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An Unsecured Overdraft facility is facility granted by a bank to customers without the need for any type of collateral or security, which the customer can use whenever and however they please.

Why choose an Unsecured Overdraft vs Personal Loan?

The main benefit between an Unsecured Overdraft and a Personal Loan is that an Overdraft allows you to use as much of the funds as required and enables you to pay only the interest on the amount used. This simple difference saves you money because your EMI does not begin on the total Loan Amount and only on the amount used.

The bank extending an overdraft facility sets a certain credit limit for a customer, on the basis of the evaluation of his credit profile. The interest on an OD is calculated on a daily basis and that too only on the outstanding balance.

What type of Credit history is required?

The bank will take a look at your current and past credit history to make sure that you have paid all your payments on time.

How can I be approved for an Unsecured Overdraft?

An Unsecured Overdraft requires you to be a Salaried individual who makes at least Rs. 40,000 per month. Aside from this your Debt-to-Income ratio should be intact, meaning you should be able to afford any increase in EMI payments according to your current income.



Salaried Professional

  • Pan Card (Proof of Age & Identity)
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Address Proof
  • Three Salaried A/C Cheque
  • One Passort Size Photo

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





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