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Overdraft Against Property
Overdraft Against Property
Do you know that the key to your business growth lies within the four walls of your home? You can use your residential or commercial or Industrial property as collateral to avail of the HDFC Bank Overdraft Against Property (ODAP). Being secured against the property, you get a low-interest rate on ODAP. An Overdraft Loan Against Property will help you keep your interest costs low as you pay for the utilised amount and not the sanctioned amount.
Why choose HDFC Bank Overdraft Against Property?
HDFC Bank Overdraft Against Property is available to all small businesses engaged in various stages of manufacturing, services and supply chain. The loan is made available through a seamless approval process and with continual in-house assistance throughout the loan application, disbursal and post-disbursal customer journey.
Businesses with minimal business and banking legacy are eligible for the loan and are not required to furnish regular reporting to the bank. HDFC Bank offers a very competitive rate of interest. HDFC Bank ODAP is convenient, cost-effective and hassle-free financial support for small businesses that fuel their growth and expansion.
Tailormade for small businesses, HDFC Bank Overdraft Against Property provides the financial support needed to fuel business growth and arrange day-to-day money for the business. Key benefits of the HDFC Bank ODAP are:
High overdraft limit against property: You can get a sanctioned loan value of up to ₹10 crores against your property as an Overdraft Loan Against Property.
Quick and seamless approval: With a clearly defined documentation requirement, HDFC Bank Overdraft Against Property approval is a quick and seamless process. Once you provide proof of identity, address and income, the property documents are pledged, and the line of credit is approved.
Competitive interest: Being fully backed by your property, the Overdraft Against Property interest rate is comparatively low. Besides, interest is charged only on the amount utilised. The overdraft facility for MSMEs can be utilised strategically, keeping the cost-benefit in mind. Most importantly, HDFC Bank understands the growth requirements and financial constraints of its SME customer base and offers ODAP at a very competitive interest rate.
Minimal reporting: HDFC Bank Overdraft Against Property makes sure that the small business owner gets to focus on the business while keeping the loan compliances minimal. No monthly stock statements are required under the ODAP, which reduces the paperwork and reporting burden, allowing the borrower to focus on business growth.
Widened availability: HDFC Bank Overdraft Against Property facility is available to the entire MSME sector. This includes businesses engaged in production, service delivery, trading, etc.
Dedicated customer support: HDFC Bank is readily available for its customers to provide all information on all its products. A team of experts assists HDFC Bank customers through the application process and loan sanctioning. You also receive ready support on all aspects of the loan journey at all times.
HDFC Bank facilitates Overdraft Against Property to businesses in a very uncomplicated manner. A business owner can get an ODAP approved by fulfilling these simple eligibility criteria:
- It must be a micro, small or medium business enterprise
- Businesses include traders, stockists, wholesalers, retailers, merchants, services and manufacturers
- The applicant business must have a Udyam Registration Certificate
- Vintage requirements
- GST returns for 12 months
- Business legacy of at least 3 years
- Current account holder for at least 1 year
1. What documentation is needed for Overdraft Against Property?
Apart from the address and business identification proof (like Udyam registration, GST registration, etc.), the applicant business must provide certified financial statements for the previous three years, current account statements for 12 months and filed GST returns for 12 months. All property documents of the concerned property must be provided for pledging.
2. What are the loan agreements prepared for the Overdraft Against Property?
The two agreements prepared while processing the HDFC Bank Overdraft Against Property are the Loan against Property Agreement and the Dropline Overdraft Agreement.
3. What is the HDFC Bank My Business solution?
HDFC Bank Overdraft Against Property is one of the many services and products available under the HDFC Bank My Business platform. My Business includes business banking services including Current Accounts, Credit Cards and payment solutions. It offers various loans for MSME borrowers and trade services like BG/LC and import-export services. My Business platform offers digital solutions like SME Digital and SmartHub Vyapar.
4. How do you contact HDFC Bank for an Overdraft Against Property?
HDFC Bank’s chatbot EVA is available to answer your queries 24/7. You can contact HDFC Bank over the phone numbers 1800 1600 / 1800 2600 (accessible across India) and on 022-61606160 if you are calling from overseas. You can check the nearest HDFC Bank branch and visit it in person. The bank is also available via email and across all leading social media handles.
If you have already applied for the loan, you can track its status by visiting the loan tracker webpage.