Canara Bank Overdraft Loan

Canara Bank’s overdraft loan allows borrowers to get additional funds when their accounts have insufficient balance. Overdrafts are like short-term loans, which, like any other loan, need to be repaid within a given period at a given interest rate. The Canara Bank overdraft facility prescribes a maximum limit of credit that the borrower can use. The borrower can withdraw and deposit from within this limit as per their needs. 

An overdraft facility is basically a safety net that offers financial security for personal as well as business emergencies. Keep reading to take a comprehensive overview of the overdraft terms and conditions of Canara Bank. 

Features of Personal Loan Overdraft Facility

Canara Bank’s instant overdraft facility offers the following benefits to the borrowers:

• Lower Interest Rates
• Flexible Usage for Personal and Business Purposes 
• No to Minimal prepayment charges
• Multiple withdraws and deposits
• Faster disbursals to Canara Bank customers
• No Collateral Requirement
• Interest paid only on the utilised amount 

Fees & Charges for Canara Bank Overdraft Loan

There isn’t a standard Canara Bank overdraft interest rate defined by the bank. The applicable rate of interest on an overdraft facility depends on the borrower’s past history and other reasons. The interest is charged only on the used portion of the total credit limit.

Canara Bank typically levies zero processing fee on its overdraft facility. These charges are subject to changes owing to the bank’s T&Cs.

Eligibility Criteria for Canara Bank Overdraft Loan

The Canara Bank overdraft loan eligibility stands as follows:

• Eligible Applicants: Salaried/ Self-employed individuals with a Canara Bank a/c
• Monthly Income: As prescribed by the bank
• Nationality: Indian
• High Credit Score
• Other criteria specified by the bank

Documents Required for Canara Bank Overdraft Loan

Here is the Canara Bank overdraft loan document requirements:

1. KYC Documents: Identity Proof (Aadhar Card/ Voter’s ID) and Address Proof (Utility Bills/ Aadhar Card)
2. Income Documents: Salary slips/ Balance Sheet and P&L account/ Bank Statements
3. Employment Proof: Employee ID/ Registration of Business
4. Other documents as specified by the bank

Apply for a Canara Bank Overdraft Loan with Urban Money

Urban Money offers end-to-end financial assistance on Canara Bank Overdraft applications. Our experts provide complete guidance from the application process to document submission to potential borrowers. Visit us at www.urbanmoney.com or call us at 1800 208 3344.