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UNSECURED DROPLINE OVERDRAFT

Dropline overdraft is a facility granted to you where you can overdraw your current account up to an agreed limit. Overdraft is an efficient form of borrowing as you pay interest only for the time you use the money. It gives you flexibility. You can at any time deposit money into the account to reduce the outstanding balance or can draw out money whenever you need it as long as you do not exceed the limit. Interest is calculated daily on the fluctuating outstanding balance and is normally charged at the end of each month. The overdraft utilized determines the interest that will be payable by the customer. Overdraft against Property is a flexible product offering that allows you a combination of a Term Loan and Overdraft facility against residential or commercial property. This product is useful for professionals, Sole Proprietors, Proprietorship Firms, Partnership Firms or a Private Limited Company with an annual turnover in the range of INR 90 lakh

Who Can Apply

• Self Employed (Private Ltd. Co. and Partnership Firms)
• Self Employed (Individuals)

Self Employed (Private Ltd. Co. and Partnership Firms) include private companies and partnership firms in the business of manufacturing, trading or services

• Minimum turnover of Rs. 60 lakh, financial should be audited.
• Years in business: Minimum of 3 years in current business and 5 years total business experience
• Business must be profit-making for the last 2 years.
• Minimum Annual Income (ITR): Rs. 1.5 lakh p.a.

Documents required:

• PAN Card
• Address proof (ration card, telephone/ electricity bill/ lease agreement/ passport/trade license /sales tax certificate)
• Bank statement (latest of 6 months)
• Last 2 years ITRs (computation of income) balance sheet and profit & loss a/c. and Financial should be audited.
• Proof of continuation (ITR/ Trade license /Establishment /Sales Tax certificate)

Self Employed (Individuals) include Sole proprietors, Partners & Directors.

• Minimum age of applicant: 21 years
• Maximum age of applicant at loan maturity: 65 years
• Minimum turnover of Rs. 60 lakh, financial should be audited.
• Years in business: Minimum of 3 years in current business and 5 years total business experience
• Minimum Annual Income (ITR): Rs. 1.5 lakhs p.a.

Documents required:

• Proof of identity (Passport / Voters ID card/ Driving License/PAN Card)
• Address proof (Ration card Tel/elect. Bill/ Lease agreement/ Passport/ Trade license /Sales Tax certificate)
• Bank statement (latest of 6 months)
• Latest ITR along with computation of income, balance sheet and profit & loss a/c for the last 2 years and Financial should be audited.
• Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)

Other mandatory documents (Sole Prop. Declaration or Certified Copy of Partnership Deed, certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (original)