Overdraft Facility (Unsecured And Secured)
The need for money can rarely be foreseen. No matter how successful your business is and how stable your personal finances are, you may be faced with a situation where there is an urgent need for funds that your bank account is not able to provide for.
This is where we come in. At Vinayak Associate, we help you go beyond the financial limitations of your account and fulfill a variety of your financial requirements through our overdraft services.
What Is An Overdraft?
Overdraft is a type of loan (short-term) where you can withdraw funds from your account even after your balance reaches zero. Here, you are provided with additional funds in the form of an advance that extends your ability to withdraw money from your bank account.
The overdraft services at Vinayak Associate help you in taking care of your personal and business finance needs when your account balance does not allow you to meet the financial requirements. You can use these funds for funding your cash flow, settling operational expenses, and a variety of other purposes.
Secured And Unsecured Overdraft
In the case of secured overdraft facilities, you can avail of the loan amount by pledging your asset(s) in the form of collateral. Here, the amount and term for your overdraft will b determined by the value of the collateral pledged.
Here, the asset pledged by you will be returned to you only after you have made the complete payment (with interest). On defaulting the payment, you will lose ownership of the assets pledged.
Our unsecured overdraft facilities provide you with an extension of the borrowing limit without the need for giving in any collateral. Here, you are provided with the funds strictly on the basis of your bank account, financial statements, and your credit score.
The meaning of a car loan is pretty self-explanatory.
How Does An Overdraft Facility Work?
Whenever you are in need of funds, you can approach us for our overdraft services and specify your requirements.
Our professionals will assess your eligibility by focusing on the following key factors:
These factors help us in making sure that you are capable of repaying the funds. The interest and term for your overdraft largely depend on the factors mentioned above.
Once your eligibility is assessed, you will need to submit necessary financial and legal documents, including (but not limited to):
Your application will be processed after all documents are submitted and you can then avail of the overdraft facility. Unlike traditional bank loans, you will not need to pay the minimum interest amount on a monthly basis. You can partly/wholly repay the funds with interest at any time within the term allotted to you.
- Credit score (business/personal)
- Status of your active bank account
- Your revenue (business/personal)
- Your age (ideal age for application is between 23 and 60 years)
- Personal/business reputation
- Value of collateral (in case of secured loans)
- Your Govt. identity proof
- Proof of address
- Salary slips/business income statement for the last 3 months
- Bank statement for the last 3 months
Why Choose Our Overdraft Services?
Ease of Application
Our team at Vinayak Associate ensures that you can apply for an overdraft with utmost ease and simplicity.
Quick Processing and Disbursement
Once your overdraft is approved, we start processing the same immediately and disburse your funds without unnecessary delays.
No Unnecessary Documentation
We stick to the minimum number of documents needed for processing your funds and save you from unnecessary paperwork.
Best Interest Rates
You can rest assured that you will secure funds with the best and most competitive interest rates, without drilling a big hole in your treasury.
Flexible Payment
We have a provision for all major kinds of online payments to ensure flexible and easy repayment.
If you are facing a financial hiccup that seems difficult for your bank account to cover, all you need to do is contact us and allow us to help you by doing the best we can!
