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Personal Loan Overdraft Facility

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
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How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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How Does a Personal Loan Overdraft Facility Work

Personal loan overdraft facility allows you to withdraw funds whenever you need and is linked to your savings/current account. Usually, the lending bank sanctions a loan limit in the form of overdraft and not as a lump sum amount in the borrower’s bank account.

Know How It Works

Based on your eligibility and financial requirements, you apply for a personal loan overdraft from the respective lending institution.

You can withdraw funds from the sanctioned limit assigned over and above your bank balance.

The amount you overdraw can be used to meet urgent cash requirements and the interest rate is charged only on the utilized amount and not from the total assigned overdraft limit. You can even overdraw multiple times from the total OD limit.

Features of Personal Loan Overdraft

Personal loan overdraft is a flexible credit product that comes with no end-use restriction besides speculation at your disposal to meet your financial requirements. Find below the key features of personal loan overdraft facility:

  • Loan Type: Overdraft facility
  • Credit Limit: Based on your income, credit profile, employment stability and relationship with the lending bank
  • Usage: Can withdraw funds multiple times for the assigned amount limit
  • Interest rate: Charged only on the utilized amount from the total sanctioned limit
  • Repayment tenure: Usually 12 months and may be renewed annually
  • Pre-payment/Foreclosure Charges: Nil

Flexible repayment structure with no fixed EMIs

Eligibility Criteria

The eligibility criteria of regular personal loan and a personal loan overdraft are almost similar. Find below the basic eligibility criteria for availing a personal loan overdraft facility set by most banks and NBFCs:

  • Age Requirement: 21 - 65 years (varies as per lender)
  • Employment Type: Salaried Individuals and self-employed professionals and non-professionals, and central/state/local government employees.
  • Income: Stable and regular source of income with a minimum monthly salary requirement as set by the lender.
  • Credit Score: Ideally, 750 or above preferred by most banks
  • Bank Account: Applicant should have an existing bank account with the lending bank

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Documents Required for Personal Loan Overdraft

For a Personal Loan Overdraft Facility, banks/NBFCs generally require a specific set of documents to assess the applicant’s eligibility that shall vary as per the lending institutions, which are as follows:

  • Identity Proof: Aadhaar Card, PAN card, Voter ID, Driving License, Passport
  • Address Proof: Passport, Voter ID, Aadhaar card, Utility Bills (Water, Gas, Electricity), Rent agreement (if applicable)
  • Income Proof: Latest salary slips, bank statements, Form 16
  • Employment Proof: Company ID card, appointment letter, offer letter

How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Apply Now

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All Your Needs

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FAQs

Personal loan overdraft is a credit facility offered by banks and financial institutions that permits you to withdraw funds up to a pre-approved limit. You pay interest only on the utilized loan amount from the assigned limit and can be withdrawn multiple times.

Both of the credit products provide you access to avail funds at times of need. It all depends on your financial requirements and repayment ability to use and repay the funds. A personal loan is disbursed in the form of a lump sum amount and is sanctioned based on your income, credit profile, employment stability. Overdraft facility is sanctioned based on your account balance and relationship with the lender.

The eligibility criteria of a personal overdraft is quite similar to regular personal loan, wherein the age of the applicant is usually 21 to 65 years. The salaried and self-employed individuals are eligible to apply for a personal loan overdraft with regular income and with stable job or business. Ideally, your CIBIL score should be 750 or above with a stable and continuous source of income to be eligible for a personal loan overdraft.

The primary purpose of personal loan overdraft is to meet urgent or unforeseen financial requirements. Personal loan overdraft is mainly used to have access to short-term funds to meet immediate expenses.

Overdraft for salaried is a credit facility offered by banks and financial institutions that allows salaried individuals to withdraw funds beyond their bank account balance up to an assigned credit limit.

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What our customers say

Smooth & hassle-free loan approval experience

I want to express my gratitude for your exceptional support & guidance throughout my loan application process to Aman (EW17239). Your professionalism & clear communication made the journey smooth and manageable. I appreciate how you helped during loan approval & fast-tracked the documentation. It is rare to find someone so committed to their clients. I truly value the effort you put into ensuring a successful outcome. Thanks again for your invaluable help.

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Sanjay Kumar GuptaMar 30, 2026

Exceptional guidance throughout the process

I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Jyotirmoy SinghaMar 23, 2026

Very helpful and easy to reach

I really wants to appreciate Mohankumar Dhandapani for closing my loan requirement in such a short time and nice manner. He is very much approachable helped me based on my requirements. He explained me all the options in very short time even one option failed immediately helped me to get other options worked. Excellent job done by Mohankumar Dhandapani all the best keep you same way approachable you will get more customers. Thanks to Paisabazar too.

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Kirubagaran GanesanFeb 24, 2026

Reliable help when i needed it most

I am writing this email to express my sincere thanks for your excellent support and guidance on Paisabazaar. My experience was very smooth and satisfying because of your help. You explained everything clearly and made the whole process easy and comfortable for me. I truly appreciate your professionalism, patience, and quick response. I am very happy with the service and would definitely recommend to others because of the great support I received from you. Thank you once again

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DharmeshFeb 22, 2026

Committed support that made everything easy

I’d like to appreciate the Paisabazar team for the excellent loan service. I especially want to recognize one of your agents, Mr. Prince Kumar, for his outstanding support. For more than a month, he continuously followed up with me and assisted me. His commitment & professionalism made the experience smooth & hassle-free. I appreciate his efforts and dedication. Kindly acknowledge his performance and consider rewarding such a sincere employee.

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BhupendraFeb 18, 2026

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

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Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

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Kokil BarnwalFeb 12, 2026

Easy loan approval with good guidance

Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Riyaj AtarFeb 9, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

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Puja DanuJan 22, 2026

Sabse jada helpful log the yaha

Maine bht jagah try kiya tha personal loan ka, yaha try kiya toh helpful log mille. Har steps mai aram se samjhaya or usse muhje loan lene mai jda dikkat nhi aayi.

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Anuradha GuptaJan 21, 2026
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