• 9863020202    
  • contact@financeseva.in

Drop Line Overdraft Limit @ 16.00% Onwards

o Maximum limit provided
o Collateral free loan available
o Flexible repayment period
Enquiry Form
Drop Line Overdraft Limit
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Tenure (Month)
Tata Capital Financial Services Limited
18.00%
2 %
48
Kotak Mahindra Bank
18.00%
2%
36
Bank Name Min Interest Rate
Tata Capital Financial Services Limited

18.00%

Kotak Mahindra Bank

18.00%

₹ 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 Unsecured Dropline overdraft Eligibility Criteria?

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 Criteria

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
  • • Minimum Turnover of business should be 30 lakhs to Maximum of 15 Cr

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 Turnover of business should be 30 lakhs to Maximum of 15 Cr
  • • Minimum Years of Business continuity –2- 5 Years

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 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 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. 2 Photographs
  2. PAN Card Copy
  3. AADHAR CARD AND PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  6. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  7. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  8. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
  9. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  10. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  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

How much loan amount is given for dropline overdraft facility?

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 dropline 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 dropline overdraft facility goes up to 15 years.

How dropline 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 dropline 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 dropline overdraft?

  • Interest is applicable to only utilized amounts
  • It contains 2 types of facility to borrow money one through secured & another unsecured
  • Lowest processing fee
  • Flexible tenure facility

What is dropline overdraft?

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.

Who are eligible for dropline overdraft facility?

This type of credit facility can be availed by self-employed, entrepreneurs, companies.

Which documents required for dropline overdraft facility?

  • Application form
  • 2 coloured photographs
  • Identity proof
  • Address proof
  • Income proof
  • ITR filed for last 3 years
  • Bank statements

Related Topics

credit-report
business Credit Report
Improve Credit Report
Get Financial Statement

Join our Network of Happy Customer

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

Read More
CA Vikas Jain

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

Read More

If you want me & my team at financeseva to help you in getting Best Financial Services, Just Book a Free Call