You can get an overdraft account and easily avail a loan form it at a lower rate of interest. Tata Capital provides the overdraft facility to customers using which you can withdraw a desirable amount. The interest rate on your overdraft loan is applied for the utilized amount and the loan tenure is maximum 60 months. Whereas in personal loans, interest is applied on the disbursed loan amount. Read this article to know the features of Tata Capital overdraft loan and the current rate of interest.
Tata Capital Overdraft Account Opening Process To open the overdraft account you are required to submit a few documents and fees. Copy of your ID proof and income proof are mandatory for the account opening. If your monthly income is INR 35,000 and above you can apply for the Tata OD account. You can borrow from INR 2 lakh to 25 lakh overdraft loan from the Tata Overdraft account. And, the interest rate on the loan is starting from 13.50%. Your overdraft limit remains fixed for 1 year for 48 months loan tenure and starts dropping after 12 months. The same would happen if your loan is for 60 months then the limit starts reducing after 24 months and remains fixed for 2 years. Which are the factors that decide the overdraft limit? The overdraft limit of an individual is decided on the income, monthly expense and credit liability. If the income is high the overdraft limit would also be high. And one can take an overdraft loan anytime when he needs funds for financial management. An overdraft limit is set by the financial institution under which one can withdraw the required amount. If your limit is high then you can borrow a maximum of up to INR 25 lakh from the overdraft account. The loan amount is paid in equated monthly loan installments with the applied rate of interest on the withdrawn amount. How to apply for an overdraft loan and what is its payment method? To apply for a loan from your Overdraft you just need to visit the Tata Capital official website and log in by entering your registered number. They charge a lower processing fee of INR 1,499 for the loan amount and it is instantly disbursed to your account. It is better than a personal loan because using the overdraft facility you can withdraw only a specific amount you are required. And the interest applied on the loan is affordable and repayment duration is flexible. So, looking for funds and needed a better alternative for a personal loan then open an Overdraft account and withdraw the desired amount. Using the loan amount you can manage the high-end expenses and pay the loan easily. To make payment for your loan EMIs, you can visit the official website and enter your loan number to make hassle-free payment. Or instead of that, you can use the Tata Capital Mobile app to make payments easier. And also can set a suitable payment method like ECS or auto-debit for EMI payment of the loan.
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Anika Sharma
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