Apply Now

Overdraft Facility

Empower Your Financial Flexibility

Overview

An Overdraft Facility is a flexible credit option that allows you to withdraw more money than you have in your account up to a predetermined limit. This facility is perfect for managing short-term cash flow issues, ensuring you always have funds available for urgent financial needs.

Benefits of Our Overdraft Facility

  1. Immediate Access to Funds: Get instant access to additional funds whenever you need them.
  2. Flexible Repayment: Repay the overdraft at your convenience, with the option to pay only the interest on the utilized amount.
  3. Cost-Effective: Pay interest only on the amount you use, not on the entire overdraft limit.
  4. No Collateral Required: Depending on your account type and relationship with the bank, you may qualify for an unsecured overdraft.
  5. Enhanced Credit Score: Regular use and timely repayment of an overdraft facility can help improve your credit score.
  6. Simplified Application Process: Quick and easy application process with minimal documentation.
  7. Continuous Availability: Once approved, your overdraft limit is available for repeated use without reapplying.

Features

  • Overdraft Limit: Determined based on your financial profile and requirements.
  • Interest Rates: Competitive interest rates calculated only on the utilized amount.
  • Tenure: Flexible tenure with options for renewal.
  • Withdrawal Method: Easily withdraw funds using online banking, or mobile banking.

Eligibility Criteria

  • Must hold a savings or current account with us.
  • Satisfactory account history and credit score.
  • Minimum income criteria as specified by the bank.
  • Required documentation as per bank guidelines.

Required Documents

  1. Identity Proof: Passport, Aadhaar Card, PAN Card, etc.
  2. Address Proof: Utility bills, rental agreement, etc.
  3. Income Proof: Salary slips, IT returns, bank statements, etc.
  4. Account Statement: Latest six months bank statements.
  5. Business Proof (if applicable): Business registration certificate, financial statements, etc.

Application Process

  1. Initial Consultation: Schedule a meeting with our financial advisor to discuss your overdraft needs and eligibility.
  2. Submit Application: Complete the application form and submit the necessary documents.
  3. Credit Assessment: Our team will review your financial profile and determine your overdraft limit.
  4. Approval and Setup: Once approved, your overdraft facility will be set up and linked to your account.
  5. Access Funds: Start using your overdraft facility as needed.

How It Works

  1. Overdraft Limit: You are given a credit limit based on your financial health and account history.
  2. Utilize Funds: Withdraw funds beyond your account balance up to the approved limit.
  3. Interest Calculation: Interest is charged daily on the utilized amount, ensuring you pay only for what you use.
  4. Repayment: Repay the utilized amount at your convenience. Interest is payable monthly.

Why Choose Us?

  • Expert Financial Guidance: Our team of financial experts will guide you through the entire process, ensuring you get the best overdraft facility tailored to your needs.
  • Customer-Centric Approach: We prioritize your financial well-being and offer solutions that best suit your requirements.
  • Fast Processing: Enjoy quick approval and processing times, ensuring you have access to funds when you need them most.
  • Transparent Terms: Clear and straightforward terms and conditions with no hidden charges.

Contact Us Today

Ready to take control of your finances with our Overdraft Facility? Contact us today to learn more or to begin your application process.

  • Phone: 9968875111
  • Email: support@mfsgrowth.com

Apply Now
Apply for a OD

 

 

Scroll to Top