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Flexible Overdraft Limits to Suit Your Needs

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Your Financial Flexibility, Our Overdraft Loans

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Overview of Overdraft

FTMS’ overdraft loans act as a financial lifesaver providing flexibility in your time of need while providing immediate access to funds.

Whether it’s a personal overdraft loan or an overdraft facility for your salary account, an overdraft allows you to spend more money than you currently have in your account.

Types of Overdraft Facility and Applications

Understand about the different types of Overdraft loans and their applications and make an informed decision:
  • Personal Overdraft Loan: Ideal for individuals needing instant overdraft loans for personal expenses.
  • Overdraft Loan Against ulip / lic policy : Provides an overdraft facility by leveraging your fixed deposit.
  • Overdraft Loan for Business: This helps businesses manage cash flow issues with ease.
  • Overdraft Loan for Salary Account: Tailored for salaried employees to manage monthend financial crunches.

Overdraft Loan Benefits & Features

  • Instant access to additional funds with FTMS.
  • Flexibility to manage unexpected expenses.
  • No need to apply for a new loan each time.
  • Interest applicable only on the utilized amount
  • Protection against late fee, bouncing and declined transactions
  • No emi burden
  • Pre part payment facilities without any charges

Overdraft Limits

Limits are set based on your credit score and account history with FTMS. To know your customized overdraft limit and other queries, get in touch with us today.

Products

Key Features of Our Overdraft Protection

01

Automatic Coverage

When you enroll in our Overdraft Protection program, we’ll automatically cover transactions that would otherwise result in overdrafts. This includes checks, debit card purchases, and electronic bill payments.

02

Flexibility

Choose from various funding sources for your overdraft protection, including a linked savings account, a line of credit, or another eligible account. You have the flexibility to select the option that suits your needs best.

03

Transparent Fees

We believe in transparent banking. You’ll always know the fees associated with overdraft protection, so there are no surprises. Our fees are fair and competitive.

04

Peace of Mind

With Overdraft Protection, you can have peace of mind knowing that you’re covered in case of emergencies or unexpected expenses.

Eligibility

To be eligible for an Overdraft loan with FTMS, you must meet the following criteria:

  • Applicants should be 23 years and above of age.
  • Both salaried and self-employed individuals are eligible.
  • Must have a bank account which is valid in India.
  • A good credit score, typically above 680, is preferred to ensure better loan terms and approval chances.
  • Applicants must be Indian citizens residing in India.

How Overdraft
Protection Works

Link Your Accounts

Simply link your checking account to an eligible source of funds, such as a savings account or a line of credit.

Transaction Review

When you make a transaction that would overdraw your checking account, our system automatically reviews it.

Funds Transfer

If your account balance is insufficient, funds are transferred from your linked source to cover the transaction.

Notification

You'll receive a notification detailing the transaction and the overdraft protection transfer in your account statement.

How it Works?

Once your overdraft loan is approved, your account is credited with an overdraft limit. This means you can access additional funds beyond your actual balance whenever necessary.

 

Interest is charged only on the amount you have utilized, not on the entire overdraft limit.

 

With this setup FTMS provides flexibility and ease of access to funds, enabling you to effectively manage your financial requirements without worrying about immediate repayment pressures.

Fees and Charges for Overdraft Loans

  • Annual Maintenance Charge: This is a fixed fee charged annually for maintaining the overdraft facility..
  • Interest on the Borrowed Amount: Interest is applied only to the amount you borrow from your overdraft limit. The rates vary depending on the terms for more information on the rates please get in touch with us.
  • Over-Limit Fee: If you exceed your approved overdraft limit, an over-limit fee will be charged depending upon the terms and conditions.

These fees and charges ensure that the overdraft facility remains a viable and beneficial option for managing financial needs while maintaining fiscal responsibility. We suggest to always review the terms and conditions thoroughly to fully understand the costs associated with your overdraft loan.

Eligibility Criteria and Documents Requirements

When applying for an Overdraft loan with FTMS, you will need to provide the following documents:

1. For Salaried Individuals:

a. Proof of Identity: (Any one of the following)

Aadhaar Card

Passport

Voter ID

PAN Card

b. Proof of Address: (Any one of the following)

Aadhaar Card

Passport

Utility bills (electricity, water, gas) not older than 3 months

Rent agreement (registered)

c. Proof of Income:

Last 3 months' salary slips

Latest 6 months' bank statements showing salary credits

Form 16 or Income Tax Returns (ITR)

d. Employment Proof:

Employee ID card or recent company appointment letter

2. For Self-Employed Individuals:

a. Proof of Identity: (Any one of the following)

Aadhaar Card

Passport

Voter ID

PAN Card

b. Proof of Address: (Any one of the following)

Aadhaar Card

Passport

Utility bills (electricity, water, gas) not older than 3 months

Rent agreement (registered)

c. Proof of Income:

Latest 6 months' bank statements.

Last 2 years' Income Tax Returns (ITR) including computation of income, Balance Sheet, and Profit & Loss account.

Business Proof:

Business registration certificate or trade license

GST registration certificate or similar documents to prove the existence of the business

d. Office Address Proof:

Utility bill for the business premises

Rent agreement (registered) or lease agreement if applicable

Protect Your
Financial Reputation

Avoiding overdrafts not only saves you money but also protects your financial reputation. With Overdraft Protection from Fast Track Money Services, you can maintain a positive financial track record and stay in control of your finances.

Get Started Today

Don’t let unexpected expenses or mistakes result in overdraft fees and declined transactions. Enroll in Overdraft Protection today to secure your financial well-being.

Enroll Now

How to Apply?

To apply for an Overdraft loan with FTMS follow these simple steps:

STEP 01

Before applying, ensure you meet the eligibility criteria (Call us on: +91xxxxxxxxxx)

STEP 02

Keep the necessary documents handy for a smooth application process.

STEP 03

Fill Out the Online Application Form (Link here____)

STEP 04

Upload the required documents for identity, address, and income verification.

STEP 05

Carefully review and submit your application and uploaded documents.

STEP 06

Once submitted you will get notified of the approval status

STEP 07

Upon approval, the loan amount will be disbursed directly to your bank account.

STEP 08

Start repaying the loan through convenient EMIs.

Additional Points

Interest is charged only on the amount borrowed, not on the entire overdraft limit.

Repayment is totally up to customer, he may repay according to his own convenience.

Factors such as your credit score, income, and existing debt play a role in determining your eligibility for an overdraft facility.

By understanding these aspects, you can effectively utilize the overdraft facility to manage your financial needs responsibly.

If you have any more questions or require further clarification, feel free to reach out to us.

FAQs

An overdraft is a financial facility that allows you to spend more money than what is currently available in your bank account, up to a pre-approved limit. This can be useful for managing shortterm financial needs or unexpected expenses.

Your overdraft limit is determined based on your credit history, account balance, and overall
relationship with the bank. FTMS will evaluate your financial status and set a limit accordingly. You can contact FTMS to find out your specific overdraft limit.

Exceeding your overdraft limit can result in additional fees and penalties. These may include over-limit fees and higher interest rates on the excess amount. It's important to manage your
spending and keep track of your account balance to avoid surpassing the limit.

Yes, you can request an increase in your overdraft limit. To do so, you need to contact FTMS and provide the necessary documents, such as proof of income and updated financial information. The bank will review your request and decide based on your creditworthiness and account history.

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Help

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011-41775168

Email us

info@ftms.in

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