IDFC First Bank Overdraft Loan

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 You also have the flexibility to repay the withdrawn amount at your convenience, along with the applicable interest rate.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: 

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.