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- Unsecured Dropline Overdraft
Unsecured Dropline Overdraft
Axis Bank provides a collateral-free MSME Dropline OD facility, specifically designed for doctors and CA professionals to meet immediate working capital needs. This facility offers flexible repayment options, with interest charged only on the amount utilised. The assigned Dropline Overdraft functions like a standard Overdraft in the first year of the loan tenure and reduces by equal portions each month starting in the second year for the remaining tenure.
Features & Benefits
- Loan amount starts at ₹3 lakhs and goes up to ₹50 lakhs.
- Loans can be availed for a minimum tenure of 24 months and go up to 60 months
- collateral-free.
Business vintage
- Minimum of 2 years in the current profession
Age
- Minimum 24 years at the time of loan application.
- Maximum 70 years at the end of loan tenure.
Minimum income
- In the case of individuals, the minimum income must be ₹2.5 lakhs as per ITR for the last 2 years.
- In the case of non-individuals, the minimum cash profit should be ₹3 lakhs for the last 2 years.
Business income
- Minimum business income of ₹30 lakhs.
Residence/office stability
- Either an office or a residential property should be owned.
- Residence stability should be for at least 12 months in rented accommodation. This is not applicable if the tenant shifts to a house he owns.
- Office stability should be of at least 24 months.
- KYC Documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement of last 6 months
- PAN card/Form 60
- Business Proof
Commercials
| Loan processing charges | Up to 1.00% + applicable taxes. |
|---|---|
| Part pre-payment charges | NA |
| Foreclosure charges | NA |
| Penal interest | 2.00% p.a. additional on the existing rate of interest. |
| Repayment instruction/instrument return charges | ₹500/- per instance + applicable taxes. |
| One-time AMC at the end of the first year | ₹5000 for facilities less than ₹10 lakhs and ₹15,000 for facilities more than ₹10 lakhs. |
Frequently Asked Questions
We offer the Quick Overdraft facility to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, pvt. ltd. 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.
