What is a Personal Loan Overdraft facility?

A Personal Loan Overdraft is a pre-approved line of credit given by a bank. Instead of receiving the full loan amount at once, you get an approved limit and can withdraw money whenever you need it, up to that limit. The biggest advantage is that you pay interest only on the amount you actually use, not on the unused balance.If you don’t withdraw any money, you don’t pay interest.

How is a Personal Loan Overdraft different from a regular personal loan?

The main difference lies in how the money is used and how interest is charged: In a regular personal loan, the full amount is credited at once, and interest starts on the entire amount immediately. In a personal loan overdraft, you withdraw money only when required and interest is charged only on the used amount. A regular personal loan works best for one-time expenses, while an overdraft is better for ongoing or uncertain expenses, especially emergencies.

Who should choose a Personal Loan Overdraft?

A Personal Loan Overdraft is ideal for: Salaried individuals who need quick access to emergency funds People with irregular or unpredictable expenses Those who want to avoid paying interest on unused funds Anyone looking for flexibility instead of fixed EMIs If you prefer financial control and want to borrow only when required, a personal loan overdraft can be a smart choice.

Get Personal Loan Overdraft upto 40 lacs @9.99%*

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Customers Served

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10,000+

Pincodes Serving

2000 Cr+

Loans Disbursed

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Personal Loan Overdraft Overview

Personal loan overdraft is different than a personal loan. It is a line of credit that is pre-approved by a bank. If you have taken a personal loan overdraft then you can withdraw your required amount any number of time up to the approved upper limit.

No interest will be charged on the amount that you didn’t use. Salaried individuals can easily apply for this loan. Apply for a personal loan overdraft now and get a quick access to funds for all your emergency needs.

10 Lacs+

Customers Served

4.7/5

Google Reviews

10,000+

Pincodes Serving

2000 Cr+

Loans Disbursed

10 Lacs+

Customers Served

4.7/5

Google Reviews

10,000+

Pincodes Serving

2000 Cr+

Loans Disbursed

Benefits and Features of Personal Loan Overdraft

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 Personal 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.

Personal Loan Overdraft EMI 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 Amount

₹

One Lakh

Min ₹100000Max ₹99 L

Interest Rate

Min 9.99%Max 30%

Tenure up to

Min 1 yearMax 7 years

Apply Now

Principal Amount1,00,000

Total Interest10,737

Total Amount1,10,737

Monthly EMI₹ 4,614

Principal Amount

Interest amount

Principal Amount1,00,000

Total Interest10,737

Total Amount1,10,737

Monthly EMI₹ 4,614

Eligibility Criteria for Personal Loan Overdraft

Salaried Individual

A credit score above 700

Above 21 yrs and below 58 yrs

Minimum monthly income: ₹40,000 in metro cities, ₹x in other cities

Total work experience of at least 1 year

Required Documents for Personal Loan Overdraft

Identity Proof

Any 1 of the following

Passport
Voter ID
Driving License
PAN Card (Mandatory)
Aadhaar Card (Mandatory)

Address Proof

Any 1 of the following

Passport
Utility Bill
Aadhar Card
Driving License

Other Docs

Mandatory

Salary Slips ( Last 3 months)
Salary A/c Bank statement ( Last 3 months)

 Personal Loan Overdraft Interest Rates & Charges
Interest Rate9.99%* p.a. onwards
Tenure12 – 72 months
Loan Amountup to ₹50 Lakh
Loan Processing FeesUp to 3% plus applicable taxes
Hidden ChargesNA
Stamp DutyAt actuals (as per state)

FAQs Related to Personal Loan Overdraft