SBI Overdraft Loan
Arena Fincorp is a leading financial services provider that can help you Apply for SBI Overdraft Loan at lowest interest rates. You don’t have to go through the complicated process of getting a loan from SBI alone. We will 100% assist you in every step of the loan process to make getting the loan easier & simpler for you.
But what exactly is an (OD) Overdraft loan? It’s a flexible and convenient financial solution offered by the State Bank of India (SBI). It allows individuals to access additional funds beyond their existing balance in a savings account. You can avail the OD facility against your salary account or your Fixed deposit (FD). At Arena Fincorp, We Understand the diverse needs of our clients and strive to provide the most beneficial Overdraft loan options to choose from.
Why Choose Arena Fincorp for SBI Overdraft Loan?
1. Quick approval: We feel proud to say that we are one of the few institutions doing superfast application processing, so that you can avail your OD facility faster than ever.
2. 100% transparency: No hidden charges. We’re 100% transparent about the terms of our services.
3. Full Assistance: Rest assured, our experienced team will fully assist you in the entire process from start to finish in getting the Best Overdraft Loan. You just need to breathe and relax while we do the whole work for you.
4. History of Reputation: Having a rich history of providing the best financial solutions, our customers are very happy with working with us & we feel proud to say that they trust us for their future financial needs too.
5. Simpler and Easier Process: Our experienced team at Arena Fincorp will happily guide you through the entire car loan application process, making it simpler, easier than other fincorp companies and hassle free to get your OD loan.
SBI Overdraft Interest Rate For Salary Account
SBI Overdraft interest rate for salary account is 1% above the relative time deposit rate. Keep in mind that SBI’s Overdraft facility salary account interest rate is super competitive. The bank charges interest on a daily reducing balance. The borrower does not have to break their Fixed Deposit (FD) to get this loan and has to pay the interest only on the utilised amount.
SBI Overdraft Eligibility
Following are the Eligibility Criterias to avail SBI OD Facility:
- Customers (Single/Joint Account Holders) who are holding SBI’s TDR/ STDR/ RD/ including NRE/ NRO/ RFC and FCNR(B) Deposits are eligible to avail of this loan.
- Single Account Holders can also avail of SBI Overdraft loan against TDR and STDR online via the Internet Banking platform.
- Individual customers holding TDR/ STDR/ e-TDR/ e-STDR with SBI in the single name (Not Joint Account Holders) can avail of this facility online.
- Joint Account Holders can only avail of this facility at the SBI branches.
- At the branch level, an overdraft against FD SBI is also offered against the security of RD/ e-RD/ NRE/ NRO/ RFC and FCNR(B) Deposits.
Overdraft Loan SBI Important Details
The key details of the overdraft facility in SBI are listed below:
Minimum loan amount
Rs. 5,000
Maximum loan amount
Rs. 5 Crores
Repayment tenure
Maximum 5 years against STDR/e-STDR & 3 years against TDR/e-TDR for Overdraft availed online
Maximum Loan-to-Value (LTV) Ratio
95% of Time Deposit’s value
Processing fee
Nil
Prepayment charges
Nil
Security
Lien on underlying Time Deposit
Lien on underlying Time Deposit
Demand loan and Overdraft
Channels to Apply
Internet banking, Arena Fincorp, YONO or SBI bank branches
How to Apply for SBI Home Loan Online
Here’s our step-by-step guide to apply for a home loan. You can always start your online application and resume it at a later instance at our site:
Step 1: Click on Apply Now to open our online application form
Step2: Fill in a few details and verify the OTP sent to your phone
Step3: Enter your KYC and income data
Step4: Choose the loan amount you want to borrow
Step5: Submit your application
SBI Overdraft Features
The following are the key features of an overdraft account SBI:
- You can avail of loans up to 95% of the value of your Time Deposit.
- The minimum loan amount for Online Overdraft against Fixed Deposit (FD) is Rs. 5,000.
- The maximum loan amount for Online Overdraft against Fixed Deposit (FD) is Rs. 5 Crores.
- It is available as both a Demand Loan and an Overdraft Facility as per your need.
- The bank offers a low SBI OD interest rate, and the interest is charged on a daily reducing balance.
- There are no processing charges and prepayment penalties.
- Security as a lien on the underlying Time Deposit is required.
- The loan can be availed through multiple channels, including Internet Banking, YONO, and SBI branches.
- Interest rate for SBI Overdraft is 1% above the relative time deposit rate.
- A suitable repayment schedule is fixed by the bank depending on the repayment capacity of the borrower for loans taken from branches.
- The maximum repayment tenure is capped at 5 years against STDR/e-STDR and 3 years against TDR/e-TDR for the SBI Overdraft facility salary account available online.
Get Your SBI Overdraft Loan.
Sit Back & Relax while We do the Work for You.
Related Articles -
https://arenafincorp.com/sbi-home-loan-interest-rate-emi-calculator/
Our Customers Love Us
Excellent service from Arena Fincorp! They facilitated my SBI overdraft with utmost professionalism. The process was smooth and hassle-free, and their staff was knowledgeable and efficient. Highly recommended!
Arena Fincorp provided a proactive SBI overdraft application process, providing clear information and prompt service, exceeding expectations. Their attention to detail and attention to detail is what blew me off!
Extremely satisfied with Arena Fincorp's provision of SBI overdraft facility. Their staff understood exactly what i wanted, and that's what i liked about them. The best customer service in banking industry 10/10.
Kudos to these folks. Getting my overdraft loan was superfast! Never experienced a loan process this fast to be honest. Good job!
SBI Overdraft Loan FAQs
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How can I apply for an SBI overdraft loan?
To apply for an SBI overdraft loan, you need to visit your nearest SBI branch and submit the required application form along with the necessary documents such as identification proof, address proof, income proof, etc. You can also apply for an overdraft loan through SBI's online banking platform.
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Can I use the overdraft limit for any purpose?
Yes, once you have been approved for an SBI overdraft loan, you can use the overdraft limit for any legitimate purpose, whether it's personal expenses, business needs, or any other financial requirements.
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Is collateral required for an SBI overdraft loan?
Collateral requirements for an SBI overdraft loan may vary depending on the loan amount and the applicant's credit profile. Generally, collateral may be required for higher loan amounts, but it is best to check with the bank for specific details.
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What happens if I exceed my overdraft limit?
If you exceed your overdraft limit, SBI may charge additional fees or penalties. It is important to manage your overdraft responsibly and stay within the approved limit to avoid any adverse consequences.
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Can I repay the overdraft loan amount early?
Yes, you can repay the outstanding overdraft loan amount early without any prepayment penalties. SBI allows borrowers to make early repayments and reduce their outstanding balance whenever they want.
