✅ Age: Minimum 21 years, maximum 65 years.
✅ Bank Account: Must have an existing account with the respective bank.
✅ Business Vintage: Typically, the business should be operational for at least 3 years.
✅ Credit Score: A good CIBIL or credit score improves approval chances.
✅ Income Proof: Some banks require proof of stable income.
✅ Collateral: Some overdraft facilities may require security, such as fixed deposits or property.
a.Minimum age: 21 years (varies by lender).
b. Business vintage: Typically, the business should be operational for at least 3 years.
c. Credit score: A good CIBIL score improves approval chances.
d.Collateral: Some overdraft facilities may require security, such as fixed deposits or property.
Business Loan: A fixed loan amount borrowed for a definite period, repaid in EMIs.
Overdraft: A flexible credit line where businesses can withdraw funds as needed, with interest charged daily on the utilized amount.
Some banks do not charge annual maintenance fees, but processing fees may apply for renewals.
