I authorize instaemi.com

Instant Approval

  • Pay Interest on Used money
  • Compare across banks
  • Minimal Documentation
  • Easy and quick processing
  • Better Than Personal Loan
  • Instant cash disbursal
By proceeding, you agree to our Terms & Conditions

Confirm Your Credit History   Powered By

Answer Following Questions To Confirm You

Information mismatch found.Verify with correct answers to the following questions.


About Over Drafts

  • An overdraft is an extension of credit from a lending institution when an account reaches zero.
  • An overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.

Purpose of Loan

A Personal Overdraft allows you to withdraw funds and repay funds at your convenience. You have to pay interest on only the amount which is overdue. Hence you can repay part of the outstanding amount whenever you have some money and withdraw some money whenever you have a need.

Features of Over Draft

Simple Procedure

It can be accessed with minimum documentation and does not take time to procure as compared to other loans.

Flexibility

A personal overdraft allows you to take as much money as you need (as long as it is within the limits set for you) and pay back as per your own convenience. You can pay within days, weeks, or months- whatever suits you.

Faster Disbursal

Instant Cash Disbursal- Once you have applied for overdraft facility, transfers the amount within hours so that you don’t have to wait for long.

Choose your Tenure

You are free to choose your own draw-out option and repayment structure. This means there is minimal pressure (unlike with the case of other loans).

Over Draft- Eligibility

  • 21 years
  • Resident Indian
  • Rs40,000
  • Salaried/Self-employed Professionals
  • 3 Years
  • *These are general terms only. Policy norms vary from bank to bank and customer to customer.

Over Draft- Documents

  • PAN Card, Passport, Driving License, Voter ID, Aadhar Card.
  • PAN Card, Passport, Driving License, Bank Verification Form.
  • Passport, Driving License, Voter ID, Aadhar Card, Mobile/Land Line Bill, Rental Agreement, Gas Bond with Bill,SaleDeed,PropertyTax,Electricity Bill, Aadhar Card.
  • Latest 6 Months Bank Statement.
  • Latest 3 MonthsPayslips.
  • Last 2 years ITR’s.

Frequently Ask Questions

Overdraft loan is a relatively new concept but the popularity it is gaining is worth giving attention. Before trying to understand its working or analyzing its popularity, it is important to know what an overdraft loan is. An overdraft loan is a facility provided by banks to withdraw a certain amount of money from the borrower’s account. The borrower has to pay interest only on the sum that has been withdrawn. The amount available as an overdraft depends on the borrower’s eligibility and it is fixed by the bank according to the transaction history. Banks usually provide the overdraft facility to individuals or business establishments against securities such as fixed deposits. The borrower may withdraw a part of the total overdraft amount granted and he/she has to pay interest only for the amount that has been withdrawn. Another very appealing feature of an overdraft loan is that it has no fixed tenure. The interest has to be paid as long as the borrower wishes to keep the money and can close it according to his/her convenience. The interest rates of an overdraft loan are almost the same as the interest loans of personal loans. However, overdraft loans offer greater over Personal Loans. Some of the benefits include.

FASTER FUND RELEASE

Overdrafts loans are very simple and fast. Once the initial setup is done, money can be withdrawn from an overdraft within a couple of hours. The maximum time maybe one business day which is faster as compared to personal loan where the whole process takes about 3 to 5 days.

FLEXIBILITY

Overdraft loans offer a lot of flexibility. An overdraft allows the borrower to take as much money as required (within the set limit) and it can be paid back as per convenience. The interest is calculated only on the money that has been used.

INTEREST COSTS

As already discussed, the interest in an overdraft is calculated only on the money that has been withdrawn and not on the total overdraft limit. For example, if a borrower is granted 5 lakhs Overdraft but withdraws only 1 lakh from it, then the interest is calculated only for one lakh. If the user decides to withdraw more about then the interest is calculated on the sum of total amount withdrawn.

CIBIL SCORE PROTECTION

CIBIL score keeps altering according to the loans taken and repaid. Higher the number of loans greater the CIBIL score fluctuations. The best way to keep the score positive and constant is by applying for an overdraft. It helps in maintaining only one loan. For more advice on Overdraft facilities, contact instaemi.com.

An overdraft is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.

This amount is made available in your Salary Account. You can withdraw it through the regular modes i.e. ATM, Cheques, online transfers.

Loved by customers, Trusted by experts

We’re aiming to bring back the feeling of defined benefits, and the financial peace of mind that goes with it. We envision a world where you can be confident of reaching your goals, whatever they may be.

Top