Overdraft Facility

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Overdraft Facility

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A personal loan overdraft facility represents A versatile credit provision that is customized for existing personal loan customers. This specialized offering empowers you to access your funds within the confines of your sanction credit limit on the loan amount. But you need to know that the lending mechanism includes different factors to determine the interest rate including your monthly income cash flow patterns and credit profile unlike typical personal loans interest is completely levied on the amount withdrawn instead of the entire sanctioned amount. This makes it really attractive option for you if you are facing recurrent cash shortage but you have the means to repay it in time. If you are looking forward to getting an overdraft facility on the personal loan, then you need to look no further as you can connect with us. We offer the best overdraft loan facilities

Unique characteristics of OD facility

You can make multiple withdrawals from the pre-approved overdraft amount through your salary or any linked bank account. It offers you convenience and accessibility as per your requirements.
You can enjoy the flexibility of choosing the repayment schedule with the maximum tenure of two years. The adaptable structure allows you to manage your financial obligations as per your convenience.
The overdraft amount will be determined based on your existing relationship with us. We ensure a customized approach that aligns with your financial standing and requirements.
In case where a strong and healthy relationship is established between the lender and the customer the lender would extend the tenure providing extra flexibility to manage repayments effectively.
Both salaried people and self-employed individuals can avail themselves of the benefits of a customer loan overdraft. It serves different range of borrowers
Interest is completely charged on the withdrawal amount are they utilized some mitigating any unnecessary financial burden on the entire sanctioned amount.
The overdraft facility will work like a short-term credit solution. It will help you deal with imitate on Argent financial needs.
You can close the overdraft account without incurring any extra charges. It offers you financial flexibility and convenience.
The pre-approved nature of the facility can easily negate the necessity for extra collateral. It will easily simplify the borrowing process and reduce Your burden.

Benefits of applying for personal loan overdraft

You have the flexibility to withdraw only a part of the approved overdraft amount, it means you can incur interest solely on the utilized money. For example, if the overdraft limit of rupees 50,000 is sanctioned and only 30,000 is withdrawn then the interest rate accrues only on the withdrawn amount instead of the entire amount.

You need to know that overdraft facility is your best bet if you can repay within a short duration that is of three to four months. The interest rate will be determined based on your transaction history. A good credit score and a healthy relationship can help you get competitive rates.

The facility swiftly addresses instant cash shortage arising from your personal requirements. You can easily access it against different accounts like savings pre-approved loans or fixed deposits or even just salary accounts for

It eliminates the need to monitor the monthly installments. It helps you reduce the risk of missed payments or even check bounces because of insufficient funds. You need to know that repayment flexibility allows you to make the lump sum or small convenient payment based on your cash flow.

How to apply for loan overdraft?

Online procedure

You can visit our website.
Now you need to fill in the relevant personal employment and financial information.
You can choose the pre-approved loan amount and specify desired tenure for the loan amount.
You need to upload your important documents as per our requirements.
After approval based on our terms the amount will be credited within 24 hours to the provided bank account.

Offline procedure

You can visit our office.
You can complete the application form with all the relevant details.
You can hand over the documents and a canceled check and provide all the details regarding the loan amount and the tenure.
The loan amount will be deposited in the account within 24 hours.

Eligibility criteria for personal loan overdraft

You must be Indian citizens.
Whether you are a salaried individual or a self-employed individual you can apply for a personal loan overdraft.
You should be at least 21 and above to apply for the loan but you should be under 65 years.
You can apply for this loan if you fall under different entity categories like public sector company limited liability partnership proprietorship company and public or private limited entity.
Additionally, the personal loan overdraft goes to different entities like private or public sector companies, professionals salaried doctors and the employees of state central and local governments.

