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No Collateral Required

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15% R.O.I

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Less Documentation

How Business Overdraft
Facility Works?

An overdraft facility can be taken up by anyone who does not have enough funds in their accounts and facing unannounced expenses. Overdraft facility loans can be a one-stop solution for business owners to quench their financial thirst easily. Get Business Overdraft at 15% R.O.I at the minimal documentation.


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How Business Overdraft Facility Works?

Eligibility and Documentation
Business OverDraft

Overdraft limit is usually applied by businesses to meet their daily working capital requirements or for individuals who are in need of quick cash.    

Citizenship : Individuals should have citizenship of India.       

Age: The age of the borrower should be between 23 years-60 years.

Bank Account: Applicant should have existing bank account with the respective bank.

Documents Required for Business Overdraft Facility

1. Duly filled application form with Passport-sized photographs

2. Identity Proof: Passport, Voter ID card, Driving License, PAN card, Aadhar card

3. Address Proof: Utility Bills (Water/Electricity Bills), Passport, Driving License, Voter ID card

4. Last 12 months’ bank statement


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Eligibility and Documentation Business OverDraft

How to apply for
Business Overdraft?

Apply for the working capital loan hassle-free with My Mudra. We are offering a swift loan approval process. Get your working capital loan disbursed within a day with the three easy steps mentioned below.

1. Apply for My Mudra Business OverDraft with a click.

2. Get the documentation done online on the portal. 

3. Enjoy quick disbursal of your Business OverDraft.


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How to apply for Business Overdraft?

Which banks to apply for Business Overdraft

Bank/NBFCs

Interest Rate

My Mudra 

15.00% p.a.

HDFC Bank

15% – 18% p.a.

Tata Capital

14.99% P.A

Kotak 

16% P.A

Bajaj Finserv 

15%-16% P.A

Business OverDraft EMI Calculator

Loan Amount

Tenure

MO

Interest Rate in %

%

Your Monthly loan emi Rs:23,537

Monthly amount paid to your loan provider

Interest rate in %

Total Payble Amount

5,64,882
Rs

your loan details as specified by you

Loan Amount
5,00,000
Rs
Tenure
24
M
Interest Rate
12
%

Frequently Asked Questions
On Business Overdraft

What is the benefit of overdraft?
There are certain benefits that overdraft loans offer to customers They are a one-stop solution for people who are in need of quick cash. The overdraft facility interest rate is lower than that of payday loans and credit cards. Overdraft loans are easier to approve than any other loan. The overdraft loans can be applied for and approved in three easy steps with My Mudra. My Mudra is offering the lowest interest rates on overdraft loans.
What is overdraft interest rate?
The interest rate for the for the Business Overdraft is 14% R.O.I.
What is the disadvantage of overdraft?
Here are a few common drawbacks of overdrafts: Interest Costs: Overdrafts typically come with high-interest rates compared to other forms of credit. The interest is charged on the overdrawn amount, and if the overdraft is not repaid promptly, the interest charges can accumulate quickly, leading to increased debt. Fees and Charges: Financial institutions often impose fees and charges associated with overdraft facilities. These may include annual fees, transaction fees, and penalty fees for exceeding the approved limit or making late payments. These additional costs can add up and increase the overall cost of borrowing. Credit Limit Restrictions: Overdraft facilities usually have a predetermined credit limit set by the financial institution. This limit may not always be sufficient to cover all financial needs or unexpected expenses. If the overdraft limit is exceeded, additional fees or declined transactions may occur, leading to inconvenience or financial strain.
Who is eligible for an overdraft?
The person who has citizenship of India, and lies in the age of between 21-55 years with the required documentation is eligible for OD.
Which bank is offering the lowest interest rate on OverDraft?
My Mudra is offering Business Overdraft Facility at 14% R.O.I.