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- Unsecured Quick Overdraft
Unsecured Quick Overdraft -Working Capital Loans
Avail collateral-free quick Overdraft facility, tailor-made for the self-employed MSME segment. This helps to meet the working capital requirements. It offers flexibility in repayment, and interest is charged only on the amount utilised.
Features & Benefits
- The loan amount starts at a minimum of ₹15 lakhs and can go up to ₹50 lakhs.
- No collateral is required.
- Limit based on banking conduct and financials.
- Interest is charged on the 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 | It is up to 1.25% + applicable taxes. |
|---|---|
| Part pre-payment charges | N/A. |
| Foreclosure Charges | It is 2.00% of the sanctioned limit. |
| Penal interest | It is 2.00% p.a. in addition to the existing rate of interest. |
| Repayment instruction/instrument return charges |
|
Business vintage & turnover
- Minimum 3 years in the current profession.
Minimum business income
- ₹30 lakhs.
Age and residence/office stability
- Minimum age: It should be 21 years at the time of loan application.
- Maximum age: It should be 65 years at the end of loan tenure.
Residence stability
- At least 12 months.
- The applicant should have been operating from the same city for the last 3 years.
- Either the office or residence must be owned.
Minimum income
- For individuals: Minimum income of ₹2.5 lakhs as per ITR for the last 2 years.
- For non-individuals: Minimum cash profit of ₹3 lakhs for the last 2 years.
Documents required
- KYC Documents.
- Duly filled 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, 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.
