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Bank Overdraft @9.00% Onwards

• Easy way to get finance
• Lowest interest rates
• Flexible tenure period
Enquiry Form
Bank Overdraft
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Axis Bank Ltd.
7.50%
1 %
1500
12
Bank of Baroda
9.00%
1%
1000
12
Bank of India
8.35%
1 %
1000
12
Canara Bank
11.70%
1%
1000
12
Central Bank of India
10.10%
1%
750
12
State Bank of India
8.45%
1 %
1000
12
HDFC Bank Ltd
7.25%
1%
2000
12
ICICI Bank Ltd.
7.75%
1%
1000
12
IDFC First Bank
9.50%
1%
1000
12
Indian Bank
9.50%
1 %
750
12
IndusInd Bank
9.00%
1 %
1000
12
Kotak Mahindra Bank
7.25%
1%
2000
12
South Indian Bank Ltd.
10.70%
1%
1500
180
Punjab National Bank
8.70%
1%
1000
12
RBL Bank Ltd.
8.50%
1%
500
12
UCO Bank
9.40%
1%
500
12
Union Bank of India
9.80%
1%
500
12
United Bank of India
10.75%
1%
500
12
YES Bank Ltd.
8.00%
1%
500
12
Digibank (DBS)
9.00%
1%
500
12
Bank Name Min Interest Rate
Axis Bank Ltd.

7.50%

Bank of Baroda

9.00%

Bank of India

8.35%

Canara Bank

11.70%

Central Bank of India

10.10%

State Bank of India

8.45%

HDFC Bank Ltd

7.25%

ICICI Bank Ltd.

7.75%

IDFC First Bank

9.50%

Indian Bank

9.50%

IndusInd Bank

9.00%

Kotak Mahindra Bank

7.25%

South Indian Bank Ltd.

10.70%

Punjab National Bank

8.70%

RBL Bank Ltd.

8.50%

UCO Bank

9.40%

Union Bank of India

9.80%

United Bank of India

10.75%

YES Bank Ltd.

8.00%

Digibank (DBS)

9.00%

₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

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 mistake seems quickly contact your bank branch to correct it as quickly as possible to avoid any misleading on your fin

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  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
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD 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
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 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
  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
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

What is an overdraft?

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?

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?

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?

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?

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?

Yes. We always encourage our customers to have a savings or money market account at Finance Seva. 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?

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

Related Topics

  • BANK OVERDRAFT BY BANKS

  • BANK OVERDRAFT BLOGS

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