required

Personal:

KYC Documents
Duly filled in & signed application form
Relevant financial documents
Bank account statement of last 6 months
PAN card/Form 60
Business Proof

Things to know regarding overdraft:

It should be treated as an emergency fund or a short term credit option.
Explore other options before you avail overdraft.
Read carefully the terms and conditions and check the fee levied.
Enquire about the unauthorized overdraft and its liabilities.
Inform your bank before exceeding your overdraft limit.

Common Questions

How is the overdraft limit calculated?

The financial health of an individual, enterprise or company determines the overdraft limit.

What happens if you go over your overdraft limit?

Generally, a borrower is allowed to use funds until the sanctioned limit. He/she is not permitted to cross the overdraft limit.

Can I withdraw overdraft money?

Certainly.

Can I increase my overdraft limit?

Increasing or decreasing of overdraft limit needs prior notice and would need to fill a request form addressing the lender.

How much interest do you pay on an overdraft?

The interest rate offered on overdraft facility varies from bank to bank and depends on your profile.

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