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A business loan allows you to avail of finances for the working capital requirements of your business. However, if you’re unsure of the total loan amount that you may need for your business, you can avail of a business loan overdraft facility or an overdraft business loan. A business overdraft loan allows you to borrow funds from a pre-determined loan limit for your emergency business requirements.
With Tata Capital, you can get an OD loan for business of up to Rs. 90 lakhs at an affordable interest rate. You can withdraw funds from this business OD loan limit based on your requirements, and the interest would be charged only on the amount used by you. You can apply for a business overdraft loan by submitting minimum documents through an easy online process.
Loan Amount
₹ 1 Lakh to ₹ 90 Lakhs
Loan Tenure
12 months to 60 months
Interest rate starting @
You can apply for business overdraft loan from the convenience of your home or office. Here are a few reasons why you should take an OD loan for business:
At Tata Capital, we ask only for some basic documentation and simple eligibility requirements for providing an OD loan for business. Below are our business overdraft eligibility criteria that you need to fulfill:
Your age should be at least 21 years at the time of loan application and a maximum of 65 years at the time of last EMI
Your business must be profitable for at least the last three financial years
Your business turnover must indicate an upward trend
Your balance sheet must be audited by a registered Chartered Accountant
Please note that we may ask for some other eligibility requirements as well.
You can apply for business overdraft loan with Tata Capital in any of the following ways:
The maximum overdraft loan limit depends on the financial health of your business. Factors such as account balance and relationship with the lender all constitute your maximum amount. Thus, maintaining solid financial health can give you a better amount on these limits.
The overdraft interest rate is the interest charged for your overdraft procedure. This interest rate is also charged only for the number of days the loan is withdrawn and is determined by the average daily balance.
Only your needs will determine if an overdraft loan is a good idea. If it helps you meet your short-term plans without compromising your financial health, it can be an excellent idea.
Extra charges for extending limits and variable interest rates can get expensive are all risks overdrafts pose. It is a good idea to determine how much money you need to make use of an overdraft in the best way possible.
Lenders charge you if you exceed overdraft limits, and repayment of your overdraft can be asked anytime. These drawbacks can be tough to handle if you don’t plan your finances well.
The best method is to request your lender to reclaim the money. While this may not work every time, lenders might understand if it’s a one-time occurrence or if you have a genuine reason.
There are two types of overdrafts called authorized and unauthorized. The first one is an advance arrangement between the lender and the consumer, while the second one is an arrangement without any authorisation on overdraft limits.
The overdraft policy specifies the type, limit, interest rate and other factors between the lender and the consumer. This policy clearly mentions all the dos and don'ts for you to abide by.
Overdraft limits are set in place as a safety measure by the lender. It can also provide a safety net for you to spend money within a certain limit.
The limit (loan) for an overdraft is calculated based on the financial health of your account. Based on your transaction history, debts, stability, etc., the limit is calculated. Thus, ensure you have a good check on your overall financial health before approaching a lender for an overdraft.
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