Dropline Overdraft | Dropline Overdraft loan in Delhi

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

With

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.

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Overdraft/Dropline Overdraft is given below.

Overdraft

Overdraft is an efficient form of borrowing as you pay interest only for the time you use the money. It gives you flexibility.

Overdraft Dropline

Dropline overdraft is a facility granted to you where you can overdraw your current account up to an agreed limit.

Get financing for whatever you need now

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Features of Overdraft

All loans are not created equal, personal loan has become a great option for people to use.

HANDLES TIMING MISMATCH OF FLOW OF FUNDS

HELPS IN KEEPING GOOD TRACK RECORD

TIMELY PAYMENTS

LESS PAPERWORK

Overdraft - Eligibility

Some of the eligibility Criteria when applying for a Loan Against Property Are as Follows

Overdraft Against Salary

You can take benefits of overdraft against your salary if you are employed.

Overdraft on Savings Account

You can take overdraft on your reputed saving account as well.

Overdraft against Time Deposits

You have any term deposits then you may take overdraft feature too.

Documents Required

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

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

With:

  • 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)

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