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OVERDRAFT LIMIT / CC LIMIT

Financial emergencies can take place unexpectedly. In such times a person can either use their credit card or apply for a small personal loan. However, there is another option that is more flexible and convenient- bank overdraft/ CC limit.

 
Explore Advantages of Overdraft Limit / CC Limit

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INTRODUCTION

  • If you have an overdraft account, your bank will be able to handle cheques that would otherwise bounce and be returned without being paid. In the case of a loan, the candidate is responsible for paying interest on the outstanding balance of an overdraft loan. The interest rate on the loan has been calculated to be lower than that on credit cards. Furthermore, in some situations, there are additional expenses for using overdraft protection./ Financial emergencies can take place unexpectedly. In such times a person can either use their credit card or apply for a small personal loan. However, there is another option that is more flexible and convenient- bank overdraft/ CC limit.

introduction

BENEFITS

The following are some of the biggest advantages of a bank overdraft facility:

  • Convenience

    Bank overdrafts are super convenient and simple. For small financing needs, you can avoid the paperwork and other formalities of personal loans and withdraw the required amount directly from your bank account. You don’t even need approval from the lender.

  • Interest Rate Benefits

    As soon as you withdraw funds using an overdraft facility the interest rate meter starts ticking. However, as soon as you pay the interest amount and the principal amount (the amount withdrawn in excess) the meter stops. However, in personal loans and credit cards, you have to pay a fixed amount over a fixed period.

  • Instant Payments

    Funds are reimbursed almost immediately in overdraft service, usually in 24-48 hours.

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List Of Documents Required For Overdraft Limit / CC Limit

  • Duly filled application form

  • Business plan

  • PAN card

  • Passport-sized photographs of the applicant

  • Identity Proof:

    Passport,
    Driving License, ,
    Voter’s ID card

  • Residence Proof:

    Voter’s ID card,
    Driving License,
    Passport,
    Ration Card,
    Telephone Bill

  • Income Proof:

    Last 6 months’ bank statement and last 3 years’ audited financial documents

  • Last 2 years’ ITR and current years’ GST returns

  • Business Proof:

    Incorporation and sales tax registration certificates,
    rent agreement,

  • Business address proof:

    Ownership proof,
    property papers,
    house tax document,
    electricity bill

  • Details of collateral or security to be submitted

  • Details of existing loans and their repayment schedule

  • Partnership deed and Memorandum of Articles (MoA)

  • Valid Trade Licenses

  • Certificate under Shop Establishment Act

  • GST registration certificate

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From Startup Specialist