Eligibility Criteria

What you mean by Bank Overdraft Eligibility Criteria?

Bank overdraft is such a facility offered by banks to their customers setting up a limit, the best of the loan is interest only get charged on utilized amount & generally limit are determined by the respective banks as per the relationship with customers. Both secured & unsecured loans available. Different type of loans has different types of eligibility, even bank overdraft also has eligibility criteria.

Bank Overdraft Eligibility Criteria

Eligibility Criteria depends on various factors like age of individual, repayment history, monthly salary or business sales/turnover, total work experience & Creditworthiness …etc.

Bank Overdraft Eligibility Criteria

 

  • • Applicant age should be 22 – 60 years
  • • Minimum monthly income must be 30,00/-
  • • Must have minimum 2 years of work experience
  • • 1 years of experience in current organizations

 

What are the ways to increase Bank Overdraft eligibility?

To increase Bank Overdraft eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level: –

Build bond with lender: – Apart from depositing & withdrawing amount in bank, try to make good relationship with lender & build a strong bond as it will help you to increase the overdraft limit.

Applicant Age: – Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.

Good Financial history: – Keep a close eye on your banking that all transaction is taking place correctly or not. If you found any error in the transaction quickly contact your bank branch to correct it as soon as possible to avoid any misleading on your financial history.

Documents Required

INDIVIDUAL
  1. PHOTOGRAPHS 2

  2. PAN CARD COPY

  3. AADHAR CARD + PASSPORT

  4. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE

  5. LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT

  6. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)

  7. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS

  8. PROCESSING FEE CHEQUE IN FAVOUR OF BANK

  9. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER