OverDraft Facility

What is the minimum and maximum tenure for an Overdraft Facility?
The minimum tenure for OD Facility is 12 months and the maximum tenure is 60 months. We offer OD Facility with flexible tenure of up to 60 months (i.e. tenure from a minimum of 12 months onwards with additional block of 6 months. You can choose a tenure ranging from 12, 18, 24, 30, 36, 42, 48, 54 or 60 months).
Can I make a partial prepayment towards my Personal Overdraft?
Yes, this is dynamic balance facility. Interest charges are applied on cash disbursal basis only, which can be re-paid on any subsequent day (as per RBI working calendar)
What happens if a customer misses the payment on the due date?
The customer needs to pay the Interest on the due date. Failure to service interest timely will also impact customer in following manner;
  • Credit rating (reporting to Credit Bureau - CIBIL)
  • This will have an impact on other credit facilities availed of from NBFC /Banks.
  • Bank / NBFC may initiate recovery proceedings to recover the dues apart from the late payment charges
How is the Interest calculated?
The Applicant would be charged interest on daily basis for the cash withdrawn from the OD Limit at the rate mentioned in the facility agreement. Interest will accrue on a daily basis and will need to be paid on dates set out in the agreement.
Can I avail of a partial disbursement?
Yes, you can avail the same in the multiple of INR 25,000, for certain product category.
What are the costs associated with availing of an Overdraft Limit?
As an Overdraft Limit customer, you will need to pay processing fees and document pick up charges along with servicing interest on the cash disbursed. The processing fee (and applicable tax) on the Personal Loan will be deducted from the loan amount disbursed.
Is the Overdraft Limit available in all the cities?
The facility is currently available in the cities of Bengaluru, Delhi, Mumbai & Pune only and is subject to change from time to time.
How do I avail disbursal from my Overdraft Limit?
You visit Loantap.in and seek disbursal immediately, through easy steps.
How does an Over Draft Limit work?
Bank or NBFC registered on Loantap.in platform sanctions a credit limit to customer based on their internal credit appraisal process or limit as requested by customer, lower of the two. Subsequent to the sanction, customer signs OD Facility Agreement with NBFC / Bank for the total limit. Once the documentation is complete to the satisfaction of NBFC / Bank, the customer can seek disbursal for any amount to the maximum limit sanctioned. The interest will be charged on daily basis based on cash disbursed into customer account.

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