HDFC Bank Overdraft Loan

Let’s say you need a bit more money than is available in your bank account. You may not have enough time to go through the traditional loan application or don’t want to follow the EMI method as you intend to repay the funds soon enough. In such cases, an HDFC Insta Overdraft can be ideal for you. Whether it’s to cover utility bills, medical emergencies, credit card payments, or any other unexpected expenses, you can expect to withdraw money in a jiffy.

Namely, the HDFC overdraft loan is a formal arrangement with the bank that allows you to draw on funds over the amount in your bank account. You can repay the borrowed amount at your convenience, along with the applicable interest. However, there are certain limits in both the amount and time frame you can avail of, which may vary from person to person. Typically, this variation is based on factors such as your income, credit score, transaction history, etc. Continue scrolling down to learn more.

Features of Personal Loan Overdraft Facility

Let’s take a look at the following features you can expect from the HDFC Insta Overdraft facility:

• Enjoy ultimate freedom in using the funds at your discretion.
• Interest is only applied to the withdrawn amount, not the entire approved limit.
• Enables you to make repayments at your convenience rather than adhering to fixed EMIs with a predetermined amount and interval.
• Operates as a revolving credit line, allowing you to repay and reuse the funds as needed.
• Acquire the necessary funds without plunging any of your assets as collateral or security. 
• Quick and easy access to funds compared to other borrowing options.

HDFC Fees & Charges Overdraft Loan

Below are the fees and charges of the HDFC overdraft loan: 

Who Is Eligible for Overdraft in HDFC?

The eligibility criteria for overdraft in HDFC Bank may vary depending on the type of overdraft facility you want to avail. Here are some of the common guidelines for HDFC overdraft loan eligibility:

• You must either be a current member of the bank or become a member by opening a bank account.
• You must have a stable and regular source of income.
• You must have a good credit score and repayment history.
• You must be an Indian citizen.

HDFC Documents Required for Loan Application

Customers with pre-approved offers are not obligated to submit any documents. Other customers may be required to provide their bank statements for the assessment of banking transactions. Nonetheless, individuals without an HDFC bank account might need to provide the following documents:

• Proof of Identity:  PAN Card (mandatory), Aadhaar Card, Driving licence, or Passport.  
• Proof of Address: Utility Bills, Voter ID Card, or Ration Card.
• Proof of Income: Bank statement, salary slip, income tax return, etc.
• Proof of Business: Business vintage, GST registration, business profile, etc. (for self-employed customers)

Process to Avail HDFC Overdraft Loan

To initiate the application for an HDFC Insta Overdraft, you can visit the online platform of Urban Money. Alternatively, contact our loan specialist by dialling 1800 208 3344; they will gladly guide you until you secure the necessary funds. Applying through our official website ensures the fund is disbursed within a day or two.