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cc overdraft

About cc overdraft Loan

Understanding cash credit and overdraft loans at loanzBazar

Cash credit is more common for business accounts, and it usually demands some type of collateral. Overdrafts, on the other hand, allow account users to maintain a negative balance without paying a significant overdraft fee.

Financial organizations provide their customers with two types of short-term financing: cash credit and overdraft. When there are insufficient funds in checking accounts, both are utilized to prevent cheques from bouncing or debit cards from being denied. The main distinction between these types of loans is how they are secured.

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Loan Amount

25,000

25,00,000

Rate of interest

11.00%

36%

Loan Tenure

6 Months

72 Months

Calculated EMI*

Fastest Cash credits/ overdrafts at Loanz Bazar

Apply for a cash credit loan and receive funds within 24 hours of approval at loansBazar. With the least requirement, minimum eligibility and just a few documents get your cash credited to your bank within hours. Secured overdrafts typically take one to three months to arrange, however, unsecured overdrafts can be accessed instantly or in as little as two weeks.

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Advantages of taking an cc overdraft loan from Loanzbazar

Why is LoanzBazar best to take cash credits/ overdrafts from?!

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Quicker cash credit /overdraft

LoanzBazar guarantees the fastest cc approval and transfers within 24 hours after screening the required documents and your application. Overdraft, however, takes a little longer but with LoanzBazar it will also be processed fast.

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Easy repayment options

Repayment is limited to the amount spent from the available limit because interest is levied on the daily closing balance rather than the maximum borrowing limit. The payback time for the amount borrowed on credit is similarly limited to 12 months or less because it is a short-term loan. An overdraft, unlike loans or credit cards, does not have a repayment schedule, thus it is up to you to pay it off.

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Allowance of large loans

At LoanzBazar you can take a cash credit from anywhere between Rs 50,000 to Rs 10,00,000 and use it to meet day-to-day needs, expand operations, purchase new equipment etc.

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Easy repayment options

A one-year repayment period is typical for cash credit loans. The repayment period for an overdraft facility can be monthly, quarterly, half-yearly, or yearly.

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Least documentation

When you are opting to take a cc/overdraft with LoanBazar you won’t be worrying about documents. You just need to show some basic documents and your loan will be credited to your bank.

Documents to Apply for a cc overdraft Loan

When applying for a cc overdraft loan, you will need to submit the following documents:
  1. PAN Card
  2. Identity proof (Aadhaar Card, Driving licence, Passport, Voter ID, etc.)
  3. Signature Proof (Passport, PAN card, etc.)
  4. Address proof (Passport copy, Aadhaar card, driving licence, utility bill – gas or electricity bill, Voter ID ,ration card, rent agreement, etc.)
  5. Bank statements of the past 6 months
As a salaried individual, you additionally need to submit the following:
  • As a salaried individual, you additionally need to submit the following:
  • Income Tax Returns for the last 2 years
  • cc overdraft proof (License, registration certificate, GST number)
  • IT Assessment OR Clearance Certificate
  • Income Tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for income declared in ITR
Please note that depending on your individual profile and Fullerton India’s policy at the time of loan application, additional documents may be requested.

Loanbazar cc overdraft Loan Eligibility

  • You must be a Salaried Employee
  • Age: 23-55 years old
  • Net Monthly Income must be more than Rs. 20,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai,Mumbai or Hyderabad.

What can the cc/overdraft be used for?

Financial organizations provide their customers with cash credit and overdrafts to prevent returned payments. When there are insufficient funds in checking accounts, both are utilized to prevent cheques from bouncing or debit cards from being denied.

Flexible Repayment options

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

cc overdraft Loan

Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest. Each Installment reduces both interest and Principal amount. Ideal when: You know the precise Loan Amount needed and your income is consistent.

How to apply

Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…

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Compare cc/overdrafts Rate of Interest in Mumbai, Pune, Thane, Navi Mumbai, Delhi, Bangalore,

CC/overdrafts rate of interest are usually different at different banks. The rate of interest for overdrafts is higher than for cash credits. The lowest interest rate for cc is charged in ICICI at 10.4% to 11.5% p.a. Whereas the lowest interest rate for overdraft is charged at SBI Starting at 9.65%.

Bank Name Rate of Interest for Salaried Employee
HDFC Bank 10.99% - 17.85%
Axis Bank 11.99% to 24%
ICICI Bank 10.99% - 17.85%
Standard Chartered Bank 11% - 16%
IndusInd Bank 14% - 16%
Kotak Bank 11.50% - 24.00%
Bajaj Finance 14.25% - 16.75%
HDB Finance 14% - 21%
Fullerton Finance 13.00% - 24.00%
State Bank of India 11.00% - 17.65%
IDFC Bank 10.99% - 17.85%
IDFC Bank 10.99% - 17.85%
Tata Capital 13.50% - 18%
Yes Bank 12.50% - 16.00%

FAQs

The borrowing limit for cash credit is based on stock volume and inventory whereas in overdrafts the borrowing limit is based on financial statements and security deposits.

Ye cash credit is a short-tenure loan amount which you can return within a year.

A CIBIL score of 750 or above is required for cash credit.

To be eligible for an overdraft, an applicant must have a current account with the bank. Only the amount that has been utilized is subject to interest.

Businesses can take out cash credit loans to borrow money from their bank account over their account balance as many times as they wish, up to a pre-determined borrowing limit. However, interest is only levied on the amount borrowed, not on the total amount borrowed, unlike other loans.