| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | |
|---|---|---|---|---|---|
|
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
|
|
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|
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
|
|
.png)
|
9.80%
|
1%
|
500
|
12
|
|
|
10.75%
|
1%
|
500
|
12
|
|
|
8.00%
|
1%
|
500
|
12
|
|
|
9.00%
|
1%
|
500
|
12
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
9.50% |
|
|
|
9.00% |
|
|
|
9.35% |
|
|
|
10.70% |
|
|
|
10.10% |
|
|
|
9.45% |
|
|
|
9.25% |
|
|
|
9.75% |
|
|
|
9.50% |
|
|
|
9.50% |
|
|
|
9.00% |
|
|
|
9.25% |
|
|
|
10.70% |
|
|
|
9.70% |
|
|
|
9.50% |
|
|
|
9.40% |
|
|
|
9.80% |
|
|
|
10.75% |
|
|
|
8.00% |
|
|
|
9.00% |
|
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.
Eligibility Criteria depends on various factors like age of individual, repayment history, monthly salary or business sales/turnover, total work experience & Creditworthiness ...etc.
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.
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 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?
Overdraft Privilege is available on most checking accounts. It is not available on savings account or any account owned by a minor.
Want to get financial service? Advise by CA Vikas Jain
CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
Read MoreCA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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