Follow These Smart Tips to Avail Overdraft Loan In India

 

Have you heard about the concept of the overdraft loan? 

An overdraft loan is a credit agreement between you and your bank. 

The overdraft loan facility enables you to withdraw an amount more than already available in your account. You can withdraw any amount as many times as per your needs and repay as per your convenience. 

Hence, it makes overdraft loans among the most availed credit alternatives. It could be used to meet different funding needs without any restrictions. 

Nowadays, you can also avail of a Flexi personal loan from a known lender and enjoy the features of the unsecured overdraft loan. Yes, that’s possible! 

Let’s check out the basics about the overdraft loan in this post!

What are the eligibility criteria for applying for an overdraft loan?

1. You need to be a resident citizen of India. 

2. Your age should be between 23 and 55 years. 

3. You should be a salaried individual. 

4. Your credit score should be 750 or more. 

What to consider before applying for the overdraft loan?

1. Keep your credit score higher 

Since you are applying for the unsecured overdraft loan, you need to prove that you are an eligible candidate. A higher credit score of 750 or more denotes that you have paid your entire loan EMIs and other bills on time. 

2. Meet lender’s eligibility terms 

You also need to meet your lender’s eligibility norms for a quick overdraft loan approval. Most lenders have their eligibility conditions mentioned on their websites. You can that out in advance and be loan ready. 

3. Check out the repayment plan 

All loans that you avail of needs to be repaid on time to maintain a strong credit score. Thus, you should check out the repayment tenor of the loan and ensure selecting the one that best matches your needs and budget. 

Do you want an immediate fund even without having any amount in your account? If yes, then the facility of the overdraft loan is among most applied today. 

What are the benefits of the unsecured personal overdraft loan?

• The biggest benefit of the overdraft loan is that you can make only interest as the EMI while making the repayments. 

• You are free to select to prepay the loan amount any time before the end of the loan tenor. 

• The Flexi unsecured overdraft loan lets you withdraw an amount as many times. It is as per your preferences from your pre-approved loan limit. 

• You can calculate your interest rate by using an interest rate calculator on the loan that is applicable only on the withdrawn amount. Choosing to make part-prepayments for the principal will not incur any extra charges on your loan figure. 

• The overall application procedure of the unsecured overdraft loan is less cumbersome. It comes with minimal requirements for basic documents. The entire overdraft loan application procedure is online and paperless. 

• If your credit score is higher, you can expect the loan approval faster and at a lower rate. Thus, you should check CIBIL score before applying online. The CIBIL score calculation is made available on many third-party sites for free. 

Bajaj Finserv presents you with pre-approved offers on personal loans, home loans, business loans and more. It can make the loan processing smooth and faster. 

You can check out your pre-approved loan offers today after sharing your essential details, such as your name and mobile number.