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Drop Line Over Draft Limit is a type of overdraft facility that financial institutions, especially banks provide to businesses. Here, the account holder can withdraw funds from the current account as per the limit set by the bank. The reason why it is known as a drop-line overdraft limit is that the limit reduces each month from the sanctioned limit. In this overdraft facility, the interest rate is calculated on daily basis on the outstanding amount and charged monthly. One can avail of this facility with or without collateral.
If want to apply for a Drop Line Over Draft Limit , you must meet the following criteria.
| Age Limit | The applicant should be min 21 years & max. 65 years. |
| Income | Business should be profit making at least for the past 3 years |
| Turnover | Rs. 250,000 p.a. should be the minimum annual income |
| Co-applicants | Business should be profit making at least for the past 2 years |
| Audited | We accept only audited financials by CA. |
| Cash flow | On the other hand, we denounce with righteous indignation. |
| Type of the Business | Proprietorship, Partnership, Pvt.Ltd. or Public Ltd. |
If want to apply for a Drop Line Over Draft Limit you must have the following document.
Your entire borrowing process simple and user friendly You can get your loan funded in as little as 48 hours
We will customize a loan based on the amount of cash your company need term length
We will customize a loan based on the amount of cash your company need term length
We will customize a loan based on the amount of cash your company need term length
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Have questions? Here’re the answers.
Yes, banks check the credit score before giving this facility and a better credit score means a better limit and hassle-free processing.
Well, it is not necessary to give collateral to avail of this facility however, the interest rate charged may be lower if you choose a secured drop line over draft facility.
The limit sanctioned depends on the profile of the applicant, business needs, financial history, creditworthiness, and several other factors.