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1. Adjustable Withdrawal Limit: The withdrawal limit progressively decreases each month from the initially sanctioned amount.
2. Secured and Unsecured Options: Available in both secured and unsecured loan variants.
3. No Collateral Required: The unsecured option eliminates the need for collateral submission.
4. Daily Calculated, Monthly Charged Interest Rate: Interest is calculated on a daily basis but charged on a monthly basis.
5. Credited Exclusively to Current Accounts: The borrowed amount is credited only to current accounts.
6. Flexible Usage Intervals: Usable on a monthly, quarterly, half-yearly, or yearly basis.
7. Limit Duration: Typically assigned for 1 – 15 years, with variations across different banks.
Read on to know the criteria required to apply for our Unsecured Od Limit In Daman.
Eligibility criteria for a dropline overdraft loan may differ among financial institutions, but certain entities can generally avail of this facility if they meet the criteria set by the institution. Common entities eligible for this facility include private limited companies, sole proprietors, self-employed professionals, entrepreneurs, and partnership firms.
It's crucial to note that entities beyond those mentioned above may also qualify for this facility, and individuals can check their eligibility by visiting the financial institution's website.
Typically, eligibility criteria set by financial institutions revolve around factors such as age at the time of availing the facility and at the end of the tenure, turnover and profitability of the business, business vintage, and proof of office/residence. However, these criteria may vary between institutions, emphasising the importance of checking eligibility before applying. This ensures a seamless application process and enhances the likelihood of approval.
To avail of the benefits of overdraft facilities offered by banks and financial institutions, individuals must meet specific eligibility criteria, including:
1. Age Criteria: Applicants must be at least 21 years old.
2. Bank Account Requirements: A requirement to have an account with the bank offering the overdraft facility.
3. Income Criteria: Varies among lenders, with a preference for applicants employed in reputed organisations.
4. Good CIBIL or Credit Score: While not a crucial factor, a good CIBIL score is considered advantageous.
5. Business Vintage: Varies between banks, but generally, institutions prefer self-employed applicants with a proven track record of running a profitable business for several years.
Income Proof Documents
The following documents are required in order to apply for a unsecured OD limit from Shivay Financial Consultant:
Photo Identity Proof (Any one):
Address Proof (Any one):
Proof of Income:
For Salaried Professionals:
For Self-Employed Professionals / non-professional:
For Parntership Firm:
For Private Limited Company:
The monthly part-payment that you make to repay your Unsecured OD Limit is known as an Equated Monthly Instalment (EMI). This monthly payment includes repayment of the principal amount of your loan divided over the period of the loan, with the agreed interest amount on the outstanding amount of your Unsecured OD Limit. Shivay Financial Consultant online Unsecured OD Limit EMI Calculator is essential to make an up-to-date decision to execute your Unsecured OD Limit Plan at optimum levels. This EMI calculator online aids you to perform complex computing functions to calculate your Unsecured OD Limit Equated Monthly Instalment accurately in an instant.
The fees and charges of Unsecured Od Limit In Daman usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to Unsecured Od Limit In Daman:
| Particulars | Charges |
|---|---|
| Loan Amount | Rs. 50,000 to Rs. 40 Lakhs |
| Loan Processing Fee | Upto 3% of the loan amount plus Taxes |
| Stamp Duty Charges | Payable as per the state law |
| Rate of Interest | Starting at 12.75% |
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011 35742201
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