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Key Features of Axis Bank Personal Loan Overdraft (OD) Facility

  • Flexible Credit Access: Allows borrowers to withdraw funds up to a pre-approved credit limit, providing flexibility to meet planned or unplanned expenses. Funds can be accessed multiple times within the limit, and interest is charged only on the amount utilized, not the entire limit.
  • Types of OD Facilities: 24x7 FlexiCredit (for salaried individuals), 24x7 Quick OD (for businesses), OD against FD, OD against Property, and Home Loan OD. Each product caters to different customer needs with varying limits and features.
  • Loan Amount: FlexiCredit: Up to ₹5 lakh or 5x monthly salary (whichever is lower). Quick OD: ₹5 lakh to ₹15 lakh based on banking conduct. OD against FD: Up to 85% of FD value (minimum ₹25,000). OD against Property: ₹2 lakh to ₹5 crore based on property valuation.
  • No Fixed EMIs: Unlike traditional loans, OD facilities do not require fixed monthly installments. You can repay at your convenience, with interest charged only on the utilized amount. This makes OD a flexible repayment option for managing variable cash flows.
  • Instant Access to Funds: Axis Bank's OD facilities allow for quick disbursal of funds, with instant access to the loan amount once the application is approved. Digital channels enable seamless transfers to linked accounts, making funds available at the click of a button.
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      • Interest Rates: FlexiCredit/Quick OD: Typically 12-18% p.a. based on credit profile. OD against FD: 2% above FD rate (~8% p.a. if FD rate is 6%). OD against Property: 9-12% p.a. based on property value and credit score. Interest is calculated on daily outstanding balance.
      • Repayment and Tenure: No fixed EMIs - repay as per your convenience within the OD limit. Interest is auto-debited monthly from the linked account. OD against Property may offer drop-line facility (limit reduces over time). No prepayment penalties on any OD facility.
      • Processing Fees: FlexiCredit/Quick OD: Minimal or no fees for pre-approved customers. OD against Property: ₹5,000 + GST upfront (non-refundable). OD against FD: No processing fees. Home Loan OD: Similar to standard home loan processing fees.
      • Purpose: Can be used for personal or business needs including emergencies, travel, education, working capital, or debt consolidation. OD against Property can fund business expansion or large expenses. Cannot be used for speculative purposes.
      • Application Process: Digital application for FlexiCredit, Quick OD and OD against FD via Axis Mobile app or Internet Banking. Branch application required for OD against Property and Home Loan OD. Pre-approved offers available for existing customers with good banking history.
      • Additional Benefits: No collateral required for FlexiCredit and Quick OD. OD against FD preserves your FD while providing liquidity. Home Loan OD allows interest savings through surplus deposits. Quick processing (as fast as 3 minutes for pre-approved FlexiCredit).
      • Credit Score and Banking Conduct: Good credit score (~750+) required for unsecured ODs. Healthy banking history (regular transactions, no defaults) improves eligibility. OD against FD available even with no credit history.
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Benefits of Axis Bank Personal Loan Overdraft (OD) Facility

  • Flexible Fund Access: Withdraw funds as needed up to the approved credit limit, ideal for recurring or unexpected expenses like medical bills, education, or business working capital. Reuse the credit line as you repay without reapplying.
  • Cost-Effective Interest: Interest is charged only on the amount withdrawn, not the entire limit, reducing borrowing costs. Secured ODs (against FD/Property) offer particularly competitive rates.
  • No Prepayment Penalties: Repay the utilized amount early without extra charges, offering flexibility to manage finances. This encourages disciplined repayment and reduces interest costs.
    • Quick and Convenient: Digital ODs (FlexiCredit, Quick OD, OD against FD) offer instant approval (as fast as 3 minutes) and 24x7 access via Axis Mobile app or Internet Banking. Minimal documentation for pre-approved customers.
    • Collateral-Free Options: FlexiCredit and Quick OD require no collateral, making them accessible to salaried individuals and small business owners. Eliminates need to pledge assets for quick liquidity.
    • Customizable Usage: Use funds for diverse needs - personal (emergencies, travel), business (working capital, inventory), or large expenses (education, medical). Cannot be used for speculative purposes like stock trading.
    • Affordable Fees: No processing fees for OD against FD. Minimal fees for pre-approved FlexiCredit/Quick OD. No prepayment penalties across all OD products.
    • Financial Safety Net: Acts as standby credit for unforeseen expenses, reducing reliance on high-cost options. Renewable facilities (subject to review) ensure long-term liquidity.
    • Tailored for Specific Groups: FlexiCredit for salaried, Quick OD for businesses, OD against FD for depositors, OD against Property for asset owners. Each product designed with specific customer needs in mind.
    • Digital Convenience: Manage OD via mobile banking - check limit, withdraw funds, track usage. e-KYC and digital documentation streamline applications.
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Steps to Apply for Axis Bank Personal Loan Overdraft (OD) Facility

