| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | |
|---|---|---|---|---|---|
|
9.50%
|
1 %
|
500
|
180
|
|
|
7.50%
|
1%
|
3500
|
180
|
|
|
7.50%
|
1 %
|
2500
|
180
|
|
|
8.25%
|
1%
|
1000
|
180
|
|
|
10.00%
|
1%
|
1000
|
180
|
|
|
7.75%
|
1%
|
1500
|
180
|
|
|
9.50%
|
1%
|
500
|
180
|
|
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|
8.00%
|
1%
|
2500
|
180
|
|
|
9.50%
|
1%
|
1000
|
180
|
|
|
10.50%
|
1%
|
1500
|
180
|
|
|
9.00%
|
1%
|
500
|
180
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
9.50% |
|
|
|
7.50% |
|
|
|
7.50% |
|
|
|
8.25% |
|
|
|
10.00% |
|
|
|
7.75% |
|
|
|
9.50% |
|
|
|
8.00% |
|
|
|
9.50% |
|
|
|
10.50% |
|
|
|
9.00% |
|
Maximum LTV offered under dropline overdraft; this facility gives you the flexibility to pay interest at the time of utilization of money. Both secured & unsecured loan available which means you don’t even require to provide collateral.
Dropline overdraft Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Note: - As a maximum loan amount you can avail up to 50 lakhs on dropline overdraft.
There are top factors that generally affects Dropline overdraft Eligibility Criteria as given below: -
Past Credit History: - You need to ensure whether all your past credit history transaction is taking place properly or not, because its much-considered point while reviewing your application.
Applicant age: - Generally, there is a specific age criterion set for applying loan, for getting a dropline overdraft age limit set in-between 24 – 65 years of age at the time of applying for loan.
Newly business existing: - Dropline overdraft facility is only offered to those business who have continuity of minimum 2 year. Therefore, newly start-up businesses couldn’t be able to avail it.
To increase Dropline overdraft eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Maintain good credit report: - When you are looking to avail dropline overdraft for your business then make sure you maintain good business credit report, try to avoid having multiple credit card, try to close existing loan, pay bills on time...etc. As all these points help in increasing eligibility level.
Reduce spending on expenditures: - When you reduce spending over business expenditure, you will be able to save money for day-to-day operational business which led you to borrow only small amounts of money through dropline overdraft & increase business eligibility.
How Drop Line Overdraft works?
It has simplified processing which take less time compared to other loans. Firstly, you have to request the application from the bank & fill up the required details with attached necessary documents it. Once you submit it shortly bank representatives will go through of it & contact you for the personal discussion regarding final confirmation upon rates & terms, with your approval disbursement take place amount will be credited in your current account.
Does credit score matter in taking Drop Line Overdraft ?
Yes, applying for any type of loan you need to maintain good credit score as it’s one of the major factors consider to know about past financial history.
What are the benefits of Drop Line Overdraft?
Who are eligible for Drop Line Overdraft facility?
This type of credit facility can be availed by self-employed, entrepreneurs, companies.
Which documents required for Drop Line Overdraft facility?
What is Drop Line Overdraft ?
Dropline Overdraft acility allow you to withdraw cash up to an agreed limit on your current account. The best of this facility is only you will be paying the interest for utilized amount. Which are calculated on daily basis & billed up at each month end.
What is Dropline Overdraft (DOD) ?
The Dropline overdraft facility refers to the secured loan category where against a property as security, loan is given for a specified period where the loan amount is reduced every month / quarterly / semi-annually / annually (depends upon bank to bank) from the principal amount.
The right of ownership of the property is still with the borrower and you are still allowed to continue using it for residential or commercial purposes.There is no annual maintenance charge in Drop Line Overdraft. The interest is charged every month. </
How much loan amount is given for Drop Line Overdraft?
It is totally dependent on your profile like credit score, previous repayment history, default payment & such other factor are considered in determining loan amount.
Is Collateral/Security being mandatory in Dropline facility?
No, this credit facility allows both features it's your wish with or without Collateral applying for loan.
Does Drop Line Overdraft allow to get joint loan?
Yes, if your credit profile seems lower & needed higher loan amount then its recommended to add on your spouse to increase eligibility & fast approval.
What is the maximum year of repayment?
Maximum tenure for Drop Line Overdraft facility goes up to 15 years.
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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