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- Quick Overdraft
Quick Overdraft - Working Capital Loans
Avail collateral free 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 utilized.
Features & Benefits
- Loan amount can be availed for minimum Rs. 15 Lakh up to Rs. 50 Lakh
- No collateral required
- Limit based on banking conduct and financials
- Interest charged on utilized amount
- Faster approval and quicker process
Eligibility for Quick Overdraft
Business Vintage
- Minimum 3 years current profession
Age
- Minimum 21 years at the time of loan application
- Maximum 65 years at the end of loan tenure
Residence / Office Stability
- Residence stability 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 lakh as per ITR for last 2 years.
- In case of non-individuals, minimum cash profit should be Rs. 3 lakh for last 2 years.
Turnover
- Minimum business income of Rs. 30 Lakh.
Documentation for Quick Overdraft
- 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 1.25% + applicable taxes |
|---|---|
| Part Pre-payment Charges | NA |
| Foreclosure Charges | 2.00% of the sanction limit. |
| Penal Interest | 2.00% p.a. additional on the existing rate of interest. |
| Repayment Instruction/Instrument Return Charges | Inward Return - Rs. 500/- per instance + taxes applicable Outward Return - Rs. 100/- per instance + taxes applicable |
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.
