Personal Loan Overdraft Facility

An overdraft loan is a credit agreement made with a bank that enables you to withdraw more money than what is already available in your account. The amount can be withdrawn upto the approved loan limit and the withdrawn amount can be repaid as per your convenience. Hence, it is one of the most preferred credit options availed to meet varied personal funding requirements without any credit restrictions. If you are looking for all the necessary features of an unsecured overdraft loan, then choose the Bajaj Finserv Flexi Personal Loan available on Finserv MARKETS.

Features & Benefits of a personal overdraft loan

  • Interest-only EMI: You have the option to pay interest-only EMIs to make your repayments convenient.

  • Flexi-repayment tenure: You may choose to prepay the loan amount any time before the loan tenure ends.

  • Unlimited withdrawals: The Bajaj Flexi Loan overdraft facility allows you to withdraw multiple times from a pre-sanctioned loan amount.

  • No additional charges: The rate of interest calculated on the loan is only applicable on the amount withdrawn. If you choose to make part-payments for your principal amount, you will not incur any hidden charges on the loan amount.

  • No tedious application process: With minimal requirements of basic documents, the loan application process is carried out online and is paperless.

Overdraft Loan Interest rates

The interest rate for Bajaj Flexi Personal Loan ranges up to 12.99% p.a. to 15.25% p.a. The processing fee for a personal loan payable to is up to Rs. 2,000. The current offer for processing fee starts from 1.50%.

Overdraft Loan Eligibility Criteria

It is important to know the basic personal loan eligibility criteria for smooth application and approval of your loan. The following are the eligibility criteria that need to be fulfilled to apply for a personal loan:

  • You should be an Indian Citizen

  • You should be a salaried individual

  • Your age must be between 23-58 years

Personal Loan Eligibility Calculator

To apply for a loan you need to meet the eligibility criteria set by the lender. With the help of a Personal Loan Eligibility Calculator, you can calculate your personal loan eligibility criteria. All you need to do is enter your net income and the Equated Monthly Installments (EMI) amount that you are comfortable paying. The personal loan eligibility calculator at Finserv MARKETS has simplified the entire process to check your loan eligibility making it seamless, easy, convenient to use.

You can easily use the Personal Loan Eligibility Calculator by providing information in two fields mentioned below:

  1. Your net income per month

  2. The total EMI amount you are planning to pay in order to repay your loan amount

Documents Required for Personal Loan Overdraft

The following are the basic documents required to apply for an online personal loan.

  • Personal loan documents that will be counted as proof of identity, like Passport, PAN card, Aadhar card, Voter’s ID card, and Driving license.

  • Documents that will pose as a proof of residence like- The electricity bill, Gas bill, Passport, or Leave and License Agreement.

  • Bank account statement for the last 3 months. These documents will be used to calculate your credit score, your credit history, and your overall creditworthiness will be assessed.

How to apply for Overdraft Loan?

The following are the steps to apply for a personal loan.

  • Visit the website of one of the online loan marketplaces to check and compare loans offered in the market.

  • Apply for a personal loan. Start by filling in your personal, financial, and employment details.

  • Select the loan amount and tenor that you require, to avail instant approval of the loan.

  • Submit the basic required documents to the representative of the bank, who will get in touch with you.

  • You will then be credited with the money in your bank account within 24 hours.

The ‘Hybrid Flexi personal loan’ at Finserv MARKETS has a simple and hassle-free application procedure and it is an ideal option for your needs. The biggest advantage of the Flexi loan is that you can pay EMI only on the amount that has been utilized. You may have availed a high loan amount but you do not need to bear the burden of a high-interest rate on a personal loan; you only pay for what you use.

You can easily avail a Flexi loan at Finserv MARKETS. But before applying for a loan you need to check whether you fulfill the eligibility criteria for a personal loan. You can take the help of a Personal Loan Eligibility Calculator to check and calculate personal loan eligibility criteria. The complete personal loan application process is carried out online, hassle-free requires minimal documentation, making it convenient for anyone to avail a loan.

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