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Drop Line Overdraft @ 9.75%Onwards

The Dropline Overdraft facility benefits the borrower by reducing the original limit according the tenure sanctioned to the borrower. The overdraft facility can be used on monthly basis, quarterly basis, half-yearly or even yearly basis too as per the need of the borrower. Dropline overdraft facilities have only a one-time processing fee like a normal loan .Dropline Facility is offered to self-employed professionals and self-employed non-professionals.
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Drop Line Overdraft: what is Drop Line Overdraft @ 9.75%Onwards
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Tenure (Month)
DCB Bank Ltd.
9.50% - 10.50%
1 %
180
HDFC Bank Ltd
7.50% - 8.25%
1%
180
Kotak Mahindra Bank
7.50% - 8.50%
1 %
180
YES Bank Ltd.
8.25% - 10.25%
1%
180
RBL Bank Ltd.
10.00%-11.00%
1%
180
Axis Bank Ltd.
7.75% - 8.75%
1%
180
Federal Bank Ltd.
9.50% -10.50%
1%
180
ICICI Bank Ltd.
8.00% - 9.00%
1%
180
IndusInd Bank
9.50% - 13.00%
1%
180
Aditya Birla Finance Limited
10.50%-12.00%
1%
180
9.00% - 11.00%
1%
180
Bank Name Min Interest Rate
DCB Bank Ltd.

9.50% - 10.50%

HDFC Bank Ltd

7.50% - 8.25%

Kotak Mahindra Bank

7.50% - 8.50%

YES Bank Ltd.

8.25% - 10.25%

RBL Bank Ltd.

10.00%-11.00%

Axis Bank Ltd.

7.75% - 8.75%

Federal Bank Ltd.

9.50% -10.50%

ICICI Bank Ltd.

8.00% - 9.00%

IndusInd Bank

9.50% - 13.00%

Aditya Birla Finance Limited

10.50%-12.00%

9.00% - 11.00%

₹ 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 Dropline overdraft Eligibility Criteria?

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

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

Eligibility Criteria for Self-Employed Individuals

  • • Age Limit of Self –Employed Individuals - 24 to 65
  • • Min Income should be 2.5 lakhs for past 2 years ITR
  • • Minimum Years of Business continuity –2- 5 Years

Eligibility Criteria for Self-Employed Non- Individuals

  • • Age Limit of Self –Employed Individuals - 24 to 65
  • • Min cash profit should be 3 lakhs for last 2 years
  • • Minimum Years of Business continuity –2- 5 Years

Note: - As a maximum loan amount you can avail up to 50 lakhs on dropline overdraft.

What are the factors generally affecting Dropline overdraft Eligibility Criteria?

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.

What are the ways to increase Dropline overdraft eligibility?

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.

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  6. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  11. 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
  14. PHOTOGRAPH BOTH
  15. PAN CARD CLEAR COPY PROPRIETOR
  16. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  17. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  18. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  19. LAST 1 YEAR GST RETURN COPY
  20. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  21. PROVISIONAL FINANCIAL AY 2019-20
  22. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  23. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  24. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  25. AGREEMENT TO SELL COPY
  26. 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 BAALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.NK 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 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. 

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