It is totally dependent on your profile like credit score, previous repayment history, default payment & such other factor are considered in determining loan amount.
[loan_calculator]
This type of facility does not require you to pledge collateral or assets to get a loan, just based on your monthly stable income & past financial history your loan get sanctioned.
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness …etc.
Note: – As a maximum loan amount you can avail up to 50 lakhs.
There are top factors that generally affects overdraft Eligibility Criteria as given below: –
Past Credit History: – You need to ensure whether all your past credit history transaction is taking place properly or not, because its much-considered point while reviewing your application.
Applicant age: – Generally, there is a specific age criteria set for applying loan, for getting a dropline overdraft age limit set in-between 24 – 65 years of age at the time of applying for loan.
Newly business existing: – Dropline overdraft facility is only offered to those business who have continuity of minimum 2 year. Therefore, newly start-up businesses couldn’t be able to avail it.
To increase overdraft eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Maintain good credit report: – When you are looking to avail dropline overdraft for your business then make sure you maintain good business credit report, try to avoid having multiple credit card, try to close existing loan, pay bills on time…etc. As all these points help in increasing eligibility level.
Reduce spending on expenditures: – When you reduce spending over business expenditure, you will be able to save money for day-to-day operational business which led you to borrow only small amounts of money through dropline overdraft & increase business eligibility
It is totally dependent on your profile like credit score, previous repayment history, default payment & such other factor are considered in determining loan amount.
No, this credit facility allows both features it’s your wish with or without Collateral applying for loan.
Yes, if your credit profile seems lower & needed higher loan amount then its recommended to add on your spouse to increase eligibility & fast approval.
Maximum tenure for dropline overdraft facility goes up to 15 years.
It has simplified processing which take less time compared to other loans. Firstly, you have to request the application from the bank & fill up the required details with attached necessary documents it. Once you submit it shortly bank representatives will go through of it & contact you for the personal discussion regarding final confirmation upon rates & terms, with your approval disbursement take place amount will be credited in your current account.
Yes, applying for any type of loan you need to maintain good credit score as it’s one of the major factors consider to know about past financial history.
Dropline Overdraft Facility allow you to withdraw cash up to an agreed limit on your current account. The best of this facility is only you will be paying the interest for utilized amount. Which are calculated on daily basis & billed up at each month end.
This type of credit facility can be availed by self-employed, entrepreneurs, companies.