Unlock Best Personal Overdraft Loan Offers From My Mudra
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How Personal Overdraft Facility works?
In Personal Overdraft Facility, a bank, NBFC, or any other financial institution allows the account holder to withdraw an amount even if it is not available in his or her bank account. A borrower takes interest rate on the amount withdrawn by the borrower.
The Interest rate of Personal Loan Overdraft starts from 12.99%. A tenure for the OverDraft Facility can be extended upto 84 months. My Mudra assuring instant approval of Personal OverDraft within hours to your back account.
Documents required for a Personal Overdraft Loan
Lenders require the following documents from their Personal Overdraft Loan applicants as a proof to establish their identity, place of residence, income and repayment capacity.
- ID Proof (Aadhar card/PAN card/Passport/Voter ID)
- Address Proof (Electricity bill/Telephone bill/Gas bill/Aadhar card/PAN card/Passport/Voter ID)
- Bank account statement for last 3 months
- Latest salary slips
- Employment proofs
- Latest ITR or Form 16
Which banks to prefer for this loan
| Bank | Rate Of Interest |
|---|---|
|
10.65% |
|
10.49% |
|
10.95% |
|
10.75% |
An Equated Monthly Instalment (EMI) calculator is a digital metre which shows the calculation of your monthly EMIs, a simple online tool that makes EMI calculation very easy and fast.
To get the results from the Personal Overdraft Loan EMI calculator, you just have to provide three basic information related to the loan that has to be availed: loan amount, repayment tenure (in years), and rate of interest. After providing the details press Enter button and you will know your EMI calculation instantly.
This EMI calculation process will help you plan your budget so that before the due date you can pay your EMIs on time.
Frequently Asked Questions on Personal Overdraft Loan
A Person can get an Overdraft Facility by submitting the required documents online in their bank. Usually it takes 2-3 business days for the approval of Overdraft Facility.
The minimum interest rate on Over Draft facility is 13% R.O.I.
A person needs following documents for OverDraft Facility. Pan Card Aadhaar Card Voter ID Card Passport Rent Agreement Registered Lease Deed Electricity Bill
Quick access to funds, flexibility in usage and repayment, cost-effective for short-term needs, interest charged only on utilized amount, no collateral requirement, potential relationship building with banks.
The minimum age required for Overdraft Facility 21 Years.