  • 1. 24x7 FlexiCredit Overdraft (for Salaried Individuals)
    • Check Eligibility:
      • Ensure you have an active Axis Bank salary account with regular salary credits.
      • Check for pre-approved offers via Axis Mobile App or Internet Banking.
    • Apply Online:
      • Log in to Axis Mobile App: Go to Loans > Loan Centre > Personal > FlexiCredit Overdraft.
      • Or via Internet Banking: Navigate to Apply Now > Loans > Personal Loan > FlexiCredit Overdraft.
    • Complete Application:
      • Select the FlexiCredit offer and follow the 2-step process.
      • Verify details via OTP or digital authentication (no documents needed for pre-approved).
    • Receive Approval:
      • Approval in ~3 minutes for eligible applicants.
      • Funds linked to your salary account, accessible via mobile/internet banking.
  • 2. 24x7 Quick Overdraft (for Businesses)
    • Check Eligibility:
      • Ensure you have an Axis Bank current account and registered business (MSME/sole proprietorship).
      • Check for pre-approved offers via digital channels.
    • Apply Online:
      • Axis Mobile App: Go to Loans > Loan Centre > Business > Quick Overdraft.
      • Internet Banking: Navigate to Apply Now > Loans > Business Loan > Quick Overdraft.
    • Submit Details:
      • Provide business details (PAN, registration) and authenticate digitally.
      • No physical documents for pre-approved customers.
    • Receive Funds:
      • Instant approval and disbursal post-verification.
      • Funds credited to your Axis Bank account.

Eligibility Criteria for Axis Bank Personal Loan Overdraft

  • 24x7 FlexiCredit Overdraft:
    • Active Axis Bank salary account with regular salary credits.
    • Salaried individuals employed with reputed organizations (public/private sector, MNCs, government).
    • Age: 21-60 years.
    • Minimum monthly salary as per bank's internal guidelines (typically ₹25,000+).
    • Good credit score (~750+ preferred).
  • 24x7 Quick Overdraft:
    • Registered MSME or sole proprietorship with Axis Bank current account.
    • Business operational for 1-3 years (varies).
    • Age: 21-65 years for business owner.
    • Healthy banking conduct (regular transactions, no defaults).
    • Good credit score preferred (~750+).
  • Overdraft Against Fixed Deposit:
    • Active Axis Bank FD (individual, joint or third-party).
    • Minimum FD amount: ₹25,000.
    • Age: 18+ years (no upper limit).
    • No income proof or credit score required.
  • Overdraft Against Property:
    • Own residential/commercial property with clear title.
    • Age: 24-65 years at loan maturity.
    • Salaried: Minimum ₹25,000 monthly income (varies by city).
    • Self-employed: ITR showing ₹3-5 lakh+ annual income.
    • Good credit score (~750+).
  • Home Loan Overdraft Facility:
    • New or existing Axis Bank home loan borrowers.
    • Age: 21-65 years.
    • Stable income to support repayments.
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Documents Required for Overdraft (OD) Facilities - Axis Bank

  • 24x7 FlexiCredit Overdraft:
    Pre-approved customers: No documents needed (digital verification via PAN/Aadhaar)
    Non-pre-approved:
    - PAN card (mandatory)
    - Aadhaar card/passport/voter ID/driving license
    - Latest 3 months' salary slips
    - 3-6 months' bank statement showing salary credits
    - Form 16 or ITR (if requested)
    - Passport-size photograph
  • 24x7 Quick Overdraft:
    Pre-approved customers: No documents needed
    Non-pre-approved:
    - PAN card (mandatory)
    - Aadhaar card/passport/voter ID
    - Business proof (GST registration, shop license)
    - Latest 1-2 years' ITR
    - 6-12 months' bank statements
    - Passport-size photograph
  • Overdraft Against Fixed Deposit:
    Axis Bank FD holders: No documents needed
    Non-Axis/third-party FD holders:
    - PAN card (mandatory)
    - Aadhaar card/passport
    - FD receipt/certificate
    - FD lien marking request
    - Passport-size photograph
  • Overdraft Against Property:
    - PAN card (mandatory)
    - Aadhaar card/passport/voter ID
    Income proof:
    Salaried: 3 months' salary slips, 6 months' bank statements, Form 16/ITR
    Self-employed: 2-3 years' ITR, P&L statement, balance sheet
    Property documents:
    - Title deed/sale deed
    - Approved building plan
    - NOC from society/builder
    - Property tax receipt
    - Occupancy certificate
    - Encumbrance certificate
    - Valuation report (arranged by bank)
    - 2 passport-size photographs
  • Home Loan Overdraft Facility:
    Same documents as standard home loan:
    - PAN card (mandatory)
    - Aadhaar card/passport
    Income proof:
    Salaried: 3 months' salary slips, 6 months' bank statements, Form 16/ITR
    Self-employed: 2-3 years' ITR, P&L statement
    Property documents:
    - Title deed, approved plan, NOC
    - Property tax receipt, occupancy certificate
    - Encumbrance certificate
    - 2 passport-size photographs

