Bank Overdraft Loan: Flexible Financial Support

A Bank Overdraft Loan is a flexible financial solution that allows you to withdraw more than your available balance to meet short-term financial needs. This facility is perfect for managing unexpected expenses, addressing business cash flow issues, or providing emergency funding.

  • Minimal documentation
  • Interest rates starting from 10.25%*
  • Flexible repayment terms of up to 5 years
  • Loan amounts ranging from ₹40 lakh to ₹1 crore
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Benefits of a Bank Overdraft Loan

A Bank Overdraft Loan offers several advantages:

  • Flexible access to small amounts of credit
  • Helps meet urgent financial needs
  • Assists in managing business cash flow
  • Interest is charged only on the amount utilized
  • Minimal documentation required
  • Available from both banks and NBFCs without collateral
  • Short-term credit can be revised annually

Eligibility Criteria for a Bank Overdraft Loan

To be eligible for an overdraft facility, you must meet the following criteria:

  • Minimum age of 21 and maximum age of 65
  • Must hold an existing account with the respective bank
  • Income requirements vary by lender
  • A high CIBIL score or credit rating is beneficial
  • Business tenure requirements vary across banks

Documents Required for a Bank Overdraft Loan

To apply for a Bank Overdraft Loan, you’ll need the following documents:

  • Completed loan application form and passport-size photographs
  • Identity proof: Driver’s license, passport, voter ID, PAN card, or Aadhar card
  • Address proof: Utility bills (electricity or water), passport, driver's license, or voter ID
  • Age proof: Valid ID or Class X certificate
  • Bank statements for the past 12 months
  • Any additional documents requested by the lender