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Loan Up to ₹ 35 Lakh* | Tenure Up to 84 months | Interest Rates from 14.75%* onwards
Tata Capital has got your back. Our Personal Overdraft Loan facility allows you to withdraw additional funds as and when you need them. What's more? You only have to pay interest on the amount you actually use. We understand certain emergencies can come unannounced. This is why our personal overdraft loan is flexible and offers multiple withdrawals and part-payment facilities at zero extra charges.
Disclaimer: Personal Loans are at the sole discretion of Tata Capital Limited (TCL). Terms and conditions apply.
Loan amount
Up to ₹ 35 Lakh*
Tenure
Up to 84 months
Interest Rates from
14.75%* onwards
The eligibility criteria for personal loan overdraft are as follows-
1. The applicant must be between the age of 21 to 58 years
2. Only Salaried individuals can apply
3. The applicant must have a credit score of 725 or above
| Fees and Charges | Details |
|---|---|
| Interest Rate | Tata Capital offers attractive interest rates on personal loan overdrafts. |
| Processing Fees | This refers to the fees charged for processing a loan overdraft application. |
| Payment Instrument Swapping Charges | This refers to charges levied if the borrower wishes to swap their eMandate or post-dated cheque from another account for EMI repayments. |
| Foreclosure Charges | This is charged in case the borrower wishes to repay the outstanding loan overdraft amount in its entirety before the scheduled tenure ends. |
| Stamp Duty | This charge depends on the state in which you’re applying for a loan overdraft. |
| Cheque Bounce Charges | This is charged in case the borrower’s cheque bounces. |
Here is a list of documents you need to apply for a personal overdraft loan:
Photo Identity Proof: A copy of your Voter ID/Passport/Driving License/Aadhaar Card
Address Proof: A copy of your Voter ID/Passport/Driving License/Aadhaar Card
Salary Slips: A copy of your salary slips for the last two months
Income Proof: A copy of your salary credit or primary bank statements for the last three months
Employment Certificate: A certificate stating one year of continuous employment
You can apply for an overdraft personal loan offline or online with Tata Capital. Here are the steps to follow if you want to apply offline:
Step 1: Visit your nearest Tata Capital branch.
Step 2: Complete the application form and attach all documents as directed by our executive.
Step 3: The overdraft amount will be disbursed as soon as your personal loan overdraft application is approved.
Here are the steps to follow when applying for a personal loan overdraft online:
Step 1: Navigate to our official website and click on ‘Apply Now’.
Step 2: You will be directed to a new window. Existing customers and click on the ‘Existing Customer’ tab to start the application process. If you’re a new customer, click on the ‘New Customer’ tab to proceed.
Step 3: Follow the directions on your screen.
Step 4: The overdraft amount will be disbursed as soon as your personal loan overdraft application is approved.
Tata Capital offer 2 types of Personal Loan Overdraft facility namely Step Up (Hybrid) facility and Dropline facility.
In Step Up (Hybrid), the limit would remain fixed for a certain tenure and then convert to dropline for the rest of the tenure basis fixed percentage.
For loan tenures of 60 & 72 months, the limit will remain fixed for the first year and dropdown starts after completion of one year.
For loan tenure of 84 months, the limit will remain fixed for the first 2 years and dropdown starts after completion of two year.
For loan tenures less than 60 months, the dropline starts immediately with no fixed period.
Once you submit a drawdown request through the Tata Capital web portal, funds will be disbursed directly to your registered bank account. The disbursal process typically takes place on the same day or the next working day, depending on the banking hours.
An overdraft facility provided by financial institutions allows customers to withdraw a certain amount of money even when there are insufficient funds in their bank account. Here are some purposes for which people utilise this personal loan facility.
#1. Financing unexpected expenses: An overdraft can help you meet unexpected financial needs, like car repairs or medical bills, quickly and efficiently.
#2. Paying for major purchases: With an overdraft, you can fund big-ticket purchases such as buying a new car or renovating your home. Using this facility, you can manage your expenses better without having to dip into your savings or take out a new loan.