Factors Affecting Personal Loan Overdraft Facility

  • Creditworthiness:
    - Credit Score: A good score (preferably 700-750+) is critical for unsecured ODs (FlexiCredit, Quick OD).
    - Credit History: No defaults or adverse credit events with Axis Bank or other lenders.
    - Banking Conduct: Regular transactions, healthy balances, and no frequent overdrafts improve eligibility.
  • Interest Rates:
    - FlexiCredit/Quick OD: 12-18% p.a. based on credit profile and banking relationship.
    - OD against FD: 2% above FD rate (e.g., 8% if FD rate is 6%).
    - OD against Property: 9-12% p.a. based on property value and credit profile.
    - Better credit scores and long-term customers get lower rates.
  • Loan Amount and Limit:
    - FlexiCredit: Up to ₹5 lakh or 5x monthly salary.
    - Quick OD: ₹5 lakh-₹15 lakh based on business banking conduct.
    - OD against FD: Up to 85% of FD value (minimum ₹25,000).
    - OD against Property: ₹2 lakh-₹5 crore based on 50-60% of property value.
    - Pre-approved offers may provide higher limits for existing customers.
  • Fees and Charges:
    - Processing Fees: None for OD against FD; minimal for pre-approved FlexiCredit/Quick OD; ₹5,000 + GST for OD against Property.
    - Other Charges: Penal interest for delayed payments; part-prepayment fees may apply for OD against Property after first quarter.
    - Account Perks: Free NEFT/RTGS for premium customers.
  • Repayment and Tenure:
    - No fixed EMIs; repay at your convenience within the OD limit.
    - Interest is charged on daily outstanding balance.
    - OD against Property may offer drop-line facility (limit reduces over time).
    - No prepayment penalty on any OD product.
  • Bank Relationship:
    - Existing customers with salary/current accounts get pre-approved offers.
    - Long-term banking history with regular transactions improves eligibility.
    - Premium account holders may get preferential rates and terms.
  • Documentation Simplicity:
    - Pre-approved customers may require no documentation.
    - Others need minimal documents like PAN, Aadhaar, salary slips, or property proof.
    - OD against FD typically needs no additional documentation for existing customers.
  • Digital Accessibility:
    - Most ODs can be applied for via Axis Mobile App or Internet Banking.
    - Quick approval for eligible users with seamless online document upload and verification.
    - Instant access to funds post-approval through linked account.
  • Usage Flexibility:
    - Funds can be withdrawn multiple times within the sanctioned limit.
    - Ideal for managing unpredictable expenses or business cash flows.
    - No restriction on usage purpose, unless specified in terms.
  • Impact on Credit Score:
    - Timely repayment improves credit score and future loan eligibility.
    - Overutilization or missed payments can negatively affect your score.

Frequently Asked Questions (FAQs)

