{"id":9590,"date":"2020-05-15T05:36:40","date_gmt":"2020-05-15T05:36:40","guid":{"rendered":"\/blog\/?p=9590"},"modified":"2023-12-20T18:42:10","modified_gmt":"2023-12-20T13:12:10","slug":"personal-loan-overdraft-eligibility","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/personal-loan-overdraft-eligibility\/","title":{"rendered":"Personal Loan Overdraft Eligibility"},"content":{"rendered":"\n<p>If you are looking for a short-term borrowing option to access quick funds, look no further than a\u00a0personal loan overdraft facility. An overdraft facility is an instrument by which your bank extends credit to you when your account balance reaches zero. Unlike an\u00a0<a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">instant personal loan<\/a>, it allows you to pay interest only on the amount that you withdraw. However, the interest rates are slightly higher than <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/rates-and-charges.html\">personal loan interest rates<\/a> since the tenure is shorter.\u00a0<\/p>\n\n\n\n<p>Banks\/NBFCs\noffer overdraft facility to its customers, usually at interest rates starting\nat around 13%. The loan tenure is usually between 1 year and 5 years. You can\nget an overdraft from Rs. 2 lakh to Rs. 25 lakh, depending on several factors\nlike credit score, monthly income, and account balance.&nbsp;<\/p>\n\n\n\n<p>Although\nmost financial institutions have different eligibility criteria for an\noverdraft facility, it isn\u2019t drastically so. For a quick reference, here are\nthe basic eligibility criteria for personal loan&nbsp;overdraft facility:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\nmust fall in the age bracket of 22 and 58 years&nbsp;<\/li>\n\n\n\n<li>Your\nmonthly income must be at least Rs. 35,000<\/li>\n\n\n\n<li>You\nshould be working in the same company for a minimum of six months<\/li>\n\n\n\n<li>You\nmust have work experience of at least two years<\/li>\n<\/ul>\n\n\n\n<p>The\ndocumentation required is also minimal. To apply for personal\nloan&nbsp;overdraft facility, you need to submit the following documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Residence\nproof <\/li>\n\n\n\n<li>Identity\nproof like Aadhaar Card<\/li>\n\n\n\n<li>A\ncopy of the Voter ID Card\/Passport\/Driving License<\/li>\n\n\n\n<li>Copies\nof bank statements for the last three months<\/li>\n\n\n\n<li>Copies\nof salary slips for the last three months<\/li>\n<\/ul>\n\n\n\n<p><strong>Additional Read:<\/strong>\n<a title=\"What is the Difference between Personal Loan and Personal Loan Overdraft?\" href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/difference-between-personal-loan-and-personal-loan-overdraft\/\">What\nis the Difference between Personal Loan and Personal Loan Overdraft?<\/a> <\/p>\n\n\n\n<p>Advantages\nof overdraft facility:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"770\" height=\"400\" src=\"\/wp-content\/uploads\/2020\/05\/what-is-the-eligibility-for-a-personal-loan-overdraft-1.jpg\" alt=\"\" class=\"wp-image-9598\" srcset=\"https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/05\/what-is-the-eligibility-for-a-personal-loan-overdraft-1.jpg 770w, https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/05\/what-is-the-eligibility-for-a-personal-loan-overdraft-1-300x156.jpg 300w, https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/05\/what-is-the-eligibility-for-a-personal-loan-overdraft-1-768x399.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As\nstated above, the documentation process is very minimal<\/li>\n\n\n\n<li>You\npay interest only on the utilized amount. Also, part-payment facility is\navailable without any additional charges being levied<\/li>\n\n\n\n<li>You\ncan withdraw and repay any number of times as long as the amount is within the\napproved limit<\/li>\n<\/ul>\n\n\n\n<p>You\nreceive the requested overdraft amount in a way similar to how a loan amount is\ndisbursed. With a&nbsp;pre-approved overdraft, you can withdraw funds from the\nbank as needed. The amount goes into your overdraft. The interest charged by\nthe bank is levied from the time the money is borrowed to when it is repaid.<\/p>\n\n\n\n<p>It\nis your choice to repay the money to the lender in full or in part. Additionally,\nyou can again withdraw money from the account if a need arises until you reach\nthe sanctioned limit of the overdraft.<\/p>\n\n\n\n<p>If you need a short-term loan without the burden of a monthly EMI running for years, you should apply for <a title=\"Personal Loan Overdraft\" href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/overdraft-facility.html\">personal loan overdraft<\/a> facility. Tata Capital offers overdraft loans of up to Rs. 25 lakh with flexible repayment options and efficient service and support. Visit the Tata Capital website and explore more borrowing options to ease your financial worries.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you are looking for a short-term borrowing option to access quick funds, look no further than a personal loan overdraft facility. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/personal-loan-overdraft-eligibility\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":9597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-9590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Eligibility for a Personal loan overdraft? -Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Wondering about the eligibility critera for Personal Loan overdraft? 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