Bank Of India overdraft loan

The Bank of India Insta Overdraft Facility is an attractive service for its account holders. Namely, it allows customers to withdraw funds from their bank account beyond the zero balance and up to the approved limit. This facility is especially useful for individuals facing uncertain cash flows, empowering them to manage their short-term financial requirements effectively. As it is categorised as a revolving credit facility, customers can withdraw and repay funds within the sanctioned limit as needed, making it a more borrower-friendly credit solution. Let’s scroll down to learn more. We present herein a detailed overview of the Bank of India overdraft loan.

Features of Personal Loan Overdraft Facility

Following are the applicable features of Bank of India bank Insta OD (Overdraft Facility):

• Purpose: It aims to provide hassle-free credit for low-income groups and underprivileged customers without security or collateral. 
• Nature of Credit: It’s a revolving credit facility linked with the bank savings account, allowing customers to withdraw and repay funds up to a certain limit repeatedly.
• Loan Amount: The overdraft facility from the Bank of India ranges from Rs. 2,000 to Rs. 10,000, varying based on the customer’s financial profile. 
• Period of Sanction: The sanction period is 36 months, subject to review of the account after that.
• Interest Rate: The interest is charged only on the amount withdrawn, not the entire overdraft limit.
• Repayment Flexibility: Borrowers can repay their loans as per their cash flows and are not subjected to EMI. 
• Prepayment Charges: Unlike term personal loans, there are no repayment charges in the personal loan overdraft facility.

Bank of India Fees & Charges Overdraft Loan

Below are the applicable fees and charges of Bank of India overdraft facility:

Who Is Eligible for an Overdraft in the Bank of India?

Bank of India overdraft loan eligibility is as follows: 

• Account Type: The overdraft facility is available to customers with savings or current accounts with the Bank Of India.
• Income Group: It’s primarily designed to credit low-income groups and underprivileged customers.
• Account Balance: The overdraft limit is determined based on the account balance and translation history. 
• Credit Score: The customer’s credit score and repayment history may also be considered; typically, a CIBIL Score of 700 or higher is considered ideal. 

Bank of India Documents Required for Loan Application

Bank of India overdraft loan documents are as follows: 

• Identity Proof: Passport, Voter ID card, Driving License, PAN card, or Aadhar card.
• Address Proof: Utility Bills (Water/Electricity Bills), Passport, Driving License, or Voter ID card.
• Age Proof: Passport, Ration Card, or Class X certificate.
• Income Proof: Last 12 months’ bank statement.
• Additional Documents: Duly filled application form with 2 passport-sized photographs.

Process to Avail of Bank of India Overdraft Loan

You can start your overdraft loan application via Urban Money’s official website. Alternatively, you can contact our loan specialist by calling 1800 208 3344. They will gladly assist you through the application process until you obtain loan approval.