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Bank Overdraft

Bank Name Min Interest Rate Processing Fee Max Loan (Lacs) Max Tenure (Month) Chances of Loan Approval
9.50% 1 % 1500 12
9.00% 1% 1000 12
9.35% 1 % 1000 12
10.70% 1% 1000 12
10.10% 1% 750 12
9.45% 1 % 1000 12
9.25% 1% 2000 12
9.75% 1% 1000 12
9.50% 1% 1000 12
9.50% 1 % 750 12
9.00% 1 % 1000 12
9.25% 1% 2000 12
10.70% 1% 1500 180
9.70% 1% 1000 12
9.50% 1% 500 12
9.40% 1% 500 12
9.80% 1% 500 12
10.75% 1% 500 12
8.00% 1% 500 12
9.00% 1% 500 12
Apply Now EMI Calculator Eligibility Criteria Documents Check List FAQs
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Eligibility Criteria

What you mean by Bank Overdraft Eligibility Criteria?

Bank overdraft is such a facility offered by banks to their customers setting up a limit, the best of the loan is interest only get charged on utilized amount & generally limit are determined by the respective banks as per the relationship with customers. Both secured & unsecured loans available. Different type of loans has different types of eligibility, even bank overdraft also has eligibility criteria.

Bank Overdraft Eligibility Criteria

Eligibility Criteria depends on various factors like age of individual, repayment history, monthly salary or business sales/turnover, total work experience & Creditworthiness ...etc.

Bank Overdraft Eligibility Criteria

  • • Applicant age should be 22 – 60 years
  • • Minimum monthly income must be 30,00/-
  • • Must have minimum 2 years of work experience
  • • 1 years of experience in current organizations

What are the ways to increase Bank Overdraft eligibility?

To increase Bank Overdraft eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level: -

Build bond with lender: - Apart from depositing & withdrawing amount in bank, try to make good relationship with lender & build a strong bond as it will help you to increase the overdraft limit.

Applicant Age: - Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.

Good Financial history: - Keep a close eye on your banking that all transaction is taking place correctly or not. If you found any error in the transaction quickly contact your bank branch to correct it as soon as possible to avoid any misleading on your financial history.

Documents Required

INDIVIDUAL
  1. PHOTOGRAPHS 2

  2. PAN CARD COPY

  3. AADHAR CARD + PASSPORT

  4. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE

  5. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT

  6. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)

  7. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS

  8. PROCESSING FEE CHEQUE IN FAVOUR OF BANK

  9. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER

PROP FIRM
  1. PHOTOGRAPH BOTH

  2. PAN CARD CLEAR COPY PROPRIETOR

  3. ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR

  4. OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)

  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY

  6. LAST 1 YEAR GST RETURN COPY

  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE

  8. PROVISIONAL FINANCIAL AY 2019-20

  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)

  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)

  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED

  12. AGREEMENT TO SELL COPY

  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP

PARTNERSHIP FIRM
  1. PHOTOGRAPH PARTNERS

  2. PAN CARD - COMPANY, ALL PARTNERS

  3. ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)

  4. FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL

  5. PARTNERSHIP DEED COPY

  6. GST CERTIFICATE

  7. GST RETURN LAST1 YEARS

  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED

  9. PROVISIONAL FINANCIAL AY 2019-20

  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION

  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED

  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH

  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED

  14. AGREEMENT TO SELL COPY

  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP

PVT.LTD
  1. ALL DIRECTORS PHOTOGRAPH

  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS

  3. ADDRESS PROOF – COMPANY AND DIRECTORS

  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE

  5. MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)

  6. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE

  7. 1 YEAR GST RETURNS

  8. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS

  9. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE

  10. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR

  11. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED

  12. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH

  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED

  14. AGREEMENT TO SELL COPY

  15. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP

FAQs

Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.

What is an Overdraft?

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An Overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Overdrafts apply to checks, debit cards or other transactions that are paid when the available balance in your deposit account is less than the amount of the transaction, which creates a negative balance in your account. 

Is an Overdraft different from an NSF item?

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Yes. An "NSF item" (also called a "bounced check") occurs when an item (such as a check or other transaction presented for payment) is returned unpaid because the available balance in your account is less than the amount of the item.

How can I avoid Overdrafts?

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Don’t overdraw it.

We recommend that you:

Keep track of how much money you have in your checking account; a great way to do this is by monitoring your account balances with free personal online banking.  Remember that some checks and automatic payments may not have cleared yet.

Pay special attention to your electronic transactions

Don’t forget about automatic bill payments you may have set up for utilities, insurance, or loan payments.

What is Overdraft Privilege?

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Overdraft Privilege is a discretionary service provided to eligible accounts. It is designed to help guard members against having items returned or declined.Overdraft Privilege is not a line of credit.

What are the requirements for Overdraft Privilege?

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Eligible accounts have been opened for at least thirty (30) days and thereafter must be maintained in good standing, which includes:

Continuing to make deposits consistent with your past practices, and depositing at least $400 in your account within each thirty (30) day period

You are not in default on any loan obligation to us

Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien

Is there some other way I can have these kind of transactions accepted without having an Overdraft Fee charged?

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Yes We always encourage our customers to have a savings or money market account at Financeseva. If you sign up for Account Linked Overdraft Protection, you can link an eligible account to your checking account. If presented items would cause your checking account to become overdrawn, we will automatically make a transfer from your linked account.  Keep in mind, there is a transfer fee every time you use this service, but you will not be assessed an overdraft fee.

 

What checking accounts are eligible for Overdraft Privilege?

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Overdraft Privilege is available on most checking accounts. It is not available on savings account or any account owned by a minor.

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