OD Limit
Empower Your Business with Flexible Overdraft Solutions
In the fast-paced world of business, cash flow can be unpredictable. That’s where JMK Finance’s OD Limit (Overdraft Limit) service comes in. Our tailored overdraft solutions provide you with the flexibility to manage your finances with ease, ensuring that you have access to funds whenever you need them. Whether it’s covering short-term operational expenses or seizing new business opportunities, our OD Limit keeps your business moving forward.
How to Apply for an OD Limit
Applying for an OD Limit with JMK Finance is a straightforward process designed to get you the financial support you need with minimal hassle:
Consultation
Start by contacting us to discuss your business’s financial needs. Our experts will assess your requirements and guide you through the OD Limit options that best suit your situation.
Required Documents
Prepare the necessary documents:
Business Proof: Company registration documents, GST returns, and other relevant certificates.
Bank Statements: Recent bank statements reflecting your financial transactions.
Financial Statements: Latest audited financials, including profit and loss statements and balance sheets.
Personal KYC: PAN Card, Aadhaar Card, or Voter ID of the business owner(s).
Application
Submit your application online or at our office. Our team will assist you in completing the process quickly and efficiently.
Approval & Setup
After evaluating your application and financial documents, we’ll determine your OD Limit. Once approved, the overdraft facility will be set up in your business account.
Utilize & Manage
Start using the OD Limit as needed. Monitor your usage and repayments through our user-friendly platform, ensuring that you maintain a healthy balance and make the most of your credit facility.
FAQ
An OD Limit, or Overdraft Limit, is a credit facility that allows you to withdraw more money from your account than the available balance. It provides a flexible line of credit that you can use as needed, and you only pay interest on the amount you utilize.
The OD Limit is determined based on several factors, including your business’s financial performance, credit history, account balance, and the type of collateral offered. Our team assesses these factors to determine a suitable overdraft limit for your business.
The interest rate for an OD Limit varies based on the amount utilized, your business’s creditworthiness, and market conditions. Typically, interest is charged only on the amount you actually use, making it a cost-effective option for managing short-term cash needs.
Repayment of the OD Limit is flexible. You can repay the borrowed amount as and when your cash flow improves. Interest is charged daily on the outstanding balance, so it’s beneficial to repay as soon as possible to minimize interest costs.
Yes, your OD Limit can be increased based on your business’s growing needs and positive repayment history. You can apply for an increase by providing updated financial documents, and our team will reassess your eligibility for a higher limit.
If you don’t use the OD Limit, there’s no interest charged or fees applied. The facility remains available to you for when you might need it, providing peace of mind and financial flexibility.