Zero EMI Loan | Pay Only Interest On Utilised Amount |
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Overview
Business loan overdraft facility is understood as a credit line in which the business loan borrowers withdraw funds from the loan account according to the authorized credit limit. The limit of borrowing is perpetually endorsed post factor in the credit profile, monthly income along with flow of cash statements of business loan borrowers. The borrowers can draw out from the loan account any number of times up to the endorsed limit, and compensate as per the accessibility of funds. The interest is imposed priorly on the amount withdrawn, and not the overall overdraft limit. This makes a business loan overdraft facility an extraordinary loan choice for those facing recurrent cash flow mismatches.
Overdraft Facility is one kind of a financial product through which one can withdraw money from the savings or current account, even if the account balance is taken to be zero. Such a feature is provided by multiple Private and Public Sector Banks. It is usually a short-term loan to be repaid in specified tenure, as needed by the lender. Lenders shall impose the interest rates that one requires to repay, as based on the Bank’s terms and conditions. In such cases of Overdraft, the kind of interest rates provided by the lenders are both fixed as well as not floating.
Advantages of Business Loans Overdraft
The most significant advantage of business Loans overdraft can assist you to meet any unforeseen expenses.You'll pay interest on the capital you utilize plus a monthly fee – however, it won't cost anything if you don't use it.
Pay According to Use
Such a facility offers a person to pay interest only on the avail oneself of the amount instead of paying interest on the overall authorized limit.
Easy Documentation
The documents needed for a Business Loan overdraft are generally taken as quick, straightforward and simplified to offer.
Several Withdrawals via Online Transactions
it allows access funds online to meet a required array of personal expenses, as many times as needed.
Transfer Funds Across Accounts
one can celebrate the freedom to move funds seamlessly across various bank accounts.
Pay All kinds of Bills
one can utilize the funds to pay various utility bills, multiple credit card bills to manage different payments seamlessly.
Features & Benefits
Eligibility
Who can apply:
- Minimum 2 years business existence
- Credit score - 700 or above
One ownership is mandatory
( residence or office)
Age:
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
- Income Tax Returns ( Last 2 years)
- Current Account Bank Statement ( Last 1 year)
- Proof of Residence or Office Ownership
Proof of Office Address - Proof of Business Existence
- GST Registration Certificate
How to Apply
LoansJagat is a platform to offer business loans overdraft quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
- Visit the LoansJagat.com
- Click on apply button
- Select the loan category
- Enter city name, full name & mobile no
- Click on the next button
- Fill in your personal and financial details
- Finally, based on the following information, you will get bank options available.
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of business loans overdraft.
- Eligibility Criteria: It must be adhered to reduce the chances of loan rejection.
- Regular Paid Installments: Monthly payments must be ensured on time.
- Credit Utilization: It must be a ratio of 30% or less.
- Credit Scores: They are often the key factor on which lenders rely on to assess the risk associated with an individual. A score of 750 and above is considered credit-worthy to increase the chances of loan approval.
- Avoid Multiple Loans: Taking several loans and credit cards without closing pre-existing applications will also portray you as credit-hungry and unreliable as a borrower.
- Inquiries And Applications: As an increased number of lenders approach, a person's credit score gets lower, often showing that they are credit-hungry and in dire need of funds from lenders and banks, jeopardizing their financial credibility.
- Debt-to-Income Ratio: Keep your debt-to-income ratio low. This ratio compares your monthly debt payments to your monthly gross income. Lenders typically prefer a ratio of 36% or lower.
- Consider a Co-Signer: If your credit score or income is insufficient, a co-signer with a solid financial profile can improve your chances of approval of a personal in kolkata..
- Be Honest: Provide accurate and truthful information on your application. Misrepresentation can lead to automatic rejection and damage your credibility.
- Consult a Financial Advisor: If you’re unsure about your financial standing or need advice on improving your chances, consult a financial advisor.
FAQ’s