Personal Overdraft Loan

Why pay EMI for the loan lying in your bank account?

Think of Personal Overdraft or credit line OD henceforth instead of standard fixed EMI based personal loan. Quick on-the-go cash withdrawal facility for salaried professionals against approved loan amount.

So, how does Personal Overdraft Work?

Personal Overdraft is like a credit line that provides cash on the move. Pay interest only when you withdraw and be not bothered with interest cost when not using it.Our processes are transparent and customer servicing team is highly responsive. You will have more comfort and lesser hassles right from the day of online application to different tranches drawn from your approved amount.

Why take Line of Credit / Personal Overdraft from LoanTap?

Instant approval and disbursal

Easy online process for loan sanction. Fast tranche withdrawal through online LoanTap account

Flexible Re-payment

You pay interest only when you withdraw. Unrestricted re-payment and withdrawal option

Minimum documents

We collect only what is basic minimum for all our personal loan products

Transparent Processes

No hidden charges, No pre-payment charges. Minimum documentation & secured processes


Eligibility Criteria for Personal Overdraft Loan


Individuals with a minimum income of INR 30,000


Indian Citizens/Residents who are 21 years old & above.

Flexible Instalment Options

Final instalment options for a loan will be decided based on your profile and inputs


0 Usage, 0 Interest. You are required to pay only interest on the amount withdrawn from the sanctioned Credit Limit while the Principal amount can be repaid and withdrawn within the sanctioned tenure multiple times

Ideal when: The amount of expenses involved in an event are variable

How we make loans happen in 24-36 hours

online application
Online Application

Apply online, upload basic documents or mail us

record your time
Record your time for representative visit

Download documents as per checklist, sign and handover to our representative.

verification sanction disbursal
KYC & Fund transfer

We check documents, verify them and activate instant disbursal online

Frequently Asked Questions

Personal Overdraft is cash on the go. It is premium unsecured facility that allows customer to utilize the pre-set line of credit. It is revolving credit facility available to the borrower and interest is paid only on the amount withdrawn from the credit limit. Customer also has option of multiple withdrawal and re-payment as per his and her requirement

Interest is calculated on daily reducing balance method, hence customer needs to pay interest only on amount utilized/outstanding and as per the number of days of amount utilization. Once customer makes principal amount payment in full or in part, available limit is revised accordingly, and interest cycle is recalculated.

For e.g. Take an instance of a customer with an approved credit line of Rs 1 Lakh for 36 months tenure. Customer withdraws Rs 10,000; his available limit is revised to Rs 90,000. He uses it for 10 days and then repays entire Rs 10,000 to LoanTap, his available limit is again revised to Rs 1 Lakh. Here, customer will need to pay interest on Rs 10,000 for 10 days only.

Within your credit limit, you can withdraw any amount as you need. For doing the same, you will need to access “My Account” feature on our website; using your registered email ID and OTP which you get in your email during the login process.

You can raise a service request for requisite loan amount disbursement from “My Account”. Alternatively, you can also email your request to us at

Yes, this is dynamic balance facility. Interest charges are applied on amount utilized only, which can be re-paid by customer as per convenience.
Interest on credit card outstanding is anywhere from 3% to 4% per month which is significantly higher than interest charged in overdraft loan, normally you save at least 50% on interest amount. Moreover, interest calculation is on daily reducing balance in Personal Overdraft, making it more convenient for you to utilize the credit line as per your convenience and avoid unnecessary interest payment.
Usually it takes between 4 to 6 working hours for us to disburse requested amount into your bank account.

Any salaried customer with monthly salary more than Rs 30,000 can apply online and check eligibility at You will need to fill in few basic information to know your eligibility instantly.

Final loan amount is decided on basis of your eligibility and credit checks.

We need below documents for processing your loan request-
  • PAN
  • Address proof
  • 3 months’ pay slips
  • 6 month’s salary account bank statement
  • e-NACH mandate form
However, we might request for other documents if need arises during credit checks.
You can access complete details on your Overdraft account using “My Account” feature on our website You can transfer amount into our account via NEFT; credit limit will be resettled accordingly.
We offer Personal Overdraft facility from Rs 1 Lakh up to Rs 10 Lakhs. Final amount is decided basis your eligibility and credit checks.
Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges
Personal Overdraft is available in cities where LoanTap is operational. Currently we are providing our loans in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR and Chandigarh locations.

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