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Get Credit Line up to ₹99 Lacs Starting from 9.99%

Get Credit Line up to ₹99 Lacs

 

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10 Lacs+

Customers Served

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4.7/5

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10,000+

Pincodes Serving

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2000 Cr+

Loans Disbursed

An Overdraft Loan/Flexi Loan gives you the flexibility to pay interest only on the amount that you use. However, you have to pay 0 EMI on the unused amount. An overdraft loan can be used for urgent medical emergencies or long-term goals.

Do you want a ‘Flexi-Loan’ too?

  • •Scroll to the top of this page and apply for an overdraft loan
  • •Here is how an overdraft loan will help you:

Personal Loan Overdraft Features

fast-approval

Zero EMI Loan with Easy Approval

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Pay Interest on Used Amount Only

quick-disbursal

Compare & Apply From 20+ Banks and NBFCs

attractive-rates

Withdraw And Deposit Money Anytime

long-flexibility

Sit At Home and Get the Lowest Interest Rate

online-process

100% Digital Paperless Process

Who can Apply for Personal Loan?

salaried

An Individual Earning Salary

credit-score

A credit score above 700

age

Above 21 yrs and below 60 yrs

income

Min monthly income of ₹40,000 (metro cities) / ₹30,000 (other cities)

experience

Minimum total work experience of at least 1 year

Required Documents for Personal Loan Overdraft

Identity Proof

Identity Proof

Any of the following

  • CheckPassport
  • CheckVoter ID
  • CheckDriving License
  • CheckPAN Card (Mandatory)
  • CheckAadhaar Card (Mandatory)
Address Proof

Address Proof

Any of the following

  • CheckAadhaar Card
  • CheckPiped Gas Bill
  • CheckElectricity Bill
Other Documents

Other Documents

  • CheckSalary Slips (Last 3 months)
  • CheckSalary A/c Bank statement (Last 3 months)

Personal Loan Overdraft Example

Megha, a graphic designer, has taken a personal loan overdraft of ₹5,00,000 at an 11.99% rate of interest that needs to be paid back in 5 years.

One month, she needed ₹1,00,000 to pay for some personal expenses. Instead of borrowing the full ₹5,00,000, she withdraw only ₹1,00,000 from her Overdraft account. Megha only had to pay interest on the ₹1,00,000 she used, not on the whole ₹5,00,000 which is approx Rs 33/day.

Later, when she got her salary or any other receipt of funds, she repaid the ₹1,00,000, and her full ₹5,00,000 overdraft limit was available again and her interest from that day went to zero again and she doesn't have to pay any Interest or EMI now.

This helped Megha manage her money better and avoid extra interest charges. She only pays interest amount for the limited period of the funds utilisation, otherwise its zero repayements.

As a result, Megha paid an interest of ₹11,990 along with the principal amount of ₹1,00,000 for the funds utilised for whole year. According to this, she will need to pay just ₹1000/month for 60 months if funds are kept utilised for 5 years.

Megha will also have to pay ₹10,000 as a one-time processing fee (charged at 2%). Secondly, she will also pay ₹500 as stamp duty charges. T&C applied.

Repayment PeriodMinimum 1 years to Maximum 7 years
Annual Percentage Rate (APR)Minimum 9.99% to Maximum 17%
Processing Fees1% to 2%
Stamp Duty Charges₹ 500

Disclaimer : LoansJagat is a marketplace platform that connects users with its partnered banks and NBFCs. Loan approval and sanctioning decisions are made exclusively by the respective lender. A few of our Lending partners include Axis Finance, Tata Capital, Yes Bank, Bajaj Finserv, Poonawalla Fincorp, Aditya Birla Finance Limited, etc.

FAQs

All frequently asked questions related to Loan Consolidation

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