How to apply for OD all banking sector

Overdraft is a new facility to customers for financial backup which allows customers to withdraw funds from a fixed line of credit. Repayment is also very easy and flexible. The customer will only pay for the amount which he has spent.

In layman terms overdraft is just like a personal loan but the customer will only pay for the amount which he has spent. For example, let’s say I took an overdraft of Rs1 lakh and I have only spent Rs20 thousand from that amount. Therefore I will only have to pay interest for Rs20 thousand not for 1 lakh so it allows customers for financial backup in case of emergencies. This is a hassle-free and fast way of financial backup.  In 24 to 48 hours amounts will be get credited to the customer's accounts. It has two tenures is 5 years or 7 years.

 

Eligibility Criteria

Eligibility criteria for OD are very lenient. Applicant’s age should be more than twenty-five years. If we talk about salary, the applicant’s salary should be more than or equal to 40.

thousand in metro cities and in tier 2 and tier 3 cities salary can considered up-to 30 thousands. Enquiry count for the last 1 year should not be more than 4. The company should be listed in Bajaj Finserve.  Applicants CIBIL score should be more than 700 points.

 

Documents Required to apply for OD 

Applying for OD doesn’t require lots of documents. List of the documents required for OD are as follows.

1. PAN card

2. Aadhar card

3. Three months latest bank statement

4. Three months salary slip

5. Passport size photograph

6. Current address proof(If the house is own aadhar card is fine, In the case of the tenant customer should update his aadhar card address. Otherwise electricity bill.

7. gas bill, postpaid mobile bill, passport, bank account, driving licence, voter id, wifi broadband airtel only, rent agreement).

 

Process

I am mentioning the internal process of the team and various stages of the loan file given below.

1. Documents shared to executive or branch

2. After documents verification executive will login(Executive has started the process on his end) the file.

3. Eligibility will be checked. Eligibility criteria is mentioned above

4.  Your file will go for underwriting.

5. After writing credit manager will check all the documents and financial status of the applicant like salary slip is genuine or not, Loan track record. If another loan is also going on what is the EMI of that loan. Is the applicant has paid all the EMI’s on time?

Based on the above details credit manager will decide how much money will be disbursed to the account of the applicant.