Axis Bank Overdraft is a credit facility that helps the borrower to meet the day-to-day business requirements. Overdraft is a banking facility that allows the borrower to withdraw the amount even if his/her account balance is zero. interest is charged only on the withdrawn or utilized amount. Axis Bank’s Overdraft against fixed deposit is offered for both salary account and current account holders of Axis bank.
It helps business owners/ entrepreneurs to avail overdraft facility or amount anytime with the help of Axis Bank’s digital channels, including Axis Internet Banking or Axis Mobile.
There are two types of Overdraft facility offered by Axis Bank, such as 24X7 Overdraft Against Fixed Deposit and 24X7 Quick Overdraft. So, let’s further discuss these two credit facilities for Axis Bank customers.
Also Know: What is the rate of interest for a business loan from Axis Bank?
Axis Bank 24X7 Overdraft against Fixed Deposit
Features
- Loan Amount: Overdraft of up to 85% of the FD amount
- Interest Rate: Charged only on drawn amount and not on total limit
- Pre-approved loan amount for FD holders
- Secured loan: Lien marked on FDs
- Instant funds access for Axis Bank Account holders
- Funds accessed via digital apps (Axis Mobile/Internet Banking)
Also Know: What is an overdraft facility in HDFC Bank? Know Limit, Interest Rate
Axis Bank 24×7 Quick Overdraft
Features
- Interest Rate: Charged only on the utilized or withdrawn amount from the total sanctioned limit
- Loan Amount: Customized as per applicant’s requirements
- Auto renewal: Available for select Axis Bank customers
- Zero documentation
- Flexible repayment options
- Quick Digital Renewal
Both of these overdraft facilities can be used to meet the working capital requirements, manage business cash flow, start a new business, buy goods/products, pay off salaries, etc.
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FAQs
Q. How can I repay my Axis Bank FD overdraft?
Ans. The overdraft loan amount gets auto-deduct from your salaried or savings account or you can also deposit cash or cheque to repay the loan.
Q. What is a 24×7 Quick Overdraft?
Ans. It is a type of Overdraft facility offered by Axis bank with customized loan amount and annual renewal, depending upon the applicant.
Q. What is the minimum and maximum amount of 24×7 Quick Overdraft that I can avail?
Ans. The minimum or maximum loan amount offered depends on the applicant’s profile, business requirements and his/her relationship with the bank.
Q. Can I get a higher overdraft limit than the pre-qualified offer amount?
Ans. Yes, you can avail higher overdraft limit by visiting your nearest Axis bank branch and proceed with the formalities.
Q. How can I renew my 24×7 Quick Overdraft?
Ans. This feature of Quick overdraft is available for Axis bank’s selected customers.
Q. What is 24×7 Overdraft Against Fixed Deposit?
Ans. The overdraft facility offered against the Fixed Deposit of an account holder of Axis bank is termed as 24×7 Overdraft Against Fixed Deposit.
Q. How can I avail of the 24×7 Overdraft Against Fixed Deposit?
Ans. To avail or apply for 24×7 Overdraft Against Fixed Deposit you can Login to your Axis bank’s Internet Banking to check for Apply Now and click on Pre-Approved offers to further select Loan against FD. Secondly, you can Login to your Axis Mobile App to select Apply Now then Pre-Approved offers to further tab on Loan against FD.
Q. Is the 24×7 Overdraft Against Fixed Deposit secured or unsecured loan?
Ans. 24×7 Overdraft Against Fixed Deposit is a secured type of funding by the bank in which your fixed deposits are kept as collateral or security with the bank.
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