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Overdraft Limit

Apply Overdraft Limit in Jaipur

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    About Overdraft Limit

    Apply Overdraft Limit in Jaipur facility is a facility provided by the bank to its account holders. Overdraft facility allows the customer to withdraw money from their account even when they have zero balance in the account. Overdraft facility is usually offered for the withdrawal of a limited amount of money.

    Like mentioned before, the account holder can avail the overdraft facility from an account under the Pradhan Mantri Jan Dhan Yojana scheme. An overdraft facility can really help the account holder during sticky financial situations where cheques are involved. Consider an example where you have given a cheque of Rs.2,000 to A but you have zero balance in your account, during such time your cheque won’t bounce due to the overdraft facility. Overdraft also helps when ATM withdrawals are made during an emergency without knowing the balance in the debit card

    Given below are important details about the overdraft facility offered under Pradhan Mantri Jan Dhan Yojana scheme.

    • The overdraft facility is offered to account holders under the scheme
    • An overdraft facility of Rs.5000.00 is available to any one account holder per household. This means that only one member of a particular family can avail the overdraft facility. Usually female members are favoured for the overdraft facility.
    • The facility will be available and can be used by the customer only after six months from the date of the opening of the account under the scheme.
    • The account holder should have a good transaction record to avail this facility.
    • The account holder should also have a good credit history.
    • The amount that can be availed in an overdraft facility is upto INR. 5000.00. This amount can be extended to a maximum of INR.15,000 by the bank if the transaction history of the account holder has been remarkably good in the past six months and if they have maintained a good balance in the bank even though the account allows zero balance.
    • There is a nominal interest rate that is charged to the account holder on availing the facility of overdraft. Usually the interest rate in India is between 12% p.a. to 20% p.a. which is set by the bank.
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    We offer award-winning, low-rate Overdraft Facility with no ongoing fees, saving our customers thousands of dollars.

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    Fast, hassle-free. Overdraft limit up to ₹500 Crore· Affordable interest rate starting from 11.99% p.a.

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    Secured loans are loans which require the borrower to pledge an asset or security to avail the loan.

    Features of Overdraft Limit

    Approved Credit Limit

    Overdraft is awarded over a predetermined limit. This limit can be different for each borrower

    Interest Rate

    Interest rate is charged on the amount of overdraft used. It is calculated on daily basis and it is billed to the account at month-end. If you default on paying the overdraft as per set schedule, the interest amount will be added to the principal amount at month-end and then interest will be calculated on new principal

    Nil prepayment charges

    Whenever you want to prepay a loan, usually a prepayment charge is levied. However, this is not the case with the overdraft facility. When you repay the amount borrowed through overdraft you do not pay prepayment charges. Also you need not repay the Overdraft amount in EMIs. You can repay the borrowed amount cumulatively

    Repayment is not done through EMIs

    Repay the overdraft whenever you have the money. You do not have to repay the overdraft amount like you repay a loan. You do not have to repay in Equated Monthly Instalments (EMIs). You can repay whatever amount you like whenever you like. However, if the lender demands a repayment, then you will have to fulfil that demand

    Minimum Monthly Payment

    Overdraft has no minimum monthly repayment however the amount you owe should be in the overdraft limit. You should not delay overdraft repayment for long, as it affects your credit score

    Joint borrowers are allowed on Overdraft

    If you take an overdraft jointly then you and your joint applicant are both, in effect, responsible for the entire debt. Irrespective of the proportion of overdraft borrowed, both the applicants are responsible for the timely repayment of the overdraft. This means that if one of the borrowers is unable to pay/defaults, then the other borrower has to pay the entire amount. In such a case, irrespective of overdraft proportion of joint borrowers, all collaterals of each of the borrower are at stake if default occurs

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    Ask about our low rate overdraft limit?

    Overdraft Limit by Munafawala.com offer banks to individuals or companies to withdraw money from the banks even if their account balance is low, zero or below.

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    How can you avoid overdraft and bounced check fees?

    The best way to avoid overdraft and bounced check fees is to manage your account so you don’t overdraw it.

    • Keep track of how much money you have in your checking account by keeping your check register up-to-date.
    • Record all checks when you write them and other transactions when you make them. Don’t forget to subtract any fees.
    • Pay special attention to your electronic transactions. Record your ATM withdrawals and fees, debit card purchases, and online payments.
    • Don’t forget about automatic bill payments you may have set up for utilities, insurance or loan payments.
    • Keep an eye on your account balance. Remember that some checks and automatic payments may not have cleared yet.
    • Review your account statements each month. Between statements, you can find out which payments have cleared and check your balances by calling Munafawala.com 24-Hour Telephone Banking or by checking online using Munafawala online banking. Be Sure to find out the actual amount in your account – your account balance not including any funds available to you through “courtesy overdraft protection”, or “bounce coverage”, plans.

    Sometimes mistakes happen. If you do overdraw your account, deposit money into the account as soon as possible to cover the overdraft amount plus any fees. Depositing money into your account can help you avoid additional overdrafts and fees.

    How do overdrafts and bounced checks happen?

    When you:

    • Write a check,
    • Withdraw money from an ATM,
    • Use your debit card to make a purchase, or
    • Make an automatic bill payment or other electronic payment for more than the amount in your checking account, you overdraw your account. Munafawala has the choice to either pay the amount or not. If we pay even though you don’t have the money in your account, you may be charged a Paid Item Fee (overdraft fee). If Munafawala returns your check without paying it, you may be charged a “bounced check” or Return Item Fee (insufficient (NSF) fee). The person or company to whom you wrote the check (e.g. a store, your landlord, or the phone company) may charge you a “returned check” fee in addition to the fee Munafawala charges you.

    What are some other ways to cover overdrafts?

    Munafawal provides other ways of covering overdrafts that may be less expensive. Inquire at any Munafawala location about qualifying for these other options before making your choice. Other options include:

    • Automated OD Protection Transfer – Link your checking account to a savings account you have with us. If you overdraw your checking account, Munafawala automatically transfers funds from your savings account to your checking account. Transfer fees may apply.
    • Munafawala Personal Line of Credit – You need to apply for a “line of credit” just as you would apply for a regular loan. If you overdraw your account, Munafawala will lend you the funds by using your line of credit to cover the overdraft. You will pay interest on this loan, and there may be an annual fee; however, the overall costs may be less than the costs for Munafawala Overdraft Privilege.

    What do you need to know about courtesy overdraft protection or bounce coverage plans?

    • Avoid using these plans as short-term loans — they are costly forms of credit.
    • If you overdraw your account, get money back into your account as soon as possible. Remember that you need to put enough money back into your account to cover both the amount of your overdraft and any fees.
    • Even if you have one of these plans, there is no guarantee that your bank will cover your checks, ATM withdrawals, and debit card or other electronic transactions that overdraw your account.
    • Good account management is the lowest cost way to protect your hard-earned money. If you need overdraft protection every now and then, stop by anyMunafawala location and discuss your options.

    What is Munafawala.com Overdraft Privilege?

    Munafawala.com offers an overdraft privilege plan so that your checks may not bounce. With this plan you’ll still pay a Paid item Fee (overdraft fee) to the bank for each item, but you will avoid the merchant’s returned check fee and will stay in good standing with the people you do business with. Munafawala.com Overdraft Privilege is subject to approval and pre-approved overdraft limits.

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