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About Over Drafts

  • An overdraft is an extension of credit from a lending institution when an account reaches zero.
  • An overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.

Purpose of Loan

A Personal Overdraft allows you to withdraw funds and repay funds at your convenience. You have to pay interest on only the amount which is overdue. Hence you can repay part of the outstanding amount whenever you have some money and withdraw some money whenever you have a need.

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Features of Over Draft

Simple Procedure

It can be accessed with minimum documentation and does not take time to procure as compared to other loans.

Flexibility

A personal overdraft allows you to take as much money as you need (as long as it is within the limits set for you) and pay back as per your own convenience. You can pay within days, weeks, or months- whatever suits you.

Faster Disbursal

Instant Cash Disbursal- Once you have applied for overdraft facility, transfers the amount within hours so that you don’t have to wait for long.

Choose your Tenure

You are free to choose your own draw-out option and repayment structure. This means there is minimal pressure (unlike with the case of other loans).

Over Draft- Eligibility

  • 21 years
  • Resident Indian
  • Rs40,000
  • Salaried/Self-employed Professionals
  • 3 Years
  • *These are general terms only. Policy norms vary from bank to bank and customer to customer.

Over Draft- Documents

  • PAN Card, Passport, Driving License, Voter ID, Aadhar Card, Ration Card.
  • PAN Card, Passport, Driving License, Bank Verification Form.
  • Passport, Driving License, Voter ID, Aadhar Card, Mobile/Land Line Bill, Rental Agreement, Ration Card, Gas Bond with Bill,SaleDeed,PropertyTax,Electricity Bill, Aadhar Card.
  • Latest 6 Months Bank Statement.
  • Latest 3 MonthsPayslips.
  • Last 2 years ITR’s.

Frequently Ask Questions

An overdraft is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.

This amount is made available in your Salary Account. You can withdraw it through the regular modes i.e. ATM, Cheques, online transfers.

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