Documents Required for Salaried and Self-Employed Individuals

Salaried Individuals

Form 16
Employee Identity Card
Employer’s Certified Letter
Increment or Promotion letter
3 Months Salary Slip
6 Month Bank Account Statement

Self-Employed Private Limited Company

One Passport Size Photograph signed a crossed.
Photo ID Proof / DOB Proof (PAN Card / Passport /Driving License)
Residence Proof (Passport/Voter ID/Aadhaar Card/Driving Licence).
Office Address Proof (Rent or Lease Agreement / Electricity Bill/ GST registration certificate).
Up-to-date 1 Year Saving A/c. Bank statement (Individual).
Up-to-date Latest 1 Year All Current A/c. Bank Statement company (All Bank a/c’s).
Obligation Details (if any OD or CC Limits with Sanction Letter OR any Car Loans, Personal Loans, Business Loans, & Term Loans).
Last 3-Yrs ITR with Computation of income, P&L a/c & Balance sheet (with all annexure, schedules, Audit Reports & form 3cb/3cd) of all applicants & company.
Provisional ITR of the company & copy of advance tax challans & TDS Certificates (if any).
Form 26 AS for the last three years.
GST registration certificate and one year GST 3BR returns for the last one year.
Detailed Firm/Company Profile.
MOA/AOA of Company
Latest Share Holding Patterns & List of Directors certified by C.A. with Latest Annual Returns.
One Cheque for Processing.
Higher Qualification Proof(As per profile)
Property Document with MAP.

Self-Employed Partnership Firm

One Passport Size Photograph signed a crossed.
Photo ID Proof / DOB Proof (PAN Card / Passport /Driving License)
Residence Proof (Passport/Voter ID/Aadhaar Card/Driving Licence).
Office Address Proof (Rent or Lease Agreement / Electricity Bill/ GST registration certificate).
Up-to-date 1 Year Saving A/c. Bank statement (Individual).
Up-to-date Latest 1 Year All Current A/c. Bank Statement company (All Bank a/c’s).
Obligation Details (if any OD or CC Limits with Sanction Letter OR any Car Loans, Personal Loans, Business Loans, & Term Loans).
Last 3-Yrs ITR with Computation of income, P&L a/c & Balance sheet (with all annexure, schedules, Audit Reports & form 3cb/3cd) of all applicants & company.
Provisional ITR of the company & copy of advance tax challans & TDS Certificates (if any).
Form 26 AS for the last three years.
Partnership deed
GST registration certificate and one year GST 3BR returns for the last one year.
Detailed Firm/Company Profile.
MOA/AOA of Company
Latest Share Holding Patterns & List of Directors certified by C.A. with Latest Annual Returns.
One Cheque for Processing.
Higher Qualification Proof(As per profile)
Property Document with MAP.

Self-Employed Proprietor Firm

One Passport Size Photograph signed a crossed.
Photo ID Proof / DOB Proof (PAN Card / Passport /Driving License)
Residence Proof (Passport/Voter ID/Aadhaar Card/Driving Licence).
Office Address Proof (Rent or Lease Agreement / Electricity Bill/ GST registration certificate).
Up-to-date 1 Year Saving A/c. Bank statement (Individual).
Up-to-date Latest 1 Year All Current A/c. Bank Statement company (All Bank a/c’s).
Obligation Details (if any OD or CC Limits with Sanction Letter OR any Car Loans, Personal Loans, Business Loans, & Term Loans).
Last 3-Yrs ITR with Computation of income, P&L a/c & Balance sheet (with all annexure, schedules, Audit Reports & form 3cb/3cd) of all applicants & company.
Provisional ITR of the company & copy of advance tax challans & TDS Certificates (if any).
Form 26 AS for the last three years.
GST registration certificate and one year GST 3BR returns for the last one year.
Detailed Firm/Company Profile.
MOA/AOA of Company
Latest Share Holding Patterns & List of Directors certified by C.A. with Latest Annual Returns.
One Cheque for Processing.
Higher Qualification Proof(As per profile)
Property Document with MAP.

Why Choose Us

If you need instant cash and you don’t know where to get it from you don’t have to worry at all as you can always choose us. We offer personal loan overdrafts based on your savings account balance credit history, and association with us. You can withdraw funds as needed up to the sanctioned limit.

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