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Overdraft Loan - Instant Access to Flexible Credit | LoansJagat
An overdraft is a feature provided by private as well as public sector banks that authorize withdrawal of an amount based on your needs. Borrowers can recompense the withdrawn amount at their convenience. The rate of interest is charged only on the used amount from the overall sanctioned limit.
A personal Loan Overdraft allows the customers to easily withdraw funds as per needs, and pay interest only on the used amount for the utilization period. It is available for meeting immediate requirements or to manage unexpected expenses. The Overdraft facility is accessible for salaried and self-employed individuals alike. It guarantees you to have immediate access to funds without the increased costs generally associated with other loans.
A business overdraft loan allows you to help with finances for the employed capital needs of your business. However, if you’re unsure of the total amount of loan that you may require for your business, you can avail of a business loan overdraft facility or an overdraft business loan. It allows you to borrow funds from a pre-established loan limit for emergency business needs.
Advantages of Overdraft Loans
Easy Repayment Options: Now you have to pay interest only on the used amount. Part-payment facility is simply available for personal overdraft loan without any extra change.
Simple Multiple Withdrawals via Online Transactions: Easily withdraw and pay back numerous times within credit sanctioned.
High Loan Limit: Access to a high loan amount to meet urgent financial requirements.
Flexible Tenure: With a convenient repayment tenure, you can easily choose to repay the loan amount with no worries.
Features & Benefits
Eligibility
Who can apply:
- Minimum ₹ 40000 income in metro cities and ₹ 28,000 in other cities
- Salaried individual
- A credit score above 700
- Total work experience of atleast 1 year
Age:
- Above 23 years and below 58 years
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
Any of the following
- Salary Slips ( Last 3 months)
- Salary A/c Bank statement ( Last 3 months)
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer overdraft loan 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
- Fill in the total loan amount
- Mention the Net Monthly Salary
- Enter your mobile number
- 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 overdraft loans in Noida.
- 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