IndusInd Bank Overdraft Facility

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Kirti Bansal

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IndusInd Bank Overdraft Facility is a type of loan facility that allows customers to borrow money against securities like Shares, Mutual Fund Schemes/Units and Bonds. This facility is available for both individuals and businesses and can be availed through a current account. The overdraft limit is determined by the bank based on factors such as credit score, income, and repayment history. IndusInd offers IndusInd Bank overdraft interest rate starting from 11.25% p.a. and a minor processing fee on the sanctioned limit. The minimum IndusInd Bank overdraft loan limit is Rs. 2 lakh, and it can go up to Rs. 50 crore, subject to eligibility criteria and type of security.

Features of Personal Loan Overdraft Facility

Here are the features of the IndusInd Bank Overdraft Facility.

Higher Loan Amount against securities like Shares, Mutual Fund Schemes/Units and Bonds.
Single Scrip Lending.
No Prepayment Charges.
Third-Party DP Securities accepted.
No Penalty Charges on non-usage of funds.

IndusInd Bank Fees & Charges Overdraft Loan

Here are the fees and charges associated with the IndusInd Bank Overdraft Facility.

Type of Fee	Charges
Processing Fee	Up to 1.00% of the sanction amount subject to a minimum of ₹2500
Renewal Fee	Up to 0.50% of the sanctioned amount subject to a minimum of ₹2500
Charges for Late Payment	18% p.a. on overdue amount (calculated on a daily product basis and levied on a monthly basis)
Pledge/Depledge fees	0.02% of the pledge / depledge value subject to a minimum ₹20 per tariff
Charges on drawings in excess of Limits (due to application of interest or revaluation of portfolio under pledge)	Penal interest of 18% p.a. plus tax on the amount drawn in excess of the Limit (calculated on a daily product basis and levied on a monthly basis)
Sale of security	All brokerages, transaction charges and other levies as per actuals

Who is eligible for overdraft in IndusInd Bank?

While both individuals and non-individuals can apply for an IndusInd Bank overdraft loan, the IndusInd Bank overdraft loan eligibilty criteria for each category is different. Here is the eligibility criteria for each category.

Individual

Indian Residents
Age between 18 to 70 years
Holding approved securities

Non-individual

Indian Entities
Loan only against approved Debt Mutual Funds and Bonds

IndusInd Bank Documents Required for Loan Application

Here is a list of IndusInd Bank overdraft loan document requirements that individuals and non-individuals must submit for approval.

Individual	Non-individual
Application form and loan agreement	Application form and loan agreement
KYC documents such as identity proof, signature proof and address proof.	KYC documents such as identity proof, signature proof and address proof.
Demat Account Statement or Statement of Holdings (MF)	Demat Account Statement or Statement of Holdings (MF)
Annexure W / lien request letter for pledging of securities	Annexure W / lien request letter for pledging of securities with Board Resolution
For loan amount greater than ₹50 Lakh, last two years ITR with computation of income and last three months Bank Statement	Audited Balance Sheet, Profit & Loss Account, Bank Statement and ITR return for the last two years.

Process to avail IndusInd Bank Overdraft loan

Induslnd provides a very easy process to apply for the IndusInd Bank overdraft loan.

Select your application category – Individual or Entity.
Auto-fill your details by login through registered Mobile Number, Net Banking, or Aadhaar Number.
Verify your details as per PAN Card and Aadhaar Number.
Enter your portfolio details to get your provisional sanction letter.

Once your details are comfirmed by Induslnd, a sales representative will contact you to assist you in setting up of an overdraft account.

Frequently Asked Questions (FAQs)

What is IndusInd Bank overdraft personal loan?

IndusInd Bank overdraft facility is a secured loan facility granted against securties like Shares, Mutual Fund Schemes/Units and Bonds.

Can I convert my IndusInd Bank personal loan to overdraft?

The IndusInd Bank overdraft facility is only available against securities.

Is IndusInd Bank overdraft loan good or bad?

IndusInd Bank insta overdraft is a great option to utilise securities.

Is it better to take OD or personal loan?

IndusInd Bank overdraft loan is suitable for people looking for multiple loans for a short tenure. On the other hand, personal loans are more suitable for people looking for long-term tenures and a single large financial capital.