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Overdraft against salary

• Pay Interest for used amount only
• Quick processing
• Flexible tenure facility
Enquiry Form
Overdraft against salary
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Bajaj Finserv Ltd.
10.50%
1%
Bank Name Min Interest Rate
Bajaj Finserv Ltd.

10.50%

₹ 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 Overdraft against salary Eligibility Criteria?

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are required to pay EMI on monthly basis, but salary oc facility allow you to pay interest only on the amount you had withdrawn.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 Criteria

Eligibility Criteria depends on several factors like repayment history, salary & Creditworthiness ...etc.

Eligibility Criteria

  • • Applicant age should be in-between 22- 60years of age
  • • Minimum 2 years of work experience with current in same organization
  • • Must have good credit history
  • • Resident of Indian

What are the factors generally affecting Overdraft against salary 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.

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  5. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  6. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  7. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  8. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  9. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  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
  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. ADDRESS PROOF – COMPANY AND DIRECTORS.
  5. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  6. MEMORANDOM
  7. ORDER IN HAND AND COMPLETE COPY (if applicable)
  8. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  9. 1 YEAR GST RETURNS
  10. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  11. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  12. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  13. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  14. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  15. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  16. AGREEMENT TO SELL COPY
  17. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

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 3years. 

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 you 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.

Related Topics

  • OVERDRAFT AGAINST SALARY BY BANKS

  • OVERDRAFT AGAINST SALARY BLOGS

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

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