Overdraft is a credit facility that allows you to withdraw amount as and when you need. You can also repay the withdrawn amount at your convenience. Hence, it is one of the most preferred credit options availed to meet any kind of financial emergencies, short or long term requirements or a financial backup. Apply for overdraft facility in the form of a Bajaj Finserv Flexi Personal Loan. The flexi loan facility has all the necessary features of an unsecured overdraft loan. Check out the features you may look for with the online flexi loan facility, a new-age unsecured overdraft loan for you.
Overdraft Loan (Flexi Loan Facilities): Features
The Bajaj Finance Flexi Loan overdraft facility comes with a strategic plan that allows you to withdraw multiple times from a pre-sanctioned loan amount. You may also to prepay this amount at any time before the tenure.
Also, the interest calculated is only on the amount withdrawn. To conveniently repay this money, you may opt to pay interest-only EMIs as well.
Benefits of Overdraft Loan (Flexi Loan)
Fulfilling the role of an overdraft, the Flexi loan comes with multiple attractive benefits you may utilize.
- ★Makes funding quick and easy-It becomes easier to avail funds when you have the required set of documents handy. This makes funding instant within 24 hours and easily accessible to salaried individuals and self-employed.
- ★Competitive rates of interest - The overdraft rates applicable to this facility are attractive.post-approval.
- ★Offers flexible withdrawal and repayment-It provides you with a flexibility to withdraw only the amount that you need and pay interest on the same instead of the total credit limit. In short, you pay interest only on utilized amount with multiple withdrawal and payback facilities.
- ★Helps maintain your credit score- With the ease of withdrawing and repaying this credit, it boosts your credit score.
Check out the features you may look for with the overdraft facility, a new-age unsecured overdraft loan for you.
Bajaj Overdraft Eligibility Criteria
- ★Salaried individuals-Any individuals working in a company with a net take-home salary of 40,000 per month getting credited in the bank account.
- ★Self Employed Professionals -Doctors, Chartered accountants, Company secretaries, and architects, etc. Bajaj would also fund the practicing professions
- ★Self Employed Non Professions Traders and Manufacturers, Retailers, Directors, Proprietors, Service providers ,etc..
- ★Entities Partnerships, LLP's, Private Limited Companies, and closely held limited companies.
Business Loan Fees & Interest Rates
|Customized Interest Rates||1.25% to 1.5% per month|
|Processing Fees||1.5% to 2.5%|
|Loan Tenure||up to 84 months|
|Eligibility Criteria||> ₹ 36,000 net takehome per Month|
|Loan Amount||Up to ₹ 30,00,000|
Required Documents for Bajaj Overdraft Account
Bajaj Overdraft Account requires a set of documents for authentication purposes for your personal loan:
★Photo Identity Proof: - (Self-attested copy of any one document) Passport, PAN Card, Voter Identity Card, Driving License, Aadhaar Card
★Address Proof:- (Self-attested copy of any one document) Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, Sale Deed/ Property Purchase Agreement (for owned properties)
★Income Proof - (Self-attested copy of any one document)
For Salaried Individuals: - Last 3 months/6 months bank statement (dependent on scheme) showing salary credits, Latest 3 months Salary Slip
For Self-Employed Individuals:2 years ITR, P&L and Balance Sheet for the last 2 years, Last 3 Months Bank Statement
- ★Ownership Proof
- ★Business Proof (Self-attested copy of any one document)
For Self-Employed Individuals:-Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed
How to Apply
★Online Application: - You can apply for a personal loan online by filling a form on the website. By applying for a personal loan online you can get your eligible loan amount instantly.
★Document Submission: The relationship manager will fix up an appointment to come to your premises and collect the requisite documents for quick personal loans.
★Verification: After your documents have been collected, your personal loan application will be verified; this may involve a personal discussion with you.
★Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be deposited in the same bank account for which the statement has been provided.