What is a Personal Loan Overdraft (OD) at Axis Bank?
A Personal Loan Overdraft is a flexible credit facility that allows you to withdraw funds up to a pre-approved limit as needed. Interest is charged only on the amount utilized and for the duration of use, unlike a personal loan where interest applies to the entire loan amount. Axis Bank offers OD facilities like 24x7 FlexiCredit, 24x7 Quick Overdraft, OD against FD, OD against Property, and Home Loan OD.
How is an OD different from a personal loan?
  • Fund Access: OD allows withdrawals as needed up to a limit; personal loans disburse a lump-sum amount.
  • Repayment: OD has no fixed EMIs, with flexible repayments; personal loans require fixed monthly EMIs.
  • Interest: OD charges interest only on the utilized amount; personal loans charge interest on the full amount from disbursal.
  • Purpose: OD suits short-term or fluctuating needs; personal loans are ideal for large, one-time expenses.
What are the types of OD facilities offered by Axis Bank?
  • 24x7 FlexiCredit Overdraft: Unsecured OD for salaried individuals (up to ₹5 lakh).
  • 24x7 Quick Overdraft: Unsecured OD for MSMEs/sole proprietorships (₹5 lakh–₹15 lakh).
  • Overdraft Against FD: Secured OD against Fixed Deposit (up to 85% of FD value).
  • Overdraft Against Property: Secured OD against residential/commercial property (₹2 lakh–₹5 crore).
  • Home Loan Overdraft Facility: OD linked to a home loan for interest savings and flexible withdrawals.
Who can apply for Axis Bank OD facilities?
  • FlexiCredit: Salaried individuals with an Axis Bank salary account (21–60 years).
  • Quick OD: MSMEs/sole proprietors with an Axis Bank business account (21–65 years).
  • OD against FD: Anyone with an active Axis Bank FD (18+ years), including third-party FD holders.
  • OD against Property: Salaried, self-employed, or NRIs (24–65 years) owning property.
  • Home Loan OD: New/existing home loan borrowers (21–65 years) with stable income.
What are the eligibility criteria for Axis Bank OD facilities?
  • FlexiCredit: Active Axis Bank salary account, stable employment, good credit score (~750+), and banking conduct.
  • Quick OD: Registered MSME/sole proprietorship, Axis Bank current account, 1–3 years business vintage, good banking conduct.
  • OD against FD: Active FD (minimum ₹25,000), no credit/income check required.
  • OD against Property: Property ownership, stable income, good credit score, age 24–65 years.
  • Home Loan OD: Home loan borrower, stable income, property ownership, good credit score.
How can I apply for an Axis Bank OD?
  • Digital Channels (FlexiCredit, Quick OD, OD against FD):
    Log in to Axis Mobile App (Loans > Loan Centre > Select OD) or Internet Banking (Apply Now > Loans > Select OD).
    Follow prompts for pre-approved offers or manual application.
  • Branch/Loan Center (OD against Property, Home Loan OD):
    Visit an Axis Bank branch or Loan Center with required documents.
  • Customer Support:
    Call 1860 419 5555 / 1860 500 5555 or email loans@axisbank.com.
What documents are required to apply for an OD?
  • FlexiCredit/Quick OD (Pre-Approved): No documents; digital verification via PAN/Aadhaar.
  • FlexiCredit/Quick OD (Non-Pre-Approved): PAN, Aadhaar, salary slips/bank statements (FlexiCredit), or business proof/ITR (Quick OD).
  • OD against FD: None for Axis FD holders; PAN, Aadhaar, FD receipt for non-Axis/third-party FD.
  • OD against Property/Home Loan OD: PAN, Aadhaar, income proof (salary slips/ITR), property documents (title deed, NOC, valuation report).
How long does it take to get an OD approved?
  • FlexiCredit/Quick OD: ~3 minutes for pre-approved customers; 1–3 days for manual applications.
  • OD against FD: Instant for digital applications; 1–2 days for branch applications.
  • OD against Property: Up to 30 working days due to property valuation/legal checks.
  • Home Loan OD: 7–15 working days for new loans; faster for existing loan conversions.
Can NRIs apply for Axis Bank OD facilities?
Yes, NRIs can apply for OD against Property and Home Loan OD, subject to:
  • Property ownership in India.
  • Additional documents (passport, visa, NRI bank statement, overseas income proof).
  • Age 24–65 years and stable income.
What is the loan amount for Axis Bank OD facilities?
  • FlexiCredit: Up to ₹5 lakh or 5x monthly salary (whichever is lower).
  • Quick OD: ₹5 lakh–₹15 lakh, based on banking conduct.
  • OD against FD: Up to 85% of FD value (minimum ₹25,000).
  • OD against Property: ₹2 lakh–₹5 crore, based on property valuation.
  • Home Loan OD: Linked to home loan amount, with flexible withdrawal limits.

List of Axis Bank Overdraft Products

  • 24x7 FlexiCredi
  • 24x7 Quick Overdraft
  • Overdraft against Property
  • Overdraft against Fixed Deposits
  • Overdraft against Insurance Policy
  • Overdraft against Salary
  • Overdraft against Equity