| Bank Name | Min Interest Rate | Processing Fee | Foreclosure Charge | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Tata Capital Financial Services Limited
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18.00% | 2 % | 4 % | 48 |
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Kotak Mahindra Bank
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18.00% | 2% | 4% | 36 |
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Bajaj Finance Limited
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18.00% | 2% | 4% | 48 |
|
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This type of facility does not require you to pledge collateral or assets to get a loan, just based on your monthly stable income & past financial history your loan get sanctioned.
Unsecured Dropline overdraft Eligibility CriteriaEligibility 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
Note: - As a maximum loan amount you can avail up to 50 lakhs.
What are the factors generally affecting Unsecured overdraft Eligibility Criteria?There are top factors that generally affects 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 criteria set for applying loan, for getting a dropline overdraft age limit set in-between 24 – 65 years of age at the
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 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.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
MACHINE QUOTATION
ORDER IN HAND
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN , ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
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.
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It is totally dependent on your profile like credit score, previous repayment history, default payment & such other factor are considered in determining loan amount.
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No, this credit facility allows both features it's your wish with or without Collateral applying for loan.
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Yes, if your credit profile seems lower & needed higher loan amount then its recommended to add on your spouse to increase eligibility & fast approval.
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Maximum tenure for dropline overdraft facility goes up to 15 years.
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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.
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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.
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Dropline Overdraft Facility 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.
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This type of credit facility can be availed by self-employed, entrepreneurs, companies.
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