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- Merchant Finance for Quick Overdraft
Merchant Finance for Quick Overdraft
Avail collateral-free Dropline Overdraft facility, tailor-made for the self employed MSME segment, to meet their working capital requirements. This facility offers flexibility in repayment and interest is charged only on the amount utilised. The assigned limit drops every month in equal portions for the tenure of the loan.
Features & Benefits
This account comes with a host of unique features:
- Loan amount can be availed for minimum ₹15 lakhs up to ₹50 lakhs.
- No collateral required.
- Limit based on banking conduct and financials.
- Interest charged on utilised amount.
- Faster approval and quicker process.
This account comes with a host of unique features:
- Zero Monthly Average balance Requirement
- Extended benefits in cash deposits, withdrawal, chequebook, NEFT and RTGS
- Nil Monthly Service charge
- Classic , Supreme and Platinum options available for debit card. Click here
Commercials
| Loan processing charges | Up to 1.25% + applicable taxes. |
|---|---|
| Part pre-payment charges | NA |
| Foreclosure charges | 2.00% of the sanction limit. |
| Penal interest | 2.00% p.a. additional on existing rate of interest. |
| Repayment Instruction/Instrument Return Charges | Inward Return - ₹500 per instance + taxes applicable Outward Return - ₹100 per instance + taxes applicable. |
Eligibility
Business vintage
- Minimum 3 years in current profession.
Turnover
- Minimum business income of ₹30 lakhs.
Age
- Minimum 21 years of age at the time of loan application.
- Maximum 65 years at the end of loan tenure.
Residence / Office Stability
- Residence stability should be of at least 12 months.
- The applicant should be operating from same city for the last 3 years.
- Either office or residence to be owned.
Minimum Income
- In case of individuals, minimum income to be of ₹2.5 lakhs as per ITR for last 2 years.
- In case of non-individuals, minimum cash profit should be ₹3 lakhs for last 2 years.
Documents
- KYC documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement for the last 6 months
- PAN card/Form 60
- Business proof
Frequently Asked Questions
We offer the Quick Overdraft facility to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, private limited companies and unlisted public companies.
Tenure can be a maximum of 36 months.
No, there are no annual maintenance charges.
We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
Quick Overdraft is a collateral free facility.
