Overdraft is an extention from financial institution when an account reaches zero. In this situation the bank covers cheques which would otherwise bounce. As per the bank records the bank decides on the authorized overdraft limit and the interest charged at the agreed rate. The maximum overdraft limit is sanctioned by the bank and is agreed upon by the customer. The excess amount withdrawn is charged interest upon and must be settled by the customer on demand from the bank.

We at creative finserve can help you get this feature for your business account.

• Our expertise to get u the right Banks / Institute to fulfill your requirement.
• Great back up for unexpected expenses.
• Spend beyond what is in your account up to the limit.
• Pay interest only on the amount you use and only for the period you use it.Loan repayment in flexible tenures.
• Flexible repayment - Option to choose between Dropline Overdraft Facility or EMI based loan.
• Residential and commercial properties accepted as collateral.
• Excellent debt consolidation tool.

There are several steps in the Overdraft(OD) process. Here are the steps in brief:

• Application form & Document submission
• Cibil report check
• Residence verfication
• Office verification
• Eligibility calculation
• Technical & Valuation
• Personal Discussion
• Credit decision
• Offer Letter
• Submission of Property documents & legal check
• Registration of property documents
• Signing of agreements and submitting post-dated cheques
• Disbursement

SELF EMPLOYED INDIVIDUAL

• An Indian Resident
• You should be Manufacturer of Trader
• You should be in business for a minimum of 3 years.
• You should be self employed Minimum 24 to maximum 65 years of age.
• Your current place of residence should be occupied for a minimum of 3 years in the city.
• You should have residence or office owned

PARTNERSHIP FIRM / PVT LTD FIRM

• An Indian Resident
• You should be Manufacturer of Trader
• You should be in business for a minimum of 3 years.
• You should be self employed Minimum 24 to maximum 65 years of age.
• Your current place of residence should be occupied for a minimum of 3 years in the city.
• You should have residence or office owned.

To qualify for a Overdraft, most of the lending institutions in India require you to be:

Documents	Salaried	Self Employed Properitorship Firm	Self Employed Partnership Firm	Self Employed Pvt Ltd / Ltd
Application Form With Photograph Duly Signed
Clear Pancard Copy, (Applicant & Co-Applicant)
Latest Residence proof (Applicant & Co-Applicant)
Latest Office Proof (Applicant & Co-Applicant)
Last 3 Months Salary-Slips
Last 12 Months Bank Statements
Processing Fee Cheque
Form 16 / Income Tax Returns Of Last 3 Yrs
All Loan Sanction Letter If Any
Business Profile
Proof Of Business Existence ( Gumasta License , Sales Tax Certificate , Form 26AS , )
GST Certificate & GST 3B Copy last 1yrs
Last 3 Years Income Tax Returns With Computation Of Income
Last 3 Years ITR with CA Certified / Audited Balance Sheet And Profit & Loss Account
MOA /AOA
Partnership Deed
Company Pancard Clear Copy
Shareholding Pattern On Letterhead
Sundry Debtor & Creditor List Last 1year
Property Papers ( Chain Of Agreement & Share Certificate ) / Draft Agreement