Top 5 Overdraft Loan Providers in India (2024) (2024)

FAQs

Which overdraft is best in India? ›

You can avail up to Rs 1.25 lakhs as an overdraft and pay interest only on the amount used and the duration of utilisation, which means you can utilise Rs. 1 lakh for an interest of just Rs. 41.09 per day. This facility is easy to activate, requires no documents and guarantees money in your account in seconds.

1. Citizens Bank: Overdraft limit up to $500. Checking accounts that have been open for at least 60 days and remain in good standing are eligible for up to $500 in overdraft protection. An overdraft fee of $29 per item is assessed, with up to five fees charged per day.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

Answer: Some of the top financial institutions in India include Bajaj Finance Limited, Tata Capital Financial Services Ltd, Aditya Birla Finance Ltd, L & T Finance Ltd, Muthoot Finance Ltd, Mahindra & Mahindra Financial Services Limited, HDB Financial Services, Power Finance Corporation Limited, Shriram Transport ...

State Bank of India (SBI)

With its headquarters in Mumbai, SBI is India's largest public sector bank.

Secured loans are typically a more affordable choice as they are backed by collateral and have lower interest rates than unsecured loans. Unsecured loans lack any form of collateral security, which results in higher interest rates.

How fast is HDFC personal loan? ›

Get a personal loan in quick time

Get funds in 10 seconds if you are a pre-approved HDFC Bank customer. Other customers can get a loan within 4 working days subject to documentation and verification as per bank's requirement.

The eligibility parameters for a personal loan of ₹10 Lakh are as follows: ⦁ Nature of Employment: Salaried individuals working in MNCs, public limited companies, or private limited companies are eligible. ⦁ Age: Applicants should fall within the age bracket of 21 to 60 years.

State Bank of India (SBI): India's banking behemoth, SBI, offers overdraft facilities against fixed deposits and savings accounts. With competitive interest rates and nationwide reach, SBI is a reliable choice for salaried individuals and pensioners.

What is the maximum SBI Overdraft Limit? The maximum limit of SBI OD against FD, which can be availed online against your Fixed Deposit, is Rs. 5 Crores. However, there is no specific loan limit for loans at the SBI branches.

No collateral - You can avail of this facility without furnishing any asset as collateral. Interest charged - Unlike a loan, you don't have to pay interest if you don't utilise the overdraft facility. Zero commitment charges - No commitment charges are applicable on the unused overdraft amount. Pay as per use only!

When there is a possibility where you might need multiple personal loans it is better to choose an overdraft account. However, if you are going for just one loan which has a larger principal amount and pay back over a longer term then you should consider a Personal loan.

Our experts found Discover to be not only one of the best banks with no overdraft fees but also one of the best banks for avoiding other banking fees. Discover doesn't charge for overdrafts, insufficient funds, monthly maintenance or ATM transactions on its singular checking account, Discover® Cashback Debit Checking.

You can get an overdraft limit of up to 2-3 times your salary but that may vary from bank to bank. To avail such an overdraft you need to have a salary account with the said bank. Such a facility is also called a short-term loan facility.

When you opt for an OD against your FD, you preserve the original investment, allowing you to earn continued interest. This means you are not losing out on potential earnings that would have been compromised if the FD was withdrawn prematurely.