Unleash Financial Flexibility with Grab Capital's Overdraft Solutions
Get Your Overdraft Facility and Ensure Business Resilience!
Overview of Product
Working Capital or Overdraft Loan in Bangalore, India
A business overdraft, linked to transaction bank accounts, permits withdrawing funds within a predetermined limit even with a zero account balance. Interest, akin to a line of credit, applies to the drawn amount and can be repaid and drawn down as needed. It offers cash flow flexibility but may entail higher interest rates and security prerequisites. Annual fees and potential “repayable on demand” terms can be factors to consider. Qualification often demands a few years of business trading. Interest rates range from 6% to 17% per annum, impacted by cash flow, asset security, lender policies, and terms. Thoroughly understanding terms and conditions is advisable before applying.
Funds are released in tranches as construction progresses, ensuring you adhere to the plan. Tax benefits apply if construction completes within 3 years. With a composite facility, you can secure up to 80% of your estimated cost, facilitating your dream home’s realization.
Features and Benefits
Why Chose Grab Capital ?
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Working Capital or Overdraft Loan EMI Calculator
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Eligibility Criteria for Working Capital or Overdraft Loan in Bangalore, India
Our Working Capital or Over Draft facilities eligibility criteria at Grab Capital are thoughtfully crafted to simplify the application process, ensuring a hassle-free experience for you.
- Age of the individual must be between 18 years and 75 years.
- Nature of business must be positive and it should not be blacklisted.
- A good credit score of at least 750 or more obtained from a recognised credit bureau
Documents required for Working Capital or Overdraft Loan in Bangalore, India
At Grab Capital, we prioritize your convenience. Our Working Capital or Over Draft facilities application process is streamlined, requiring minimal documentation.
- ID Proof
- Residence Proof
- Proof of Income
Note: Please be aware that the list of eligibility and documents mentioned above for the fund is not exhaustive. Additional documentation may be necessary as part of the application and processing requirements.
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Your Eligibility Is Confirmed, It’s Time to Apply for the Funds You Need to Achieve Your Financial Goals!
FAQ's
Frequently Asked Questions
An overdraft facility is a short-term credit arrangement that lets account holders withdraw more money than they have in their account, with interest charged on the overdrawn amount. It’s used for managing temporary cash flow needs and avoiding payment bounces.
The purpose of an overdraft facility is to offer a financial cushion for short-term cash needs, avoid payment bounces, and cover unexpected expenses by allowing account holders to temporarily overdraw their accounts with interest charges.
The overdraft limit is determined by the bank or financial institution based on the account holder’s creditworthiness, income, and banking history. It may also depend on the specific type of overdraft account and the terms offered by the bank. The limit is typically reviewed and adjusted periodically.
Yes, you can repay the overdraft at any time, and doing so can help reduce interest charges. Overdrafts are meant for short-term use, and prompt repayment is advisable to minimize interest expenses.
An overdraft facility typically doesn’t require collateral, as it’s often unsecured credit based on the account holder’s creditworthiness and banking history. Specific requirements vary by institution.