If you want to overdraw your current account up to a certain agreed limit then Dropline Overdraft facility is granted. Overdraft is the most efficient form of borrowing because you have to pay interest only for the time you use money by providing flexibility. Anytime you can deposit money into your account to reduce the outstanding money and in need you can draw out money from account as long as you do not exceed the limit. For current account interest is calculated on daily basis on the fluctuating outstanding money and is charged at the end of the month. How much overdraft is utilized by customer, determines the interest which is paid by customer. Overdraft against property is a flexible product offering which is equipped with a combination of term loan and overdraft facility on any commercial and residential property. This product is beneficial for professionals, Partnership Firms or Private Limited Company, Sole owners, Proprietorship with an annual tenure in the range of INR 90 lakhs.
Who can Apply-
Self Employed (Private Ltd. Co. and Partnership Firms)
Self Employed (Individuals)
Self Employed (Partnership Firms and Private Ltd. Co.) including private firms and partnership firms in the business of manufacturing, trading or services.
Minimum turnover of Rs. 60 lakh, including financial
Years in Business: Min. of 3 years in current business and % years total business experience
2 years of profitable business.
Minimum Annual Income (ITR): Rs. 1.5 lakh p.a.
Address Proof (Ration Card, telephone/ electricity bill, passport, lease agreement/ trade license/ sales tax certificate)
Latest 6 months Bank Statement
Last 2 years ITRs (computation of income) balance sheet and profit & loss a/c. and Financial should be audited.
Continuation Proof (ITR/ Trade License/ Establishment/ Sales Tax Certificate)
Self Employed individuals include Sale proprietors, Partners & Directors
Min. age for applicant- 21 years
Max. age for applicant for Loan Maturity- 65 years
Min. turnover of 60 lakhs, financial should be audited
Years in Business: Min 3 years in present business and total 5 years business experience
Min Annual Income (ITR’s): Rs. 1.5 lakhs p.a.
Identity Proof (Passport/ Voters ID card/ PAN Card/ Driving License)
Address Proof (Ration card/ elec. Bill/ Lease agreement/ Sales Tax certificate/ Trade license/ Passport)
Latest of 6 months Bank Statement
Latest ITR along with computation of income, balance sheet and profit & loss a/c for the last 2 years and financial.
Continuation Proof (ITR/ Trade License/ Sales Tax Certificate/ Establishment)
Other essential documents (Sales Prop. Declaration or Certified Copy of Partnership Deed, certified true copy of Memorandum & Articles of Association (certified by director) & Board resolution (original)
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