Overview
Business proprietors often face scenarios necessitating extra funds to maintain seamless business operations. Such obstacles can momentarily pause business activities, proving detrimental irrespective of the business's scale. Any disruption in operations leads to financial setbacks. Should you encounter a shortfall in funds as a business owner, you can depend on JFinserv's Overdraft Facility. Tailored to address your urgent capital requirements, this service shields your business from adverse repercussions.
An Overdraft (OD) is a credit option provided by banks, enabling borrowers to cover business expenditures. It enables borrowing funds even when account balances are minimal. This facility offers a pre-established fund limit, which differs depending on the bank and customer connection. Banks levy interest solely on the amount utilized from the approved limit.
Overdraft Facility Loan Features
Banks offer business borrowers a variable credit limit through an Overdraft Facility.
Interest on an Overdraft loan is calculated only on the amount used by the borrower.
Offers for New Customers
Offers for New Customers
Offers for New Customers
Features & Benefits of our Overdraft Facility Loan
We acknowledge that buying a home is one of life's most significant financial decisions. With our array of customizable home loan options, we're here to assist you at every turn, ensuring a seamless and stress-free process. The followings are the ways a Overdraft Facility Loan can be useful:
Competitive Interest Rates: Take advantage of our competitive interest rates, guaranteeing that you can comfortably afford your dream home while safeguarding your financial stability.
Flexible Repayment Options: Customize your repayment schedule to align with your financial capacity, whether you opt for a shorter duration to minimize interest costs or a longer duration for more manageable monthly payments.
Simple Application Process: Easily apply for a home loan from the convenience of your own home through our intuitive online application process, saving you valuable time and effort.
Transparent Terms & Conditions Transparency is our cornerstone. From the outset, you'll have complete clarity with no hidden fees or surprises along the way. You'll be fully informed about all terms and conditions from the start.
Quick Approval and Disbursal: We comprehend the importance of achieving your dream home promptly. With our swift approval and disbursement process, you'll find yourself stepping into your new home sooner than you expect.
No Foreclosure Charges: Acquire a Overdraft Facility Loan hassle-free, devoid of collateral requirements, streamlining the borrowing process while minimizing risks. Embrace worry-free pursuit of your dreams with no foreclosure charges.
Overdraft Facility Loan Eligibility & Documents
Your eligibility for a Overdraft Facility Loan application is usually determined by your age, work status, credit score, and income.
Overdraft Facility Loan Eligibility Criteria
The basic criteria for home loan eligibility are as follows:
You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
Salaried Person - 21 years to 58 years
Self-Employed Person - 25 years to 65 years
Salaried Person - Minimum Rs. 10,000 per month
Self-Employed Person - Minimum Rs. 2,00,000 per year
Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
Self-Employed Person - Minimum 3 years of Experience in the current field
A credit score of 750 is considered a good score for approval.
Documentation for Overdraft Facility Loan
Form 16
Employee Identity Card
3 Months Salary Slip
6 Month Bank Account Statement
Duration of Employment Evidence
PAN Trade License Article of Association
Partnership Deed Import Export Code Memorandum of Association
SEBI Registration Certificate ROC Registration Certificate
Financial Statement Audited by CA Profit & Loss Account Statement
Balance Sheet Professional Practice License for Doctors, Consultants, etc
6 Months Bank Account Statement Business Address Proof
Registration Certificate of Establishment for Shops, Factories, and Other Establishments
Income Proof Documents for NRI Property Papers Property Documents
Partnership Deed Sale Deed Stamped Agreement of Sale
Incase of resale property share certificate is required Allotment Letter
Allotment Letter Payment Receipt of Payment Made to Seller or Builder
No Objection Certificate or NOC Possession Certificate
Land Tax Receipt Construction Cost Estimate Occupancy Certificate
Bank Account Statement of Payment Made to Seller or Builder Housing Society
EMI Calculator for Overdraft Facility Loan
The monthly payments you make towards repaying your Overdraft Facility Loan are called Equated Monthly Instalments (EMIs). These payments cover both the principal loan amount, spread over the loan tenure, and the interest on the remaining loan balance.
The Ruloans online Overdraft Facility Loan EMI Calculator is a helpful tool to guide you in making informed decisions for managing your Overdraft Facility Loan efficiently. This easy-to-use calculator quickly and accurately computes your EMIs, helping you plan your finances with ease.
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Overdraft Facility Loan FAQ's
- KYC documents (identity and address proof)
- Income proof (Salary slips)
- Last 6 months account statements
- KYC documents (identity and address proof)
- Income proof (P & L Statement)
- Last 6 months account statements
- Business Proof
