Drop Line Overdraft | What Is Drop Line Overdraft

By Author: Financeseva
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How dropline overdraft works?

It has simplified processing which take less time compared to other loans. Firstly, you have to request the application from the bank & fill up the required details with attached necessary documents it. Once you submit it shortly bank representatives will go through of it & contact you for the personal discussion regarding final confirmation upon rates & terms, with your approval disbursement take place amount will be credited in your current account.

Does credit score matter in taking dropline overdraft?

Yes, applying for any type of loan you need to maintain good credit score as it’s one of the major factors consider to know about past financial history.

What are the benefits of dropline overdraft?

Interest is applicable to only utilized amounts
It contains 2 types of facility to borrow money one through secured & another unsecured
Lowest processing fee
Flexible tenure facility

Who are eligible for dropline overdraft facility?

This type of credit facility can be availed by self-employed, entrepreneurs, companies.

Which ...
... documents required for dropline overdraft facility?

Application form
2 coloured photographs
Identity proof
Address proof
Income proof
ITR filed for last 3 years
Bank statements

What is Dropline Overdraft (DOD) ?

The Dropline overdraft facility refers to the secured loan category where against a property as security, loan is given for a specified period where the loan amount is reduced every month / quarterly / semi-annually / annually (depends upon bank to bank) from the principal amount.
The right of ownership of the property is still with the borrower and you are still allowed to continue using it for residential or commercial purposes.There is no annual maintenance charge in drop line overdraft. The interest is charged every month.

How much loan amount is given for dropline overdraft facility?

It is totally dependent on your profile like credit score, previous repayment history, default payment & such other factor are considered in determining loan amount.

Is collateral/security being mandatory in dropline facility?

No, this credit facility allows both features it's your wish with or without collateral applying for loan.

Does dropline overdraft allow to get joint loan?

Yes, if your credit profile seems lower & needed higher loan amount then its recommended to add on your spouse to increase eligibility & fast approval.

What is the maximum year of repayment?

Maximum tenure for dropline overdraft facility goes up to 15 years.

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