Axis Bank Overdraft Loan

Personal Loan By Other
Personal Loan By Profession
Personal Loan By Amount
Personal Loan By Scheme

Get in Touch for Personal Loan Expert Advice

Connect with our Personal Loan Advisor Now!

Personalized Personal Loan solutions
Expert guidance
Application assistance
Credit score discussion
Personal Loan Interest rate comparison

Full Name

+91Mobile No.

Choose City

I agree to the Terms and Conditions of TUCIBIL and hereby provide explicit consent to share my Credit Information with Urban Money Private Limited.

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

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 However, interest is incurred only when you withdraw the funds and is applied solely to the amount you have withdrawn.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.

Frequently Asked Question (FAQs)

What is an Axis Bank overdraft personal loan?

Axis Bank overdraft personal loan is a feature that lets you withdraw funds from your bank account, even if your balance is zero. Repayment can be made at your convenience, but the bank may levy certain interest for this service.

Can I convert my Axis Bank personal loan to an overdraft?

No, there is no option available to convert your Axis Bank personal loan to an overdraft.

Is Axis Bank overdraft loan good or bad?

It primarily depends on your unique financial requirements and situation. Therefore, it is advisable to examine factors such as interest rates, terms, and repayment capabilities before deciding.

Is it better to take OD or a personal loan?

Both options offer unique features and benefits. Overdraft (OD) allows you to withdraw funds up to a specified limit, even with a zero or negative balance. At the same time, a personal loan is a fixed amount borrowed for a specific purpose and duration. Hence, choosing the better one depends on factors such as your financial needs, eligibility, repayment capacity, interest rate, tenure, and other considerations.