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Dropline Overdraft

Dropline Overdraft

Dropline overdraft is a facility provided to customers where they can overdraw from their current account up to an agreed limit. Overdraft is an effective way of borrowing as customers pay interest only for the period of utilization, another advantage of availing overdraft is that they can deposit the amount or withdraw whenever they wish to by not exceeding the limit.

This facility is a combination of overdraft and Term loan against residential or commercial property. This can benefit Professionals, Sole proprietors, Proprietorship firms, Partnership firms or Private limited company.

Tenure of Dropline overdraft can be from 1 year to 15 years and can be used on monthly, quarterly, half yearly or yearly basis or as per borrower needs.

Unsecured Dropline overdraft is issued to businessmen with good financial status without any collateral.

This product is good for businessmen who have day to day requirement of working capital. There are no usage restrictions and funds can be used for renovation of house, medical emergency, marriage in family, extension of business or starting a new business.

Loan amount can be availed from minimum of 3 lakhs to 50 lakhs

Dropline Overdraft Features

  • Dropline Overdraft comes as secured and unsecured loan
  • Secured loan is provided with a collateral and Unsecured loan based on Creditworthiness of the individual
  • Monthly repayments are not required like traditional loans
  • Interest will be charged only on the amount utilized by borrower and charged at the end of the day as per the closing balance
  • Compared to rates of personal loan or term loan, Dropline overdraft rate of interest is very low.
  • Good for businesses where there is a requirement of day to day working capital
  • No end usage restriction will be applied for Dropline overdraft facilities and can be used for other purposes like purchase of new property, renovation of house, medical emergency, marriage, business extension or start-up
Dropline overdraft

Basic criteria for availing Dropline overdraft for borrower is as follows

  • Businessperson owning a proprietorship, partnership, or private limited company, and a current account with good transaction history with the bank
  • Number of years in a business and having maintained a current account
  • Business should be operational for more than three years and have a clean track record.
  • Banks may also seek for income tax returns with audited balance sheet, profit and loss accounts to facilitate overdraft limit

Required documents to apply Dropline Overdraft Loans

Personal Documents
  • Application form with Passport Size Photographs of all applicants and co-applicants
  • PAN Card of applicant and co-applicant
  • Identity Proof – Voter ID/ Driving License/ Passport/ Aadhar Card
  • Address Proof – Passport/Driving License/ Voter ID/ Electricity Bill/ Telephone Bill
Self-Employed Individuals / Sole Proprietorships
  • Latest audited ITR and financials for the last 3 years -Balance Sheet, Profit & Loss A/c
  • One year Bank statement from the borrower's main account/s as mentioned in the Balance Sheet for the latest year
  • One Year GST Returns
  • Payment Statement of any existing loan
Partnership Firms / Private Limited Companies
  • Latest audited ITR and financials for the last 2 years -Balance Sheet, Profit & Loss A/c
  • One Year bank statement from the borrower's main account/s as mentioned in the Balance Sheet for the latest year
  • Partnership Deed in case of partnership firms
  • Certificate of Incorporation for private limited companies
  • One year GST Returns
  • Payment Statement of any existing loan

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Customer Testimonials

Customer Testimonails

Took a Dropline Overdraft loan from Loan Trust. Very happy to have had a smooth procedure and having the loan sanctioned on stipulated time. Awesome service

Harish
Customer Testimonails

Entire experience of availing loan with the help of Loan trust was commendable. Hassle free process helped me relieve the stress of getting the loan

Krishna
Customer Testimonails

Documentation is one of the big headache one sees while applying for loans…But in Loan Trust experts made it so easy to arrange for all required documents which made the loan process hassle free…Thank You Loantrust

Vinay
Customer Testimonails

I had an urgent requirement and was searching for right financial institution for some guide on Dropline Overdraft… Loan Trust came in as a savior on time and helped me getting the loan easily

Nalina Gurukiran
Customer Testimonails

I always felt getting loan to expand a business is a cumbersome process…Loan trust made the process so easy and comfortable that I am confident to refer all my clients and friends to take help from Loan Trust – Appreciate your help Loan Trust

Gita Kumari

Frequently Asked Questions

A. Dropline Overdraft Loan can be a secured or unsecured loan against a property which is evaluated for the repayment ability and the loan amount is reduced frequently while the ownership of the property remains with the individual only.

A. The Dropline overdraft facility can be issued to Businesses and Individuals. Individuals can be self-employed professionals and the businesses can be incorporated as a proprietorship, partnership, private limited or public limited companies. Ownership of the property should be clear and is mandatory in case of secured loans. Unsecured loans are provided based on creditworthiness.

Basic parameters for the eligibility of Dropline Overdraft Loans are -
  • Applicant should have good source of income and should be between 25 to 65 years of age
  • Excellent credit history helps to increase the eligibility to loans
  • Employment and Professional Experience Records
  • Specific reason to avail loan

A. Dropline overdraft can be available as secured or unsecured loans. Secured will be an advantage as it will come with lesser interest rate and higher amount with collateral. Unsecured loans will come with higher interest rates and lower overdraft amount as it is given without collateral but only on creditworthiness.

A. A dropline overdraft loan issuance depends on all document submission and verification.

A. While the leading Banks and NBFCs consider residential and commercial properties, some banks also provide on vacant land and industrial properties.

A. Tenure depends on the banks policies and may vary from 10 years to 15 years

A. Interest on dropline overdraft ranges from 9.5% to 13% depending on the banks and repayment capacity of borrower

The Dropline Overdraft Loan is commonly used for
  • Marriage
  • Extension of Business
  • Renovation of House
  • Medical Emergency
  • Starting a new business
  • Purchase Equipment

A. The Processing fee varies from Bank to Bank and normally it would be at the range of 1% of loan amount

A. Maximum and Minimum amount can be ascertained only the value of the property, repayment capacity of borrower and good credit score maintained by the borrower. It may range from 5 lakhs to 10 crores

A. LoanTrust provides effective assistance in collating documents and comparing the interest rates and processing charges and amount that can be availed. LoanTrust helps borrowers a tension free processing of loan with quick turnaround time.