Overdraft Against Property

Manage your fund requirements for business needs with the Drop-line Overdraft Against Property and pay only for what you use. Drop-line Overdraft Against Property is an overdraft facility against property as collateral for self-employed customers.

Product Features

• Drop-line Overdraft limit of upto Rs.5 Crores
• Drop-Line overdraft tenure up to 10 years
• Both residential and commercial property accepted as collateral
• Avail loan upto 80% of your property value
• Interest charged only on the amount utilized
• Minimal documentation and faster approvals
• Attractive interest rates

Eligibility & Loan Criteria

• Drop-line Overdraft Against Property can be availed by self-employed individuals, self-employed professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies.)
• Drop-line Overdraft Against Property can be offered to Indian residents only
• Minimum net profit as per latest year ITR / Financials of & Rs.150,000
• Minimum age at loan sanction – 23 years. Maximum age at loan maturity – 65 years

List of Documents Required

• PAN Card – For Individual / Partnership Firm / Company
• Identity Proof – Any one (e.g. Voter ID / Driving License / Passport)
• Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
• Business Continuity Proof – Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / COI / Partnership Deed)
• Passport size photographs for all applicants and co-applicants

List of Financial Documents Requirement

FOR SELF-EMPLOYED INDIVIDUALS / SOLE PROPRIETORSHIPS

• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• Bank statements from the borrower’s main account/s for last 6 months and 3 months of all other bank accounts mentioned in the balance sheet

FOR SELF-EMPLOYED PROFESSIONALS

• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• Bank statements from the borrower’s main account/s for last 6 months and 3 months of all other bank accounts mentioned in the balance sheet
• Professional Qualification Certificate and Degree Certificate for professionals (Doctors, Architects, Chartered Accountants etc.)

FOR PARTNERSHIP FIRMS / PRIVATE LIMITED COMPANIES

• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the balance sheet
• Partnership Deed and partnership authority letter for partnership firms
• Memorandum and Articles of Association and Board Resolution from the company
• Certificate of Incorporation (COI) for companies
• Latest shareholding patterns for Private Ltd. / Public Ltd. companies