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Quick Overdraft

Banking Solutions for MSMEs

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Merchant Finance For Quick Overdraft 

Avail collateral free dropline overdraft facility, tailor made for the self employed MSME segment, to meet their working capital requirements. This facility offers flexibility in repayment and interest is charged only on the amount utilized. The assigned limit drops every month in equal portion for the tenure of the loan.

  • Loan amount can be availed for minimum Rs. 15 Lakh up to Rs. 50 Lakh
  • No collateral required
  • Limit based on banking conduct and financials
  • Interest charged on utilized amount
  • Faster approval and quicker process
Business Vintage
  • Minimum 3 years in current profession.
Turnover
  • Minimum business income of Rs. 30 Lakh.
Age
  • Minimum 21 years at the time of loan application.
  • Maximum 65 years at the end of loan tenure.
Residence / Office Stability
  • Residence stability of at least 12 months.
  • The applicant should be operating from same city for the last 3 years.
  • Either office or residence to be owned.
Minimum Income
  • In case of individuals, minimum income to be of 2.5 lakh as per ITR for last 2 years.
  • In case of non-individuals, minimum cash profit should be Rs. 3 lakh for last 2 years.
Documents
  • KYC Documents
  • Duly filled in application form signed by the customer
  • Relevant financial documents
  • Bank account statement of last 6 months
  • PAN Card/Form 60
  • Business Proof
Loan Processing Charges

Up to 1.25% + applicable taxes

Part Pre-payment Charges

NA

Foreclosure Charges

2.00% of sanction limit

Penal Interest

2.00% p.a. additional on existing rate of interest

Repayment Instruction / Instrument Return Charges

Inward Return - Rs. 500/- per instance + taxes applicable
Outward Return - Rs. 100/- per instance + taxes applicable

Q. Which constitutions are eligible for Quick Overdraft?

A. We offer the Quick Overdraft facility to resident individuals (with business registration), proprietorship firms, partnership firms, LLP, pvt. ltd. companies and unlisted public companies.

Q. What is the permissible tenure under Quick Overdraft?

A. Tenure can be a maximum of 36 months.

Q. Are there any annual maintenance charges under Quick Overdraft??

A. No, there are no annual maintenance charges.

Q. What is the interest rate for your loan facility?

A. We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.

Q. What are the acceptable securities?

A. Quick Overdraft is a collateral free facility.