+91 9619612614
+91 9619612614
Overdraft facility to manage short-term cash needs? Bikesh Finserv helps you get a pre-approved OD limit from top banks and NBFCs with fast approval and minimal documentation.
An overdraft facility is a flexible credit line linked to your salary or current account. It works as a financial safety net—allowing you to withdraw funds even when your account balance is zero, up to your approved limit.
Unlike traditional loans, an overdraft facility charges interest only on the amount you use and for the number of days you use it. This makes it a cost-effective solution for managing emergencies, cash flow gaps, or urgent expenses.
With Bikesh Finserv, you can easily apply for an overdraft facility in Mumbai and get expert support to choose the right bank or NBFC based on your profile.
Since salary overdraft is unsecured, banks maintain strict eligibility rules.
Pre-Approved OD:
One-click activation using OTP and acceptance of terms
Manual Approval:
Submit salary slips and bank statements for review
Which option is better depends on how long you need the funds.
| Feature | Personal Loan | Salary Overdraft |
|---|---|---|
| Best For | One-time large expense | Short-term cash flow gaps |
| Interest Charged | On full loan amount | Only on used amount |
| Repayment | Fixed EMI | Flexible (interest monthly) |
| Prepayment Charges | 2% – 4% | Zero |
| Disbursal | 24–48 hours | Instant once activated |
Annual Renewal Fee:
OD facilities may charge ₹1,000 – ₹2,000 yearly to keep the limit active.
Higher Interest Rates:
OD interest rates are usually 2%–4% higher than personal loans.
Compound Interest Risk:
Unpaid monthly interest gets added to principal, increasing borrowing cost.
Recall Risk:
Banks can withdraw or reduce the OD limit if salary credits stop or credit score drops.
YES, choose OD if:
You face short-term cash shortages (5–10 days)
You want EMI bounce protection
You need flexible borrowing and repayment
NO, avoid OD if:
Pre-Approved OD: Instant activation
Manual Approval: 2 – 5 working days
Usage: Immediate after activation
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