Digital Loan Overdraft Facility - Minemi

Overdraft Facility: Flexible Credit for Your Short-Term Needs

Access instant funds with overdraft facilities tailored for your financial flexibility. Borrow only what you need, repay at your pace.

Introduction:
Overdrafts are a convenient credit option for managing short-term financial needs without the hassle of applying for a new loan. Whether you need funds for unforeseen emergencies, business working capital, or everyday expenses, an overdraft facility provides a flexible solution. Unlike traditional loans, you pay interest only on the amount utilized, offering significant savings and convenience.
Benefits of Overdraft Facilities
  1. Flexibility: Borrow as per your requirement and repay when funds are available.
  2. Interest on UsagePay interest only on the amount utilized.
  3. Quick Access: Enjoy fast and hassle-free approval
  4. No Fixed EMI: Repay based on cash flow, without fixed monthly obligations.
  5. Multiple Use Cases: Ideal for personal or business needs like working capital or emergencies.
Eligibility Criteria for Overdraft Facility

Criteria Details:

  • Income Requirement ₹25,000/month minimum income
  • Employment Status Salaried or self-employed
  • Credit Score 700+ preferred for attractive rates
  • Collateral Required in case of secured overdraft
  • Age 21 to 65 years
Documents Required
  • Identity Proof: PAN, Aadhaar Card.
  • Address Proof: Utility bill, rent agreement.
  • Income Proof: Salary slips, bank statements.
  • Collateral Papers: (For secured overdrafts only).
Use Cases for Overdraft Facility
  • Business Needs: Manage working capital and operational expenses.
  • Emergency Expenses: Handle unexpected medical or travel needs.
  • Seasonal Requirements: Ideal for irregular cash flows.
  • Debt Consolidation: Use it to pay off high-interest loans.
Overdraft vs. Personal Loan
  • Feature Overdraft Personal Loan
  • Interest Calculation On utilized amount only On full loan amount
  • Repayment Flexible, based on cash flow Fixed EMIs
  • Approval Time Quick Moderate
  • Collateral Optional (secured overdrafts) Not required
Why Choose Minemi for Overdrafts?
  • Compare multiple lenders offering competitive overdraft facilities.
  • Get personalized recommendations based on your profile.
  • Access a seamless, end-to-end digital application process.

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Frequently Asked Questions (FAQs)
What is the interest rate on overdraft facilities?
Interest rates vary by lender but typically range from 10-18% per annum, calculated only on the utilized amount.
Yes, unsecured overdraft facilities are available, but they may have higher interest rates.
The limit depends on your income, credit score, and relationship with the lender.