SBI Overdraft Loan

The SBI Insta Overdraft enables you to withdraw money beyond the current savings in your bank account. You can repay the overdraft amount at your convenience without incurring any prepayment charges or fixed EMIs. However, you may be subject to certain fees and interest on the amount withdrawn, similar to a short-term loan. Moreover, the maximum amount you avail ranges from Rs. 5,000 to Rs. 5 Crores, depending on your account history. For more details about the SBI overdraft loan, continue reading below. We will provide details, including SBI overdraft interest rate, fees, eligibility, documentation, features, and the application process. 

Features of Personal Loan Overdraft Facility

Below are the features you can expect from the SBI Insta Overdraft facility:

• You can repay as per your capacity instead of adhering to fixed EMIs with predetermined amounts and intervals. 
• You can repay and reuse the funds as necessary, functioning as a revolving credit line. 
• You can obtain the necessary funds without pledging any of your assets as collateral or security. 
• You can use the fund for any of your financial needs, making it a multipurpose financing option. 
• The interest rate is charged solely on the withdrawn amount, not on the entire approved limit. 
• You can get quick and easy access to the funds compared to other borrowing options.

SBI Fees & Charges Overdraft Loan

Following are the fees and charges of the SBI overdraft loan: 

Who Is Eligible for Overdraft in SBI?

The eligibility criteria for an SBI overdraft loan may differ according to the applicant’s profile and the type of overdraft facility. However, the following are the typical SBI overdraft loan eligibility:

• The applicant must either be a current member of the bank or become a member by opening a bank account.
• The applicant must have a stable and regular source of income.
• The applicant must have a good credit score and repayment history.
• The applicant must be an Indian citizen.

SBI Documents Required for Loan Application

Customers with pre-approved offers do not need to submit any documents. Other customers are required to submit their bank statements to assess the banking transactions. However, individuals who are not bank members may need to provide the following documents:

• Proof of Identity:  PAN Card (mandatory), Aadhaar Card, Driving licence, or Passport.  
• Proof of Address: Utility Bills, Voter ID Card, or Ration Card.
• Proof of Income: Bank statement, salary slip, income tax return, etc.
• Proof of Business: Business vintage, GST registration, business profile, etc. (for self-employed customers)

Process to Avail SBI Overdraft Loan

You can initiate the application process for an SBI Insta Overdraft via the official website of Urban Money. Alternatively, you can call 1800 208 3344, and our dedicated loan specialist will assist you until you secure the required funds. When you apply through our official website, notably, you can expect fund disbursement within a day or two.