Overdraft Loan
Electric Overdraft Loan
About Overdraft Loan
Need flexible access to funds without the burden of fixed monthly EMIs? Rupaya Bazar’s Overdraft Loan facility is designed to help individuals and businesses manage short-term cash flow needs with ease. Whether it’s for managing working capital, handling unforeseen expenses, or meeting urgent personal or business requirements, our Overdraft Loan offers instant liquidity against your savings, fixed deposits, or assets—while you pay interest only on the amount utilized.
Enjoy complete control over your finances with flexible withdrawals, transparent terms, and expert support throughout the process.
Features and Benefits
- Instant Access to Funds: Withdraw money as needed up to your sanctioned limit.
- Interest on Usage Only: Pay interest only on the amount you actually use—not the entire limit.
- Flexible Repayments: No fixed EMIs; repay when convenient within the agreed tenure.
- Credit Limit Renewal: Annual or periodic limit renewal based on usage and repayment track record.
- Secured & Unsecured Options: Get overdraft facility against collateral like FDs, property, or even unsecured based on profile.
- Suitable for Businesses & Individuals: Ideal for working capital, emergency expenses, or cash flow gaps.
- Quick Processing: Fast approval and activation with minimal paperwork.
Eligibility Criteria
- Age: 21 to 65 years (at loan maturity).
- Applicant Type: Salaried individuals, self-employed professionals, business owners, and firms.
- Income Proof: Must demonstrate regular income or cash flow to justify the overdraft limit.
- Security: May be secured (FDs, property) or unsecured, based on creditworthiness.
- Credit Score: A healthy credit profile is preferred, especially for unsecured overdraft loans.
FAQs
It’s a credit facility that allows you to withdraw funds up to a pre-set limit as needed and pay interest only on the amount used.
Unlike a personal loan, an overdraft loan does not have fixed EMIs—you repay at your pace and only pay interest on the utilized amount.
Yes, unsecured overdrafts are available for individuals with strong credit and income profiles. Higher limits may require collateral.
Yes, interest is typically calculated on a daily basis and billed monthly on the used amount only.
Tenure may range from 12 months to 3 years, and it can be renewed based on your repayment history and usage pattern.
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