Overdraft :
An overdraft is a credit facility to meet the working capital requirements of a business entity.
Eligibility :
- A business entity having a Current Account with our bank for at least the past 6 months.
- It should meet the terms of assessment for working capital.
- Submission of documents as required by the bank and policy of the bank.
Documents :
- Income tax returns for the last 3 years with financial statements, balance sheet, trading account, profit & loss account.
- Proof of ownership of the business with address, registration certificates etc.
- The address proof and KYC documents.
- Collateral security documents with the originals for verification. Any other documents necessary based on the limit or purpose.
Overdraft Against Gold Available :
- An overdraft facility is available against gold with a sanctioned limit based on the value of the gold meeting loan-to-value (LTV) requirement.
- The applicable rate of interest is determined based on the purpose, limit and repayment period.
- The repayment period for the overdraft is a maximum of 12 months.
Overdraft Against Term Deposits in Our Bank :
- Limit : You can get a maximum of 75% of the outstanding value of your deposits.
- Rate of Interest : The interest rate will be 1% over and above the rate of interest applicable to the term deposits on which credit is sanctioned.
- Repayment : You can repay the overdraft within the maximum period of maturity of your deposits or within 12 months, whichever comes earlier.
