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- Secured Quick Overdraft
Secured Quick Overdraft
Support your cash flows and ongoing operational expenses with a ready source of funding by availing our Secured Overdraft facility. Loans provided to MSME customers are based on banking conduct and cash flow. Residential/commercial/industrial property can be offered as security. Interest on these products is charged only on the utilised amount.
Features & Benefits
- Loan amount that can be availed starts at ₹10 lakhs and goes up to ₹1.5 crores
- Facility renewal is done at the end of 12 months from the date of availing this facility.
- Interest is charged on the utilised amount.
Eligibility
Business vintage
- Minimum of 4 years in the current profession
Age
- Minimum 21 years at the time of loan application.
- Maximum 70 years at the end of the loan tenure.
Documentation
- KYC documents.
- Duly filled-in application form signed by you.
- Relevant financial documents.
- Bank account statement of last 6 months.
- PAN card/Form 60.
- Business proof.
Business income
- As per ITR, you should not have incurred a loss in the last 1 year.
Residence/office stability
- You should own either an office or a residential property.
- Residence stability should be of at least 12 months.
- Office stability should be of at least 24 months.
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 | ₹500/- per instance + taxes applicable. |
Frequently Asked Questions
We offer Secured Quick Overdraft to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, pvt. ltd. companies and unlisted public companies.
We offer competitive interest rates for our loan facilities. The interest for each loan is deter-mined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
Interest is charged only on the amount utilized and not on the entire sanctioned limit.
No, we do not have any annual review charges. But for every OD renewals processing fees is levied.
Yes, collateral is required against the facility and acceptable collaterals include residential property, commercial property, industrial property, etc.
