Overview

An Overdraft (OD) facility is a financial product offered by banks and non-banking financial companies (NBFCs), which allows an individual to withdraw more money than their current account balance, up to a pre-approved limit. This facility helps manage cash flow issues and acts as a short-term financing option. Finance Mandi, as a channel partner with banks and NBFCs, assists customers in availing the best deals for overdraft facilities.

Eligibility Criteria

• Salary: ₹25,000 & above (varies with different banks)
• Age: 21 to 60 years
• Length of service/Job:Minimum 6 months of continuous service or confirmed employment.
• Company: Only employees of listed or reputable companies recognized by Banks/NBFCs.
• Credit bureau score: A good credit score is preferred (650+), though not mandatory.
• Other Criteria:Applicant should have a stable income and no ongoing bankruptcy proceedings

Mandatory Requirements

• Pan Card, Passport size photo & Adhar card
• Latest current residence address proof in name of Applicant or family members with relation proof
• Last three-month salary Slip and Salary certificate (If current job less than 3 months previous company appointment letter and relieving letter
• Latest three months’ salary credit bank statement
• Existing Secured and unsecured any loan sanction letters
• Employer’s contact details for verification of employment status and salary

Additional Information

• The overdraft facility can be accessed against your salary, and the loan limit is typically determined based on your monthly income and credit profile.
• Interest is only charged on the amount utilized, not the entire overdraft limit.