Axis Bank Overdraft Loan
Axis Bank offers an overdraft loan under the name Flexi Loan. You can lower your EMIs by up to 45% with an Axis Bank Finance overdraft loan. Get instant approval and quick disbursal of the loan amount with a quick online process. You can borrow funds whenever you need them with a Axis Bank overdraft loan. No charges are levied on prepayment, and interest is levied only on the amount utilized at the end of the day.
Axis Bank Finance Overdraft Loan
Following is the table of complete details for the Axis Bank Finserv Overdraft Loan:
| Loan amount | Up to Rs. 50 lakhs. The limit is sanctioned based on the customer's profile |
|---|---|
| Rate of interest | Min 14% p.a. onwards. Charged day-wise on the amount utilized |
| Tenure | 5 years to 8 years |
| Approval TAT | Within 5 minutes |
| Disbursal TAT | Within 24 hours |
| Collateral | Not required |
| Prepayment charges | Nil |
| Processing fee | Up to 2% |
| Age | 21 to 67 years |
Table of Contents
Axis Bank Overdraft Loan Eligibility
Axis Bank Overdraft Loan Document Required
Difference Between Axis Bank Overdraft Loan and Axis Bank Term Loan
How To Apply for Axis Bank Overdraft Loan?
FAQs
Axis Bank Overdraft Loan Eligibility
Following are the detailed eligibility criteria for the Axis Bank OD loan:
- Nationality: The applicant should be an Indian citizen.
- Work status: The applicant should be a salaried individual working with a multinational company (MNC), public or private limited company.
- Age: The minimumage should be at least 21 years at the time of loan application and the maximum age should not be above 67 years at the time of loan maturity.
- CIBIL score: The applicant must have a Credit Score of 750 or above to be eligible for Axis Bank Finance OD loan.
Axis Bank Overdraft Loan Document Required
You require the following documents to apply for a Axis Bank Finserv OD loan:
- KYC documents like Aadhaar Card, PAN Card, Driving License, Voter ID, or Passport.
- Bank account statement for the last 6 months.
- Form 16 or latest salary slips
- Employee ID card is required for overdraft Axis BankFinance.
Difference Between Axis Bank Overdraft Loan and Axis Bank Term Loan
The difference between the Axis Bank term loan and the Flexi personal loan is the amount sanctioned. Under a term loan, the entire sanctioned loan amount is disbursed in one go, and the borrower has to pay interest on the same. The EMI on a term loan includes the principal and interest. However, in the case of an Axis Bank Finance overdraft facility, the sanctioned amount is assigned to the borrower’s account, and they can borrow the same as per their requirements. Borrowers can choose to pay only the amount of interest as their Axis Bank Finance OD limit EMI. The borrower can repay the principal amount at the end of the loan’s tenure.
How to Apply for Cholamandalam Bank Overdraft Loan?
Following are the steps to apply for Cholamandalam Bank OD loan online:
- Fill in your personal, financial, and employment details.
- Then select the loan amount you require and the tenure of the loan.
- Submit the required documents for verification and wait for approval of Axis Bank Finance OD facility.
- Once the application is approved, the loan amount will directly be credited to your bank account within 30 minutes.
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Axis Bank Overdraft Loan FAQs
The Axis Bank Overdraft Flexi Loan is similar to an overdraft facility. It allows you to borrow money up to a certain limit approved by the lender. The Axis Bank overdraft interest rate is charged only on the amount used in a day and not on the amount sanctioned. The sanctioned loan amount can be used for any purpose. You can prepay the loan at your convenience. However, the interest amount needs to be paid as per the agreed-upon conditions.
The rate of interest for Axis Bank Finance OD is charged day-wise only on the amount utilized. The interest rate starts at 13% p.a.
You can use the Axis Bank overdraft loan calculator to calculate the EMI and interest rate on OD.