FA, 2020 amendment increasing...
Bank Overdraft
| Bank Name | Interest Rate Range (%) | Processing Fee (%) | Maximum Loan (Lacs) | Maximum Tenure (Month) | |
|---|---|---|---|---|---|
|
7.50% - 8.50%
|
1 %
|
1500
|
12
|
|
|
9.00% - 10.50%
|
1%
|
1000
|
12
|
|
|
8.35%-9.35%
|
1 %
|
1000
|
12
|
|
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|
11.70% - 12.00%
|
1%
|
1000
|
12
|
|
|
10.10% - 12.10%
|
1%
|
750
|
12
|
|
|
9.00% - 10.50%
|
1%
|
500
|
12
|
|
|
7.25% - 8.00%
|
1%
|
2000
|
12
|
|
.png)
|
7.75% - 8.75%
|
1%
|
1000
|
12
|
|
|
9.50% - 10.00%
|
1%
|
1000
|
12
|
|
|
9.50% - 10.50%
|
1 %
|
750
|
12
|
|
|
9.00% - 12.50%
|
1 %
|
1000
|
12
|
|
|
7.25% - 8.25%
|
1%
|
2000
|
12
|
|
|
8.70% -9.80%
|
1%
|
1000
|
12
|
|
|
8.50% - 10.50%
|
1%
|
500
|
12
|
|
|
10.70% - 11.00%
|
1%
|
1500
|
180
|
|
|
8.45% - 10.00%
|
1 %
|
1000
|
12
|
|
|
9.40% - 10.00%
|
1%
|
500
|
12
|
|
.png)
|
9.80% - 10.80%
|
1%
|
500
|
12
|
|
|
10.75%- 11.75%
|
1%
|
500
|
12
|
|
|
8.00% - 10.00%
|
1%
|
500
|
12
|
|
| Bank Name | Key Features | |
|---|---|---|
|
|
Interest rate
7.50% - 8.50%
Max loan amount
1500 |
|
|
|
Interest rate
9.00% - 10.50%
Max loan amount
1000 |
|
|
|
Interest rate
8.35%-9.35%
Max loan amount
1000 |
|
|
|
Interest rate
11.70% - 12.00%
Max loan amount
1000 |
|
|
|
Interest rate
10.10% - 12.10%
Max loan amount
750 |
|
|
|
Interest rate
9.00% - 10.50%
Max loan amount
500 |
|
|
|
Interest rate
7.25% - 8.00%
Max loan amount
2000 |
|
|
|
Interest rate
7.75% - 8.75%
Max loan amount
1000 |
|
|
|
Interest rate
9.50% - 10.00%
Max loan amount
1000 |
|
|
|
Interest rate
9.50% - 10.50%
Max loan amount
750 |
|
|
|
Interest rate
9.00% - 12.50%
Max loan amount
1000 |
|
|
|
Interest rate
7.25% - 8.25%
Max loan amount
2000 |
|
|
|
Interest rate
8.70% -9.80%
Max loan amount
1000 |
|
|
|
Interest rate
8.50% - 10.50%
Max loan amount
500 |
|
|
|
Interest rate
10.70% - 11.00%
Max loan amount
1500 |
|
|
|
Interest rate
8.45% - 10.00%
Max loan amount
1000 |
|
|
|
Interest rate
9.40% - 10.00%
Max loan amount
500 |
|
|
|
Interest rate
9.80% - 10.80%
Max loan amount
500 |
|
|
|
Interest rate
10.75%- 11.75%
Max loan amount
500 |
|
|
|
Interest rate
8.00% - 10.00%
Max loan amount
500 |
|
Documents Required
- Individual
- Prop Firm
- Partnership Firm-LLP
- PVT. LTD.
- Photographs 2
- PAN Card Copy
- AADHAR CARD + PASSPORT
- 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
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- PHOTOGRAPH BOTH
- PAN CARD CLEAR COPY PROPRIETOR.
- ADD 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
- ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
- FIRM ADD 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
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.
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