Axis Bank Overdraft Loan

Axis Bank overdraft loan is a facility that allows you to access additional funds when your account balance becomes zero. You can typically avail of this facility to meet urgent or unexpected financial needs at your discretion. This may include business expenses, medical emergencies, or any other unannounced personal need, making it a more flexible and convenient financing option. However, similar to any other credit facility, recipients are obligated to repay the borrowed amount along with applicable interest. However, interest is incurred only when you withdraw the funds and is applied solely to the amount you have withdrawn. To know more, let’s scroll down.

Features of Personal Loan Overdraft Facility

The following are the features of the Axis Bank insta overdraft facility:

• Zero Documentation 
• No prepayment charges
• Interest is charged on usage
• Digital application process 
• Instant fund disbursement 

Axis Bank Fees & Charges Overdraft Loan

Let’s take a look at the applicable fees and charges of the Axis Bank Bank Insta OD facility: 

Noun	Processing Fee	Interest Rate	Renewal Fee
Axis Bank overdraft loan	1% of the overdraft amount + applicable taxes	16% to 19% p.a.	0.5% of the drawing power or ₹ 5,000 whichever is lower + applicable taxes.

Who Is Eligible for an Overdraft in Axis Bank?

The eligibility criteria for Axis Bank overdraft facility may vary based on your profile and the type of overdraft you wish to avail. However, the following are some common guidelines for Axis Bank overdraft loan eligibility:

• You must have a bank account from the Axis Bank. 
• You must be either a salaried or self-employed individual. 
• You must be aged between 21 to 65 years old. 
• You must be an Indian citizen. 

Axis Bank Documents Required for Loan Application

The following is the typical documentation that you may required to submit along with your Axis Bank overdraft loan application: 

• KYC documents
• PAN Card / Form 16
• Bank account statement
• Applicable financial documents
• Salary slip or Business proof 

The Process to Avail Axis Bank Overdraft Loan

You can simply apply for an Axis Bank overdraft loan via the official website of Urban Money. Alternatively, you can call 1800 208 3344, and our dedicated loan specialist will assist you until the loan amount hits your bank account.