What is the Interest Rate of Overdraft Facility Against Salary?
Generally, the Rate of Interest come in between 12% - 14% per annum.
| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | |
|---|---|---|---|---|---|
|
12.00%
|
2%
|
2500
|
60
|
|
|
10.25%
|
2%
|
2500
|
60 months
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
12.00% |
|
|
|
10.25% |
|
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are required to pay EMI on monthly basis, but salary oc facility allow you to pay interest only on the amount you had withdrawn.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.
Eligibility Criteria depends on several factors like repayment history, salary & Creditworthiness ...etc.
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.
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.
What is the Interest Rate of Overdraft Facility Against Salary?
Generally, the Rate of Interest come in between 12% - 14% per annum.
How Salary Overdraft works?
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.
What happens if I Overdraft too much?
When you Overdraft too much your account goes in negative. Therefore, bank will take action to close your account.
What is the maximum tenure period for Overdraft Against Salary?
The maximum time period to repay loan amounts is up to 3 years.
Is it good to take Overdraft Facility Against Salary in Axis Bank?
Yes, it's mostly preferred by customers to get instant access to cash.
How much can I get for Overdraft Against Salary?
It’s totally depending on evaluating your credit profile & past repayment history.
How to take Overdraft Against Salary?
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.
Do I am eligible for Overdraft Against Salary?
You must have good credit record & clear repayment history.
What are the features of Overdraft Facility Against Salary?
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.
How to use Overdraft Money?
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.
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CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
Read MoreCA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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