Interest on Bank Overdraft

 


Interest on Bank Overdraft

Bank overdraft offered as an unsecured OD to meet short-term working capital requirements for MSME sectors. Bank overdraft begins from 9.00% per annum


Several banks & financial institutions offer overdraft facility & interest rate shall differ from lender to lender. There are multiple factor that influences interest rates such as required loan amount, credit history, repayment tenure & relationship with respective bank or financial institutions.


Apply Online Click Here:-Bank Overdraft


Key features & benefits 

  • Interest rate only charged on utilized amount 

  • Helps to meet urgent financial needs 

  • This facility aids business to manage cash flow smoothly 

  • Minimum documentation required for credit sanction 

  • Bank or financial institutions don’t ask for collateral/security 

Document required for Overdraft Application Process 

Identity proof 

Any one of the following 

  • Aadhaar Card 

  • PAN Card 

  • Voter ID Card 

  • Passport 

Address Proof 

Any one of the following 

  • Aadhaar Card 

  • Utility Bill 

  • Rent/Lease Agreement 

  • Electricity Bill 

Income Proof 

  • ITR with computation of income returns 

  • Profit & loss statement 

  • Balance sheet 

  • Latest 1 year bank statement 

Other Mandatory Documents 

Company registration 

PAN & VAT 

GST certification 

AOA & MOA 

At least 2 years financial of company 

 

Financeseva allows you to compare & choose the best deals on bank overdraft. Bank or financial institutions shall only assist in backend product but financeseva will take of entire process it includes KYC, due diligence, credit underwriting & related work to process. 

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