IDFC First Bank Overdraft Loan

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Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

The IDFC First Bank overdraft loan is a service the bank offers with its Salary Booster Account. This pre-approved credit facility allows you to withdraw funds from your account, even if it reaches zero balance, up to a specific pre-set limit. The predetermined limit primarily depends on your income, credit score, and transaction history. Furthermore, eligible applicants can access funds promptly, without any approval, document submission, or collateral/security requirement. You also have the flexibility to repay the withdrawn amount at your convenience, along with the applicable interest rate. However, unlike traditional loans, there are no fixed EMIs and prepayment fees, making it a more borrower-friendly financing option. For more information about this borrower-friendly financing option, continue reading below.

Features of Personal Loan Overdraft Facility

Let’s take a look at the following features you can expect from the IDFC First Bank Insta Overdraft:

Collateral free
No prepayment charges
Competitive interest rate.
Fast fund disbursement
Multipurpose loan

IDFC First Bank Fees & Charges Overdraft Loan

Following are the fees and charges of the IDFC First Bank bank Insta OD:

Noun	Interest Rate	Processing Fee	Late payment penalty	Renewal Fee
IDFC First Bank Overdraft Loan	10.75% p.a. onwards	₹500	2% + contractual ROI	₹500

Who Is Eligible for an Overdraft in IDFC First Bank?

The IDFC First Bank overdraft loan eligibility criteria are as follows:

You must have a salary account with IDFC FIRST Bank.
You must have a minimum monthly income of Rs. 20,000.
You must be at least 21 years old.
You must be an Indian citizen.

IDFC First Bank Documents Required for Loan Application

Customers with a Salary Account in IDFC FIRST Bank may need 1 year of bank statements to assess their banking transactions. However, if you are not a bank customer but want to open a salary account to avail of the IDFC First Bank Insta Overdraft, you may require the following documents listed below:

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 Employee: Salary slip, income tax return, employee ID, etc.

The Process to Avail IDFC First Bank Overdraft Loan

Initiate the IDFC First Bank overdraft loan application on Urban Money’s official website. For more queries or assistance, feel free to call 1800 208 3344. Our dedicated loan specialist will guide you until fund disbursal.

Frequently Asked Question (FAQs)

What is an IDFC First Bank overdraft personal loan?

IDFC First Bank overdraft personal loan is a credit facility accessible via the IDFC First Bank salary account.

Can I convert my IDFC First Bank personal loan to an overdraft?

No, the bank doesn’t offer any option to convert your IDFC First Bank personal loan into an overdraft.

Is IDFC First Bank's overdraft loan good or bad?

The suitability of an IDFC overdraft loan primarily hinges on your financial needs and preferences. However, it is crucial to thoroughly evaluate interest rates, terms, repayment capacity, and other relevant factors before making any decisions.

Is it better to take OD or a personal loan?

There is no definite answer, as both options possess unique features and benefits. However, personal loans are usually considered better if you are looking for higher funds with longer terms. On the other hand, an overdraft facility is ideal when you require a lesser amount along with a shorter term.