Overdraft Limit Facility: Flexible Financial Support

Experience the Overdraft Limit Facility:

An overdraft limit is a pre-approved credit line linked to your current or savings account. When your account balance isn't sufficient to cover a transaction, this limit facility automatically steps in, allowing you to withdraw or spend up to your approved overdraft limit. This seamless process helps you avoid bounced payments, late fees, and financial disruption.

Key Benefits

• Immediate Access to Funds: Get instant access to additional funds without a new loan application each time.

• Financial Flexibility: Cover unexpected expenses, manage cash flow fluctuations, and bridge short-term funding gaps with ease.

• Convenience: The facility is directly linked to your existing account, making it simple and straightforward to use.

• Cost-Effective: You only pay interest on the amount you use and for the period it's utilized, often making it a more economical option for short-term needs than other forms of credit.

• Peace of Mind: Avoid rejected transactions and maintain your financial reputation.

Who Can Avail Overdraft Facility

Overdraft Limit Facility is ideal for:

• Salaried Individuals: For Managing unexpected personal expenses, bill payments, or temporary cash shortages.

• Self Employed Business Owner : To Covering immediate operational costs, managing payroll, or bridging gaps between receivables and payables.

Key Features of Overdraft Facility

Our Overdraft Limit Facility is characterized by its adaptability and user-centric design, providing a seamless financial buffer:

Pre-Approved Credit Limit:- A specific credit limit is pre-sanctioned based on your financial standing, credit history, income, and relationship with our institution. This defines the maximum amount you can overdraw from your account.

Interest on Utilized Amount Only:- A significant advantage is that interest is charged only on the actual amount you utilize from the sanctioned limit, not on the entire approved limit. This makes it a cost-effective solution for short-term needs.

Flexible Repayment Structure:- Unlike traditional loans with fixed EMIs, our overdraft facility offers flexible repayment. You can deposit funds into your account whenever convenient, reducing your outstanding balance and, consequently, your interest burden.

No Prepayment Charges:- We do not levy any penalties or charges for prepaying your outstanding overdraft amount. This provides you with the freedom to clear your dues as and when you have surplus funds. Seamless Access: The overdraft facility is directly linked to your existing current or savings account.

Required Documents for Overdraft Limit Facility Application

• KYC Documents (Know Your Customer):- Proof of Identity:Aadhaar Card,PAN Card

• Proof of Address:- Aadhaar Card,Passport,Utility bills (electricity, water, gas) – not older than 2-3 months,Bank account statement (latest), Registered Rent Agreement (if applicable)

• Passport-sized Photographs:- Recent photographs of all applicants/co-applicants.

• Bank Account Statements:- Bank statements of your primary operating account for the last 6 to 12 months (depending on bank policy). This helps assess your transactional history and financial discipline.

For Salaried Individuals:-

• Income Proof:

» Latest 3 months' salary slips.

» Latest Form 16 for the last 1-2 years.

For Self-Employed Individuals / Professionals:

• Business Proof:

» Proof of business existence (e.g., Shop & Establishment Act Certificate, GST registration, partnership deed, MOA/AOA for companies).

» Business profile/nature of business.

• Income Proof: Latest Income Tax Returns (ITR) with computation of income for the last 2-3 years. Latest Balance Sheet and Profit & Loss Account statement for the last 2-3 years (audited, if applicable). GST Returns (if applicable).

• Bank Account Statements: Bank statements of both personal and business accounts for the last 6 to 12 months.

For Businesses (Partnership Firms, Private Limited Companies, LLPs):

• Business Proof:

» Partnership Deed (for Partnership Firms).

» Memorandum of Association (MOA) and Articles of Association (AOA) and Certificate of Incorporation (for Private Limited Companies).

» LLP Agreement (for Limited Liability Partnerships).

» GST Registration Certificate.

» MSME Udyam Certificate (if applicable).

• Financial Documents:

» Audited financial statements (Balance Sheet, Profit & Loss Account) for the last 2-3 years.

» Latest Income Tax Returns (ITR) of the business for the last 2-3 years.

» Provisional financials (if applicable).

• Bank Account Statements: Company's primary operating bank account statements for the last 6 to 12 months.

» KYC of Promoters/Directors/Partners:

» Identity and address proofs of all key managing partners/directors/proprietors (as per Section I).

» Board Resolution (for companies) or Authority Letter (for other entities) authorizing the specific individuals to apply for the overdraft facility.