Dropline Overdraft

Dropline Overdraft

Having an overdraft feature on your bank account gives numerous benefits. Drop Line Overdraft account protection is a customized feature which lets you spend beyond what is in your account. If you are qualified, your financial institution can give you overdraft protection although it usually comes with a fee. It is not uncommon to be charged a fee as well as a percentage rate on the amount of money that you use in your overdraft. Drop Line Overdraft protection can be extremely useful in the event that you do not have enough money in your account for a pre-authorized bill. If you are protected by overdraft you will not get charged a non sufficient funds fee which accompanies a payment in the event that it is declined by your financial institution. It can also be a great back up for unexpected expenses. If you need to dig into your overdraft account in an emergency situation overdraft provides peace of mind that it is there for you to do so.

Drop Line Overdraft is a facility granted to you whereby you can overdraw your current account up to an agreed limit. Drop Line Overdraft is an efficient form of borrowing as you pay interest only for the time you use the money. It gives you flexibility. You can at any time deposit money into the account to reduce the outstanding balance or can draw out money whenever you need it as long as you do not exceed the limit. Interest is calculated daily on the fluctuating outstanding balance and is normally charged at the end of each month.  Drop Line utilized determines the interest that will be payable by the customer. Drop Line Overdraft is a flexible product offering that allows you   facility against residential or commercial property. This product is useful for professionals, Sole Proprietors, Proprietorship Firms, Partnership Firms or a Private Limited Company.

Drop Line Overdraft Facility do not have a yearly renewal charge but it has onetime processing fees. Drop Line Overdraft are only offered to self employed persons or companies. Drop Line Overdraft Facility is best for Manufactures, traders & retailers where booking capital requirement is needed for day to day transactions Drop Line Overdraft Facility don't require a charge to be made on your stocks book debts, it also not requires any quarterly or half yearly audits of the stock.

Dropline Overdraft Features and Benefits

• Drop-line Overdraft limit of up to Rs. 10 Crores
• Both residential and commercial property accepted as collateral
• Interest charged only on the amount utilized
• Minimal documentation and faster approvals
• Attractive interest rates
• Excellent debt consolidation tool

Dropline Overdraft Process

There are several steps in the Dropline Overdraft process. Here are the steps in brief:

• Application form & Document Submission
• Cibil report check
• Residence verfication
• Office
• Eligibility calculation
• Technical & Valuation
• Personal Discussion
• Credit decision
• Offer Letter
• Submission of Property documents & legal check
• Registration of property documents
• Signing of agreements and submitting post-dated cheque
• Disbursement

Dropline Overdraft Eligibility

• An Indian Resident
• Minimum age of applicant: 24 years
• Maximum age of applicant at loan maturity 65 years
• Minimum turnover of Rs 1 Crore financial should be audited.
• Years in business: Minimum of 3 years in current business and 5 years total business experience.