K&S Loan Mentors
K&S Loan Mentors in the business since 1998.
K&S Loan Mentors in the business since 1998.
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The overdraft facility on current account allows the account holder to withdraw funds from the account even when the balance is zero or the required amount is not there in the account. The banks set the overdraft limits based on the credit history, transactions made in the account, profit, and relation of the customer with the bank. This facility comes to the rescue in the case of business exigencies and helps with unplanned financial situations. It can be regarded as a type of short-term loan that banks give without much paperwork and guarantee. The borrower can repay the amount withdrawn in part payments or as a single payment.
If want to apply for a Overdraft Facility on Current Account, 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 Overdraft Facility on Current Account, 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, all public and private sector banks provide overdraft facilities on current accounts.
If you are unable to pay the outstanding overdraft amount, the bank has the authority to take custody of the collateral (in case of a secured overdraft facility) or deduct the balance from existing savings or current account (in case of an unsecured overdraft facility).