Many banks in India offer an overdraft facility to its account holder using which one can borrow a loan amount on an applicable rate of interest. You can use the amount to fulfill your urgent need of money such as for any financial crisis or medical emergency. The bank provide overdraft facility to its customer against his assets, insurance policies, fixed deposits, etc. Even a salaried individual can borrow an amount from the bank using the overdraft facility. To know how the overdraft facility for salaried person is availed by the bank? Read the given article.
On what criteria the bank provides an overdraft facility The bank provides you the overdraft facility if you are in an urgent need of money, you can borrow an amount up to 3 times of your net monthly income. Some of the Overdraft schemes by the banks is mentioned below: HDFC Smartdraft: This overdraft facility is only for those individual who has a salary account in HDFC Bank. It provides you a loan amount of INR 25,000 to 1 lakh depending on your net income. The interest rate depends on your credit history and net annual income. SBI Maxgain: SBI provides the overdraft facility for salaried individuals and charges a processing fee from the customer which can be maximum INR 10,000 or 0.35% of the loan amount. You can get a loan up to INR 3 crore from SBI using the overdraft facility at an interest rate of 8.15% to 8.80%. Axis Bank Overdraft Facility: Using this overdraft scheme you can get a loan amount from INR 5 lakh to 5 crore against your property. The bank charges a starting interest rate of 12.00% on your loan amount and a processing fee of INR 5,000 or 1% of the borrowed amount. How to avail the Overdraft facility for salaried individual? You can simply request for the overdraft facility from your bank or also can take the help of a financial advisor or marketplace in finding a suitable bank. The overdraft facility is availed against your securities and totally secured. You are required to fill out a separate form to avail the overdraft facility from your salaried account bank or from any other bank. Loan amount can be paid easily and you don’t need to pay any monthly EMIs on it. The bank can demand the borrowed amount anytime and it could be more beneficial if you take the loan jointly. Because it can help increase your repayment capacity. Got to your nearby bank branch and apply for an overdraft facility or whether you can do the same through online banking services. Now, easily resolve your financial issues with the overdraft facility and repay the amount with no additional charges and prepay it anytime whenever you want to, without any prepayment charges on your borrowed amount. The borrowed amount isn’t directly disbursed to your account, it works like a pre-approved loan like whenever you need money you can take from your salaried account. You can withdraw an overdraft amount at different rates of interest depending on your CIBIL score.
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Anika Sharma
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