Yes, if you need urgent funds, you can opt for a personal loan overdraft facility offered by Tata Capital. Here are some benefits of applying for this personal loan facility:
#1. You can borrow funds whenever you need them and repay them at your convenience within the repayment tenure of the credit facility.
#2. You will only pay interest on the amount you utilise from the overdraft facility.
#3. You can meet your financial needs without the hassle of applying for a new loan.
When you apply for a personal loan overdraft, you have the freedom to use the money for any purpose. This includes covering immediate expenses while running your daily business operations. There are no restrictions on utilising the funds from a personal loan overdraft.
The best part about this facility is that you do not have to repay the amount through EMIs. Instead, you enjoy the flexibility of repaying the overdraft loan in a way that suits you best. You can pay it off in full or in parts, depending on your financial situation and preferences.
With Tata Capital's personal loan overdraft facility, you have the benefit of part payment without any additional charges.
Here is how you can repay your overdraft amount.
Tata Capital offers a fixed hybrid personal loan overdraft facility. In this case, the limit remains fixed for a certain period and then converts into a dropline for the rest of the tenure.
For 60 and 72 months of tenure, the limit remains fixed for the first year, and the dropdown starts after the completion of one year.
For 84 months of tenure, the limit remains fixed for the first two years, and the dropdown starts after the completion of two years.
No penalties are imposed if you repay the overdraft amount within the specified tenure. This allows you to repay the amount at your convenience without any additional charges.
On the other hand, if you delay your EMI payment of a personal loan, lenders charge penal interest. In such cases, you must pay the pending installment and an additional interest amount on your personal loan. The penal interest is levied at 3% per month on the overdue amount. Thus, making timely payments is essential to avoid such penalties and maintain a smooth repayment process.
No, you cannot borrow an amount exceeding your approved overdraft limit. The overdraft limit is sanctioned based on monthly income, credit profile, and cash flow statements. The benefit of an overdraft facility is that you can withdraw funds from this sanctioned credit limit whenever needed.
You can make multiple withdrawals per your requirements and repay the borrowed amount in full or in parts, depending on your cash flows.
At Tata Capital, we provide overdraft facilities for personal loans without requiring any collateral or security. We offer this flexible financing option to help you meet your financial needs conveniently and without the burden of providing any security.
At Tata Capital, the minimum amount for an overdraft personal loan is Rs 2,00,000, while the maximum amount you can avail of is Rs 35,00,000.
Case 1: If total tenure is 84 months.
The limit will remain fixed for first 2 years. Post this period the limit shall automatically convert to dropline for remaining tenure as per Dropline percentage mentioned in below table.
Case 2: If total tenure is either 60 or 72 months.
The limit will remain fixed for first year. Post this period the limit shall automatically convert to dropline for remaining tenure as per Dropline percentage mentioned in below table.
Case 3: If total tenure is less than 60 months.
Dropline will start from first month. Dropline Amount will be calculated as Total Limit divided by Total tenure in months equally.
|
Tenure in Months |
Dropline % on total tenure offered |
|||
|
84 |
72 |
60 |
<60 |
|
| Upto 12 | NA | NA | NA | Total Limit / Total Tenure |
| 13 to 24 | NA | 10% | 15% | Total Limit / Total Tenure |
| 25 to 36 | 10% | 15% | 21% | Total Limit / Total Tenure |
| 37 to 48 | 15% | 20% | 28% | Total Limit / Total Tenure |
| 49 to 60 | 20% | 25% | 36% | NA |
| 61 to 72 | 25% | 30% | NA | NA |
| 73 to 84 | 30% | NA | NA | NA |
An overdraft facility helps you withdraw funds up to a certain limit whenever you need to. This facility offers you a safety net. This is because in case you have any sudden unforeseen expenses or financial gaps, you can simply apply for an overdraft facility with Tata Capital and gain access to extra funds.
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