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With the term ‘Overdraft’, a situation is referred where in case of shortage of funds, the deficiency of balance is covered by the bank or any financial institution by transferring funds to the account involved in making the payment. Transactions done this way are mostly short and hence minimize the requirements of taking long term debts.

Overdraft is a liability to the business. It is to a business, what a credit card is to an average consumer.

A reason behind this policy’s popularity is its liquidity and the incentives that many banks and financial institutions provide along with them.

On the other hand, when you transfer your overdraft balance to any other bank, it is known as an overdraft balance transfer.

Bajaj Finserv provides a similar service, popularly known as Bajaj Finserv Overdraft Balance Transfer.


These are some benefits for which you might consider transferring your overdraft balance to Bajaj Finserv:

1. Convenience

Bajaj Finserv is more convenient to be dealt with because of various factors, such as easy reach, fast processing etc.

2. Lower Interest Rates and Charges

Whenever you transfer your overdraft to Bajaj Finserv, they charge less service charges and interest to keep you in place. That reduces the total amount you end up paying.

3. Services

Good services can be another benefit, for which you can consider transferring your balance. Since the administration is effective, the transactions are completed in less time and the system is less prone to errors. And even if it does, there are chances that they would hold greater accountability for it.

4. Incentives

To get more people transfer their overdrafts to them, Bajaj Finserv uses incentives such as increased tenure. This serves as a ground of opportunities for the transferor to enjoy a greater level of flexibility.


Process of Bajaj Finserv Overdraft Transfer is getting simpler, each new day. You can complete it online, can have an assistant visit you at your home or office, or even visit the nearest branch to get the things done.

Following are the documents generally involved in the transfer.

  • Salary Slip
  • KYC (Either your central KYC or any other government issued identity card)
  • Most recent loan statement
  • Last 6 months bank statement

The above mentioned points were for employed and in some cases, self employed individuals.

In case of businesses, the required documents are as follows-

  • Balance sheets of previous 3 years.
  • Statements of Profit and Loss
  • TAN (Tax Account Number)
  • Applicant’s saving account statements
  • Current account statements of past six months

With the above-mentioned documents, the following process can be carried out-

  1. Obtain a foreclosure letter and No objection certificate (NOC) from your existing lender.
  2. Start the transfer process with Bajaj Finserv by presenting all the necessary documents.
  3. Sign the loan agreement after receiving the sanctioned letter from Bajaj Finserv.
  4. Bajaj Finserv would disburse the outstanding amount in favour of the old lender.
  5. Once your previous lender receives the payment from Bajaj Finserv, it will discontinue your loan account and clear your dues.
  6. Then, you’re liable to clear your dues with Bajaj Finserv, just like you were doing with your old lender.

A Comparison of Data

Different banks have different interest rates for overdraft balance transfer.

Bank Name Rate of Interest Processing Fees
ICICI 10.75% 2.25% of loan amount
SBI 9.60% 1%


10.25% 1.75% min 3999


10.45% Starting from 999


10.70% 2.50%




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