Bajaj Overdraft Loan
Bajaj Finserv offers overdraft loans under the name of Flexi Loan. You can lower your EMIs up to 45% with a Bajaj Finance overdraft loan. With a quick online process, get instant approval and fast disbursal of the loan amount. You can borrow funds whenever you need with a Bajaj overdraft loan. No charges are levied on prepayment and the interest is levied only on the amount utilized at the end of the day.
Bajaj Finance Overdraft Loan
Following is the table of complete details of Bajaj Finserv Overdraft loan:
| Loan amount | Up to Rs. 25 Lakhs. The limit is sanctioned based on the customer's profile |
| Rate of interest | 13% p.a. onwards. Charged day-wise on the amount utilized |
| Tenure | Up to 60 months |
| Approval TAT | Within 5 minutes |
| Disbursal TAT | Within 24 hours |
| Collateral | Not required |
| Prepayment charges | Nil |
| Processing fee | Up to 4% |
| Age | 21 to 67 years |
Bajaj Overdraft Loan Eligibility
Following are the detailed eligibility criteria for the Bajaj OD loan:
- Nationality: The applicant should be an Indian citizen.
- Work status: The applicant should be a salaried individual working with a multinational company (MNC), or public or private limited company.
- Age: The minimum age should be at least 21 years at the time of loan application and the maximum age should not be above 67 years at the time of loan maturity.
- CIBIL score: The applicant must have a Credit Score of 750 or above to qualify for a Bajaj Finance OD loan.
Bajaj Overdraft Loan Document Required
You require the following documents to apply for a Bajaj Finserv OD loan:
- KYC documents like an Aadhaar Card, PAN Card, Driving License, Voter ID, or Passport.
- Bank account statement for the last 6 months.
- Form 16 or the latest salary slips.
- Employee ID card is required for overdraft Bajaj Finance.
Difference Between Bajaj Overdraft Loan and Bajaj Term Loan
The difference between a Bajaj term loan and a Flexi personal loan is the amount sanctioned. Under a term loan, the entire sanctioned loan amount is disbursed in one go and the borrower has to pay interest on the same. The EMI on a term loan includes the principal and interest amount. However, in the case of a Bajaj Finance overdraft facility, the sanctioned amount is assigned to the borrower’s account and they can borrow the same as per their requirements. Borrowers can choose to pay only the amount of interest as their Bajaj Finance OD limit EMI. The borrower can repay the principal amount at the end of the tenure of the loan.
How to Apply for a Bajaj Overdraft Loan?
Following are the steps to apply for a Bajaj OD loan online:
- Fill in your personal, financial, and employment details.
- Then select the loan amount you require and the tenure of the loan.
- Submit the required documents for verification and wait for approval of the Bajaj Finance OD facility.
- Once the application is approved, the loan amount will directly be credited to your bank account within 30 minutes.
Bajaj Overdraft Loan FAQs
Bajaj Overdraft Flexi Loan is similar to an overdraft facility. It allows you to borrow money up to a certain limit approved by the lender. Bajaj overdraft interest rate is charged only on the amount used in a day and not on the amount sanctioned. The sanctioned loan amount can be used for any purpose. You can prepay the loan at your convenience. However, the interest amount needs to be paid as per the agreed conditions.
The rate of interest for Bajaj Finance OD is charged day-wise only on the amount utilized. The interest rate starts from 13% p.a.
You can use Bajaj Finance overdraft loan calculator to calculate the EMI and interest rate on OD.