Overdraft Facility

Financial lifeline that provides the flexibility to access funds beyond your account balance.

In the journey of building and running a business, requiring more funds than what is available is a common predicament that business owners face. But this financial hindrance can easily be resolved using the Overdraft facility.

Features of Overdraft Facility

Overdraft is comparable to a short-term credit through which you can withdraw funds greater than the real-time amount available in your Current Account. Overdraft is also possible even if your bank balance is zero. This facility can be used to cover sudden business expenses, which in turn can prevent distressing situations with customers, vendors, and other important business stakeholders.

The Overdraft facility commonly becomes available upon opening a Current Account with a bank. You can also activate this feature later via a written request, an online application, or by visiting the bank personally. Banks do reserve the right to accept or deny Overdraft applications at their discretion.

The Overdraft facility usually comes with a one-time handling fee, which differs from bank to bank. Similarly, there is also an Overdraft limit, which varies between banking institutions and also between customers within the same bank. Limits and privileges are largely decided based on the customer’s core account offerings, CIBIL / credit score, and age.

Benefits of Overdraft Facility

Quick sanctioning of loans
Minimal paperwork and hassle free application procedures
No fixed EMI structure – repay borrowed amounts at any time within the repayment tenure
No early payment penalty unlike other types of loans
Interest rates charged only upon the overdrawn amount
Protect brand reputation by ensuring timely payments to business stakeholders
Available to single and joint account holders

Ease of Availing Overdrafts through Lendfast

Getting access to funds beyond what is available in real-time is a decision that often needs to be taken on the spur of the moment. Deciding upon an Overdraft during a period of financial crunch, therefore, does create additional stress on the already existing burdens you face as a business owner. Moreover, as Current account holder in your home bank, you might not be suitably exposed to Overdraft benefits available in other banks. Thus, you might be forced to accept whatever you are being offered.

Lendfast can help you access the benefits of Overdraft facility from a range of banks, irrespective of where you hold your Current Account. Even if your home bank is not on our list of alliances and affiliations, we can still help you avail the Overdraft you need.

With us you can be assured of:

Lowest interest rates available in the market
Low credit score weightage
Minimum documentation
Paperless processing and quick approval
Easy repayment options
No processing fee or hidden charges

Overdraft Documentation

Identity Proof

Aadhaar Card, PAN Card, Voter ID, Driving Licence, or Passport.

Residence Proof

Electricity Bill, Gas Bill, or Passport

Income Proof

Recent Income Tax Returns, Profit and Loss statements, and bank statements of the last 3 months.

Introduction

About Us

Our services are driven by dynamic associations with globally renowned banks, future-ready skills in financial decision making, and time-tested values of trust, transparency, and goodwill, putting us in the forefront of today’s BFSI landscape.