Quick Overdraft - Working Capital Loans
Avail collateral free 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.
- 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
- Minimum 3 years in current profession.
- Minimum business income of Rs. 30 Lakh.
- 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.
- 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.
- 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
2.00% of sanction limit
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.