Get Credit Line up to ₹40 lakhs
Product Detail
- Your bank account has run out of money.
- Zero balance in your current/savings account?
- But do you still need money?
Your bank can give you a loan!
Do you need to pay off any unforeseen expenses, like emergency medical bills, and have 0 balance in your bank account?
Then, you need an overdraft loan. Your bank can offer you this loan based on some parameters.
In these loans, you have the flexibility to pay interest only on the amount that you use. However, you have to pay 0 EMI on the unused amount.
Do you want a ‘Flexi-Loan’ too?
- Scroll to the top of this page and apply for an overdraft loan.
- Here is how an overdraft loan will help you:
Personal Loan Overdraft Benefits
- Credit Line Upto 40 Lakhs
- Zero EMI Loan
- Pay interest on the utilised amount only.
- Repay the loans in up to 84 months
- Withdraw and Deposit Money Anytime
- 100% Online Process
- No Bank Visits Required
Eligibility
Who can apply:
- 👨💼 Salaried Individual
- 📈 A credit score above 700
- 💳 ₹40K/month income in metro cities and ₹30K in other cities
- 🧑💻 Total work experience of at least 1 year
Age:
Above 23 years and below 58 years
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- PAN Card (Mandatory)
- Aadhaar Card (Mandatory)
Any of the following
Address Proof
- Aadhaar Card
- Piped Gas Bill
- Electricity Bill
Any of the following
Other Docs
Mandatory
- Salary Slips (Last 3 months)
- Salary A/c Bank statement (Last 3 months)
Example
For instance, Megha, a freelance designer, has taken a personal loan overdraft of ₹5,00,000 at an 11.99% rate of interest that needs to be paid back in 5 years.
One month, she needed ₹1,00,000 to pay for some personal expenses. Instead of borrowing the full ₹5,00,000, she withdraw only ₹1,00,000 from her Overdraft account. Megha only had to pay interest on the ₹1,00,000 she used, not on the whole ₹5,00,000 which is approx Rs 33/day. Later, when she got her salary or any other receipt of funds, she repaid the ₹1,00,000, and her full ₹5,00,000 overdraft limit was available again and her interest from that day went to zero again and she don't have to pay any Interest or EMI now. This helped Megha manage her money better and avoid extra interest charges. She only pays interest amount for the limited period of the funds utilisation, otherwise its zero repayements.
As a result, Megha paid an interest of ₹11,990 along with the principal amount of ₹1,00,000 for the funds utilised for whole year. According to this, she will need to pay just ₹1000/month for 60 months if funds are kept utilised for 5 years. Megha will also have to pay ₹10,000 as a one-time processing fee (charged at 2%). Secondly, she will also pay ₹500 as stamp duty charges. T&C applied.
Personal Loan Overdraft Details
Repayment Period | Minimum 1 year to Maximum 7 years |
Annual Percentage Rate (APR) | Minimum 10.5% to Maximum 18% |
Processing Fees | 1% to 2% |
Stamp Duty Charges | Rs. 500 |
