Overdraft loans are usually based on some collateral or securities especially in terms of Bank Fixed Deposits.
Usually a bank, depending upon the credit history, cash flows, tenure of banking relationship and the repayment.
History of the business or individual promoter takes an approval for a certain fixed overdraft limit.
Based on the limit, the overdraft amount can be utilized and interest is charged by the bank only on the utilized amount.
This loan can be utilized in any manner as long as the principal and the interest is being repaid on time.
Overdraft limit is also available on an individual basis for personal utilization based on his credit history.

Benifits You Get

Simple Documentation The documentation and paper work is minimal which keeps you hassle free.

Multiple withdrawals via online TransactionsWithdraw and pay back multiple times within the credit sanctioned/available limit.

Easy re-payment optionsPay interest only on utilized amount. Part-payment facility available without any extra charge.

Fixed Limit Limit stays fixed for 1 year for 48 Months Tenure product. Drop in limit to start post 12 Months. Limit stays fixed for 2 years for 60 Months Tenure product. Drop in limit start post 24 Months.

Eligibility Criteria for Unsecured Overdraft Business Loan

The eligibility criteria for Unsecured Overdraft Business Loan

  • Applicant must be between 22 years to 58 years.
  • You should have a minimum monthly income of ₹35,000
  • You should be in the same job for six months.
  • You should have a minimum 2 years of work experience.

How To Apply For An Unsecured Overdraft Business Loan

At SME Paisa, you can apply for Unsecured Overdraft Business Loan online or offline. Walk into our nearest branch office for a free consultation and guidance regarding an ideal funding option suiting your needs. Or, you may choose to apply online and get an instant approval for funds. Remember to keep a soft-copy of documents required for Business loan ready for upload in case of an online application

Document Required for Unsecured Overdraft Business Loan

The list of documents required for a Unsecured Overdraft Business Loan

  • A copy of your Salary Slips for the last three months.
  • A copy of your Voter ID / Passport / Driving License / Aadhaar Card.
  • A copy of your Bank statements for the last three months.
  • Passport, driving license, Voter ID card issued by Election Commission of India.

Frequently Asked Question

Interest is generated on 30/31st midnight. The customer is communicated his interest amount on the 1st of the month via mail and SMS. Statement of Account is sent along with the mail.

If all your documents are in order the loan should be credited to your account in 24 hours.

Yes, but it comes with a marginal charge. You can read about it

The first instalment amount comprises of PF+ Stamp Duty+ Insurance (if unpaid) and interest which is why the first instalment is higher.
If the customer has already paid the charges (PF + Stamp Duty + Insurance) post disbursement, first instalment will only comprise of interest component.

We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.