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Key Features of Our Personal Loan Overdraft

We offer a range of personal loan products to suit various needs. Here’s how you can use our personal loans:

  • Loan Amount: Up to ₹5 Lakh based on income and creditworthiness.
  • Flexible Credit Limit: Borrow, repay, and borrow again with no fixed loan tenure.
  • Competitive Interest Rates: Starting from 11% p.a.
  • Minimal Documentation: Hassle-free processing with simplified paperwork.
  • Quick Access to Funds: Get instant funds in your account when needed.
  • No Collateral Required: Loan is based on your income and creditworthiness.
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Eligibility Criteria for Personal Loan Overdraft

To qualify for a personal loan overdraft with Login to Loans, you must meet the following criteria:

  • Age: 21 to 60 years.
  • Employment Stability: Minimum 2 years in a salaried job with a stable income.
  • Credit Score: 650+ (higher scores preferred for better interest rates).
  • Income Proof: Minimum monthly income as per lender guidelines.
  • Employment Type: Salaried employees working in private or public sectors.

Documents Required for Personal Loan Overdraft

To apply for a personal loan overdraft, you need to submit:

  • KYC Documents: PAN Card, Aadhar Card, Passport, or Voter ID.
  • Income Proof: Last 3-6 months’ salary slips or bank statements.
  • Bank Statements: Last 6-12 months to verify financial stability.
  • Employment Proof: Employment ID or Offer Letter.
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Why Choose Login to Loans for a Personal Loan Overdraft?

  • Flexible Loan Access: Borrow and repay whenever needed.
  • Quick Loan Processing: Fast approval and minimal paperwork.
  • Higher Credit Limits: Based on income and creditworthiness.
  • Affordable EMIs: Convert your overdraft amount into easy monthly payments.

How to Apply for a Personal Loan Overdraft?

  • Step 1: Check your eligibility for an overdraft online.
  • Step 2: Submit your documents for verification.
  • Step 3: Get approval and finalize the loan terms.
  • Step 4: Withdraw funds as needed and repay in flexible EMIs.

Frequently Asked Questions (FAQs)

What is an overdraft facility?
An overdraft is a credit facility linked to your bank account, allowing you to withdraw funds beyond your account balance up to a pre-approved limit. It acts as a short-term loan with flexible repayment.
What is a personal loan overdraft facility?
A personal loan overdraft is a credit line tied to a personal loan account, allowing multiple withdrawals up to a sanctioned limit. Interest is charged only on the amount withdrawn, not the entire limit.
What can an overdraft be used for?
Overdrafts are ideal for short-term, unexpected financial needs, such as covering cash flow gaps, urgent bills, or unplanned expenses like car repairs. They’re suitable for individuals or businesses with fluctuating income.
What are the eligibility criteria for an overdraft?
Age: Typically 21–65 years.
Employment: Salaried individuals, self-employed, or professionals with a salary/current account.
Credit score: A score of 750+ improves chances of approval.
Banking relationship: Limits often depend on account balance, transaction frequency, or salary.
Documents: Minimal for pre-approved ODs; otherwise, KYC and income proof may be required.
How is the interest rate calculated?
Interest is charged only on the amount withdrawn and for the duration of use, calculated daily. OD interest rates are typically higher (12–20% or more) than personal loans but lower than credit card rates. Secured ODs (e.g., against fixed deposits) have lower rates.
What is the repayment process?
Overdrafts have no fixed EMI schedule. You can repay any amount at your convenience, as long as you stay within the credit limit. Some lenders require monthly interest payments. Funds deposited into the account reduce the outstanding balance.
Can I prepay an overdraft?
Yes, overdrafts can be prepaid fully or partially without prepayment charges. Repayments reduce the outstanding balance, and you can withdraw again up to the limit.
How quickly can I access an overdraft?
Pre-approved overdrafts are instantly accessible via your bank account. Non-pre-approved ODs may require a quick approval process, often faster than personal loans.
Are there any tax benefits?
Overdrafts generally do not offer tax deductions, as they are considered credit lines rather than tax-deductible loans.
What are the types of overdrafts?
Authorized OD: Pre-approved by the bank, linked to savings, current, or salary accounts.
Unauthorized OD: Occurs when you overdraw without approval, often incurring high fees.
Secured OD: Against assets like fixed deposits, property, or securities.
Salary OD: Linked to salary accounts, typically 1–3 times monthly salary.

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