Drop Line Overdraft Limit

This type of facility does not need you to pledge collateral or assets to obtain a loan; instead, your loan is sanctioned based on your monthly solid income and past financial history.

Essentials

Eligibility Criteria

The eligibility criteria are determined by a variety of elements such as the individual's age, payback history, business sales/turnover, total work experience, and creditworthiness, among others.

Criteria for Self-Employed Individuals' Eligibility

  • Self-employed individuals must be between the ages of 24 and 65.
  • The minimum income for the previous two years’ ITR should be ₹2.5 lakhs.
  • Two to five years of business continuity is required.
  • The business's turnover should range from ₹30 lakhs to ₹15 crores.

Criteria for Non-Employed Self-Employed Individuals

  • Self-employed individuals must be between the ages of 24 and 65.
  • For the last two years, the minimum cash profit should be ₹3 lakhs.
  • The business's turnover should range from ₹30 lakhs to ₹15 crores.
  • Two to five years of business continuity is required.

Documents Required

Individual

  • Two Photographs
  • PAN Card Copy
  • Aadhar Card + Passport
  • Address Proof (If Rented, Permanent Address Proof also required)
  • Last 3 Years Form-16, ITR with Computation of Income (if filed)
  • Last 1 Year Bank Statement – Salary Account
  • Loan Schedule & Sanction Letter (if running)
  • Complete Property Papers with Chain & Map + ATS
  • Processing Fee Cheque in favour of the bank
  • Machine Quotation
  • Order in Hand
  • Last 3 Months Salary Slip + Appointment Letter

Proprietary firm

  • Photograph Both
  • PAN Card Clear Copy – Proprietor
  • Address Proof (Passport, Voter ID Card) – Proprietor
  • Office Address Proof Latest (Electricity Bill, Telephone Bill)
  • Firm Registration Certificates & GST Registration Copy
  • Last 1 Year GST Return Copy
  • Firm 3 Years ITR Computation, Profit & Loss A/C, Balance Sheet, Tax Audit Report, All Schedules & Annexures
  • Provisional Financial AY 2023-24
  • Bank Accounts (Current Account, CC Account, OD Account – Last 1 Year Updated)
  • 6 Month Saving Account Statement Updated (Proprietor)
  • If Running Any Loan – Provide Sanction Letter and Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers with Chain & Sanction Map

Partnership Firm LLP

  • Photograph – Partners
  • PAN Card – Company & All Partners
  • Address Proof – All Partners (Passport, Voter ID Card, PAN, Aadhaar)
  • Firm Address Proof – Latest Any Utility Bill
  • Partnership Deed Copy
  • GST Certificate
  • GST Return – Last 1 Year
  • 3-Year Company ITR, COI, P/L A/C, Balance Sheet, Audit Report (3CB, 3CD), All Annexures & Schedules (C.A. Certified)
  • Provisional Financial AY 2023-24
  • 3-Year All Partner Individual ITRs + Computation
  • Firm All A/C Bank Statements – 1 Year Updated
  • All Partner Saving A/C Statements – Last 6 Months
  • If Running Any Loan – Latest Sanction Letter + Track Record or Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers – Complete Chain with Map

PVT LTD

  • All Director’s Photograph
  • Clear PAN Card – Company and All Directors
  • Address Proof – Company and Directors
  • List of Directors & Shareholders with CA Certification (as on date)
  • Memorandum, Order in Hand, and Complete Copy (if applicable)
  • GST, Sales Tax, VAT, and SSI Registration Certificates
  • 1-Year GST Returns
  • All Directors' Individual ITRs & Computation – Last 3 Years
  • Last 3 Years Complete Financials with Tax Audit Reports and Annexures
  • Provisional Financials for Last Financial Year or Month-wise Sales Figures for Last 1 Year
  • Company’s All Bank Account Statements – Last 1 Year (Updated)
  • All Directors' Savings Account Statements – Last 6 Months
  • If Any Loan Running – Latest Sanction Letter and Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers – Complete Chain with Sanction Map

FAQs

Got questions? Our FAQs have answers and a sprinkle of humor. Dive in and discover more!

What exactly is Drop Line Overdraft?

Dropline Overdraft Facility allows you to withdraw funds from your current account up to a certain limit. The nicest part about this facility is that you just pay interest on the amount you use. Which are calculated daily and billed at the end of each month.

Is it possible to secure a combined loan using Dropline Overdraft?

Yes, if your credit profile appears to be poor and you require a larger loan amount, it is recommended that you include your spouse to boost your eligibility and speed up the approval process.

Is collateral/security required at a dropline facility?

No, this credit facility offers both characteristics; it is your choice whether to apply for a loan with or without collateral.

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