Equitas Bank Overdraft

Equitas Bank Overdraft offers its account holders Merchant Overdraft and Overdraft Against Fixed Deposit at minimum interest rate.

Equitas Bank Merchant Overdraft

Equitas Bank offers funds through Equitas Bank Merchant Overdraft to meet your working capital needs. This is best suited for frequent cash inflow.

Equitas Bank Merchant Overdraft is mainly designed for businesses under the category traders, retailers, service providers, etc.

  • Such business houses or MSMEs need funds to:
  • Meet seasonal demands
  • Avail cash discounts by paying on time
  • Pay off vendors
  • Extend credit to customers

Equitas Bank Overdraft Features

  • Equitas Bank assigns a limit under which the borrower can withdraw
  • Equitas Bank Merchant Overdraft has a pre-sanctioned limit
  • It is unsecured overdraft in nature
  • Faster approvals are granted
                

Equitas Bank Overdraft Eligibility

  • MSMEs should have owned premise
  • Applicant should maintain an account with the Equitas Bank
  • Minimum 3 years of Proprietorship/ Partnership business
  • Minimum Turnover of Rs. 5 lakhs per year

Equitas Bank Overdraft Documents Required

  • Business Registration Proof
  • KYC documents
  • Bank statement
  • Property ownership document

Equitas Bank Overdraft Amount

Get overdraft from Rs. 1 lakh to Rs. 2 lakhs

One time approval for usage upto 12 months

Equitas Bank Overdraft Interest Rate and Other Charges

Rate & ChargesInterest Rate
Interest Rate21%
Processing fee2%

Equitas Bank Overdraft Against Fixed Deposit

Equitas Bank offers it customers instant overdraft against fixed deposit facility to meet their financial needs without breaking their Fixed Deposit and at the same time they will also be earning attractive interest on FDs.

Features of Equitas Bank Overdraft Against Fixed Deposit

  • Margin of overdraft: The normal margin of overdraft is 25% of the principal plus interest of the term deposit. However, in some cases, the bank may offer a reduced margin of up to 5%.
  • No prepayment penalties: There are no penalties for paying off the loan early.
  • Repayment flexibility: Customers can repay the borrowed amount at their convenience.
  • Interest rate: Interest is calculated daily and billed to the account at the end of the month.
  • Overdraft limit: There are no minimum monthly payments, but the amount owed must be within the overdraft limit.

Eligibility of Equitas Bank Overdraft Against Fixed Deposit

To be eligible for an Equitas Bank ODFD, you have to meet the following criteria.

  • You should be a fixed deposit holder either an individual or a joint account holder
  • The FD cannot be in the name of a minor
  • ODFD is not available against a 5-year tax-free FD

How to Apply for Equitas Bank Overdraft Against Fixed Deposit?

In order to apply for an Equitas Bank Overdraft Against Fixed Deposit (ODFD), you need to perform following steps,

  • Step 1: Login to your Equitas Bank net banking account using your login credentials
  • Step 2: Go to the 'Fixed Deposits' option
  • Step 3: Select 'Overdraft Facility'
  • Step 4: Enter the required amount and the tenure of the overdraft
  • Step 5: Submit your request
  • Step 6: The bank will review your request and approve it within a few hours or days
  • Step 7: Once approved, the requested amount will be credited to your account

Else, you can get contaced by Equitas Bank official by performing following steps,