Axis Bank Overdraft Facility

The key details of the Axis Bank overdraft facility are listed below:

Axis Bank OD interest rates are competitive and vary depending on the type of scheme chosen and the customer’s credit score and eligibility. The interest is charged only on the utilized amount and for the number of days you utilize the funds. The exact rate assigned to a customer will be communicated to them when assigning the credit line. The interest rate may change at the time of annual renewal.

You can use the Axis Bank OD interest rate calculator to know how much interest you will have to pay on the overdraft availed.

• Get an instant Axis Bank OD limit against your salary account in just 3 minutes.
• Get an overdraft against your Axis Bank fixed deposits without breaking it before maturity, under the 24x7 Overdraft Against Fixed Deposits scheme.
• The auto-renewal facility is offered to select Axis Bank customers.
• No need to submit any documents.
• The withdrawn amount can be repaid any day, any time within the set tenure.
• Overdrafts are available for funding day-to-day business requirements as well as personal needs.

Axis Bank offers the following three types of overdraft facilities:

#1. 24x7 FlexiCredit

• This is an Axis Bank overdraft facility for salary account holders of Axis Bank.
• This scheme offers instant overdraft against the salary account in just 3 minutes. 
• You can borrow a credit line up to 5 times of monthly income (maximum Rs. 5 Lakhs).
• Axis Bank OD against salary interest rate varies between 16% and 17% p.a.
• The interest is charged only on the utilized amount and for the days you utilize the funds. 

#2. 24x7 Overdraft Against Fixed Deposits

• 24x7 Overdraft Against Fixed Deposits is an overdraft facility against Axis Bank fixed deposits without breaking it before maturity. 
• This facility allows business owners to get overdrafts to fund their day-to-day business requirements or personal needs. 
• Apply online to get instant funds within a few seconds.
• An overdraft of up to 85% of the fixed deposit amount can be availed.
• The interest is charged only on the utilized amount and not the entire available limit. 
• No need to submit any documents.
• The withdrawn amount can be repaid any day, any time within the set tenure.
• The overdraft can be extended easily by renewing it online.

#3. 24x7 Quick Overdraft

• 24x7 Quick Overdraft is a paperless overdraft facility for business owners to get instant access to credit.
• It allows business owners to get instant overdraft anytime to fund their day to day business requirements through the bank’s digital channels like Axis internet banking or Axis Mobile.
• It is a customized, pre-approved offer as per every applicant.
• The limit of Rs. 5 Lakhs to Rs. 15 Lakhs is offered. If you want a higher limit than what is offered by the bank, you can do it by visiting your nearest Axis Bank branch or calling your relationship manager. 
• The auto-renewal facility is offered to select Axis Bank customers.
• No need to submit any documents.
• The withdrawn amount can be repaid any day, any time within the set tenure.

The following are the fees and charges applicable on the Axis Bank overdraft loan:

The eligibility criteria for Axis Bank overdraft are given below:

• Axis Bank salary account holders who are getting monthly salary credits in the same account are eligible. 
• 24x7 Overdraft Against Fixed Deposits is available for salaried as well as business customers.
• The age of the applicant should be between 21 to 59 years.
• HUF, trusts, partnerships, proprietorships, firms, and self-employed individuals are not eligible.
• The minimum net monthly income of the applicant should be at least Rs. 15,000.

For an Axis Bank overdraft facility, you may or may not (depending on the scheme type) require KYC documents, a duly filled loan application form, relevant financial documents, bank account statements for the last 6 months, PAN Card/ Form 60, and business proof (if applicable).

Process to apply for 24x7 FlexiCredit

• Log in with internet banking or mobile banking to check your offer.
• Enter the received OTP to confirm the 24x7 FlexiCredit overdraft facility.

Process to apply for Quick OD/ Loan Against Fixed Deposit

• Log in to your Axis internet banking account, click on Apply Now, and select Quick OD/ Loan Against Fixed Deposit under the Loans section. 
• You can also apply on your mobile by logging in to Mobile, then selecting Quick OD/ Loan Against Fixed Deposit under the Loans section.