| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
DCB Bank Ltd.
|
9.50% | 1 % | 500 | 180 |
|
|
HDFC Bank Ltd
|
7.50% | 1% | 3500 | 180 |
|
|
KOTAK MAHINDRA BANK
|
7.50% | 1 % | 2500 | 180 |
|
|
YES Bank Ltd.
|
8.25% | 1% | 1000 | 180 |
|
|
RBL Bank Ltd.
|
10.00% | 1% | 1000 | 180 |
|
|
Axis Bank Ltd.
|
7.75% | 1% | 1500 | 180 |
|
|
Federal Bank Ltd.
|
9.50% | 1% | 500 | 180 |
|
|
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ICICI Bank Ltd.
|
8.00% | 1% | 2500 | 180 |
|
|
IndusInd Bank
|
9.50% | 1% | 1000 | 180 |
|
|
Aditya Birla Finance Limited
|
10.50% | 1% | 1500 | 180 |
|
|
Bajaj Finance Limited
|
9.00% | 1% | 500 | 180 |
|
|
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 CriteriaDropline 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
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.
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
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
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 PAN CARD, ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST1 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
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 BAALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.NK 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 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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This type of credit facility can be availed by self-employed, entrepreneurs, companies.
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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.
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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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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 Drop Line Overdraft facility goes up to 15 years.
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