Insta-Secured Overdraft Facility
Insta-Secured Overdraft Facility is an Online lending platform to cater your working capital requirements by providing secured overdraft facility.
facilities:
- Online processing
- Instant sanction of overdraft facility
- Pre-qualified offers
- No financial documents required
- Minimal documentation
- Secured Overdraft up to Rs 10 million
Features
- Approved Credit Limit
- Interest Rate
- Nil prepayment charges
- Repayment is not done through EMIs
- Minimum Monthly Payment
- Joint borrowers are allowed on Overdraft
Types of Overdraft
1. Overdraft against Property
2. Overdraft against Fixed Deposits
3. Overdraft against Insurance Policy
4. Overdraft against Equity
5. Overdraft against Salary
Documentation
- a) OD application by the borrower (SB a/c holder).
- b) Copy of Salary Slip.
- c) Demand Promissory Note, signed by the borrower.
- d) Letter accepting all the terms and conditions of sanction of the loan.
- e) Intimation to the employer.
Other terms and conditions
· The account should be reviewed on yearly basis by the sanctioning authority and the OD limit should accordingly be renewed / enhanced / cancelled, depending on the conduct of the account. · Fresh set of security documents should be obtained at the time of enhancement of the OD limit. · It should be ensured that OD is given in Savings Bank A/c in which salary is credited. · Loan against salary(IBCLS) borrowers will not be eligible to avail this facility. |