| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Bajaj Finance Limited
|
12.00% | 2% | 2500 | 60 |
|
|
HDFC Bank Ltd
|
10.25% | 2% | 2500 | 60 months |
|
|
You can easily avail salary overdraft as its feature are something unique from other as for other loan you are required to pay EMI on monthly basis, but salary oc facility allow you to pay interest only on the amount you had withdrawn. Get overdraft against salary at lowest rates where no documentation required.
Overdraft against salary Eligibility CriteriaEligibility Criteria depends on several factors like repayment history, salary & Creditworthiness ...etc.
Eligibility Criteria
There are top factors that generally affects salary od eligibility criteria as given below: -
Due to outstanding Debt: - Lender check whether you are paying debt to any existing loan, if you are then make sure you clear it earlier before planning to avail a new loan.
Nil Work Experience: - For availing salary oc, individual required to have minimal 2 years of work experience & latest one year in same organization as it will build trust & show the stability to repay the loan, if you don’t have any work experience then probably your eligibility get affected.
What are the ways to increase Overdraft against salary eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Maintain good credit record: - To maintain good credit record you are required to ensure that all payments are made on time which is effective for letting it better. Apart from that consider to do minimal usage of credit card as these will enhance your loan edibility.
Extra attention on credit card utilization: - Credit card utilization is the indicator of your credit usage, generally 30% ratio of utilization considered to secure from affecting credit history, this aid to boost credit score as well as the eligibility too.
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
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
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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Generally, the Rate of Interest come in between 12% - 14% per annum.
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Salary Overdraft Facility is offered to existing customers, once bank sanction you will shortly credited amount to your account & able to withdraw amount to the limit set by bank wherein on daily basis calculated & billed each month of end for which you will be required to pay interest.
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When you Overdraft too much your account goes in negative. Therefore, bank will take action to close your account.
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The maximum time period to repay loan amounts is up to 3 years.
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Yes, it's mostly preferred by customers to get instant access to cash.
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It’s totally depending on evaluating your credit profile & past repayment history.
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In most cases, bank itself offer this type of facility to their existing customers based on their credit ratio & repayment history. You can also initiate your application by issuing from bank or navigating to their official website.
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You must have good credit record & clear repayment history.
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This credit facility works uniquely, interest is only applicable to used amount, no document required digital processing is available. These are the core features of Overdraft Facility.
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Generally, banks allocate a specific limit to your account so that you can withdraw amount as much as you want according to set off limit & interest are calculated on daily basis & billed on every month.
CA Vikas Jain - Our Mentor
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