Overdraft facilities For Business, start at 10.50%,
Business Loan Overdraft facilities
Borrow When You Need It And Prepay When You Can! A Business loan overdraft facility is like Once approved, an unsecured business loan will give you access to quick money to meet your individual needs. It is subject to credit review annually and is revolving. The interest will charge as and when the amount is withdrawals. On repayment of the principal + interest, only the principal amount is again available for a withdraw from the Flexi loan Digital Account.
Benefits and Key Features of Unboxing Business loan overdraft facilities with Us:
- Simple Documentation: The documentation and paperwork are minimal, which keeps you hassle-free.
- Easy repayment options: Pay interest only on the utilized amount. Part-payment facility available without any extra charge.
- Multiple withdrawals via Online Transactions: Withdraw and pay back multiple times within the credit sanctioned/available limit.
- Fixed Limit: Limit stays fixed for one year for 48 Months Tenure products. Drop-in deadline to start post 12 Months. Limit remains set for two years for 60 Months Tenure products. The drop-in limit starts after 24 Months.
- Competitive Business loan overdraft facilities Offer to choose
Business loan overdraft facilities Eligibility and Documents Required for Process
- Age:21-75 Years
Proof of both Identity and Residence (KYC):
- PAN card
- Voter ID
- Aadhaar Card
- Driver's License
Proof of income:
- Last Three Assessment Years Income Tax Returns with computation of income
- Minimum one year's Balance Sheet and Profit and Loss Account Statements, with Annexures / Schedules
- Last six months Current Account Statements of the business entity and Savings Account Statements of the individual
- Business Profile
- List of Directors and Shareholders with their shareholding certified by a CA / CS in case of a company
- MOA (Memorandum of Articles) and AOA (Articles of Association of the Company)
- Partnership deed in case of partnership firm
- If any ongoing loans of the individual and the business entity, including the outstanding amount, installments, security, purpose, balance loan term, etc.
- Passport Size Photographs
How You will Unbox Your Business loan overdraft facilities
- Fill up an online application form with the necessary documentation
- Upon submission and once verified, we send an acknowledgment of the given contact details.
- Receive the loan amount in your bank account.
Recommendations for successful application of Business loan overdraft facilities
- Evaluate your loan needs
- Research to get the best rate offers
- Thoroughly review the terms and conditions on your loan document
- Choose your lending tenure by evaluating your ability to repay
- Pick an interest rate that is affordable to you
- Choose your loan amount according to your comfort
- Check your EMIs properly
- Compare the processing fee
How to avoid refusing an application for Business loan overdraft facilities?
- Approval of a request for a Business loan will depend on several factors. When applying for a loan, you should make sure that all the aspects meet adequately to ensure your loan application is approved.
- Business loan eligibility requirements can vary from lender to lender. Several standard eligibilities include the applicant's age, income, credit score, business turnover, and so forth. Before applying for a loan, ensure all eligibility criteria have met.
- Will help avoid your loan application refuse. Also, there are other options you can use in case your loan application reject; it recommends double-checking before applying to prevent the probability of the application rejected.
What to Dos Before applying for Business loan overdraft facilities?
- Research offers before you apply for a loan.
- Do read the fine print carefully.
- Do save your monthly income for repaying.
- Pay installments of your loan timely.
- Apply for an affordable loan amount.
Pre-Payment and Part Payment in Overdraft Facility
A business overdraft facility loan sanction for a stipulated time. This period is known as tenure for the repayment of loans. After you took a loan, you expected to pay off the debt through EMIs by the end of the term on loan repayment. Furthermore, if you plan to pay off your loan before the completion of the repayment period by making use of a loan, it is called pre-payment or foreclosure.
Full Pre-Payment in Business overdraft facility Loan
If you pay the entire outstanding amount of the loan before the end of the loan repayment period.
Full Pre-payment advantages
- You can avoid excessive interest payments on your loan amount. Ultimately, if you have the money to pay off your loans, you could get rid of the credits too.
- You can also avoid paying interest in advance payment if you have borrowed from a lender who does not charge interest on the loan's pre-payment.
Full Pre-payment dis-advantages
- If your lender charges a penalty on the amount of the loan pre-payment, you may have to pay an additional amount of money to pre-pay your loan.
- Please review the other factors relating to it before you foreclose a loan. Foreclosing a loan means you would be paying out a large amount of money at once. Probably not always the best option.
Part Payment in Business overdraft facility Loan
If you pay off a portion of the current loan amount before the end of the loan repayment tenure.
Part Payment advantages
- If you have some money available, you can choose to pay off a part of your current loan amount.
- The part that pays your loan will reduce the outstanding amount of the principal, which, in effect, will reduce the monthly installment.
- The overall interest you pay will also decrease considerably.
Part Payment dis-advantages
- You won't be able to maximize your savings if you don't make the part payment so soon enough.
- If your lender is charging a fee for part payment of business overdraft facility loans, you may need to spend a large amount of money on the same loan.
Business loan overdraft facilities Fees and charges:
- Processing fee.
- Services Tax or GST.
- Verification charges. (if applicable)
- Fees for issuing duplicate statements
- Penalty for default EMIs
- Penalty for pre-payment and part payment of the loan
- lenders might collect documentation charges. These rates differ from lender to lender.