Overdraft

Unlock the equity of your property, and make it work for you @9.50%*

Call us: +91- 9289 663 663
Overview

Overview

An Overdraft facility may be said to be a type of promised modern loan facility granted by a bank to its existing customers against their residential or a commercial property, which the customer can use whenever required irrespective of its date of approval.

How different if an OD?

A person does not need getting a loan approved each time he requires funds to suffice his short term needs. Also, it’s not always possible to get a loan approved as instantly as one is requiring. Being the proud owner of a property brings along the privilege of using its potential as a financial assistance and getting an assured helping hand whenever required. This more facilitating loan alternative is dubbed as an Overdraft.

The bank extending an overdraft facility sets a certain credit limit for a customer, on the basis of the evaluation of his property following which the customer can borrow required amounts in different sets summing up to not more than the overdraft’s set credit limit. The Overdraft limit always remains the same and once a customer repays the borrowed amount of money, the available overdraft credit limit becomes equivalent to the total credit limit. The interest on an OD is calculated on a daily basis and that too only on the outstanding balance.

What type of property is required?

A commercial as well as residential property is acceptable as collateral for approving an Overdraft against property.

How can an Overdraft be approved?

Applying for an OD facility is quite similar to applying for any loan. The required set of documents is almost the same; all an applicant has to provide in extra is the collateral against which the bank will approve the facility.

DOCUMENTS REQUIRED

DOCUMENTS REQUIRED

Self Employed Businessman

  • Last 2 years’ certified financial statements
  • Residence proof
  • Proof of age and identity
  • Business Existence Proof
  • Last 6 months’ bank statements
  • Copy of partnership deed (if any)
  • Passport Size Photograph

Salaried Customer

  • Residence proof
  • Proof of age and identity
  • Last 6 months’ bank statements
  • Last 3 months’ salary Slips
  • Last 2 years’ Form 16
  • Passport size photograph

Professionals Customer

  • Last 2 years’ certified financial statements
  • Residence proof
  • Proof of age and identity
  • Business Existence Proof
  • Last 6 months’ bank statements
  • Copy of partnership deed (if any)
  • Passport Size Photograph
EMI CALCULATOR

EMI CALCULATOR

OUR LOAN PARTNERS

LOAN PARTNERS

QUERY FORM

Apply Now

Property Identified*:
Yes No
Co- applicant*:
Yes No
I authorize UnifiedLoans.in to contact me about its products. I accept the terms of the Privacy Policy. I am aware that credit approval is at the sole discretion of the bank.

Speak to one of our Loan Specialists to begin the customer needs assessment.