Overdraft

Overdraft service for business demands and emergencies.

Purpose

• To meet urgent financial needs

Eligibility

• A Current Account with Vikas Bank or with any other bank which is atleast 6 months old, and is the main operative account
• Your business must be running for at least the last 3 years

Rate of Interest

• 14.95%

Interest Calcualtion Method

• Reduced Balance method

Security

• Collateral Security in the form of Building, Shopping Complex, Plot etc.

Documention

• I.T.R. - 2 Years, Balance Sheet and Profit & Loss Account
• Proof of ownership of Residential or Commercial Property (including Parental Property) in select locations
• Latest 6 months Bank statement of Business needs to be added.
• Proof of Identity and Residence
• KYC documents to establish identity, DOB and address.

Over Draft against Gold available

• Rate of Interest
• Same as Gold Loan ROI

Over Draft against Term Deposits available

• Rate of Interest
• Plus 1% on Term Deposit ROI