Xpress GST Overdraft

Xpress GST Overdraft

With HDFC Bank's Xpress GST Overdraft, you can unlock your business potential with seamless financing. It offers an innovative funding up to Rs25 lakhs with just submitting your GST return filing. So get ready to empower your business with seamless and flexible financing like never before!

​​​​​​​Why choose HDFC Bank's Xpress GST Overdraft?

There are significant opportunities for small businesses to grow. However, several businesses face a cash flow crunch, making it challenging to manage day-to-day operations and cope with unexpected expenses. They usually fall into a debt trap or take expensive loans they can't repay.

HDFC Bank's Xpress GST Overdraft facility is one of the most effective ways for MSMEs to ensure a smooth cash flow and support their working capital needs basis just their GST returns. It offers a collateral free affordable credit facility of up to Rs.25lakhs combined with HDFC Bank's trusted relationship with its customers.

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Benefits of HDFC Bank Xpress GST Overdraft

You can accelerate your business growth through this overdraft facility which offers easy funding options. Benefits of availing HDFC Bank Xpress GST Overdraft include:
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• High overdraft limit: Xpress GST Overdraft offers an advanced credit facility of up to ₹25 lakhs.

• Quick and hassle-free access to funds: Say goodbye to lengthy approval processes and delays. With HDFC Bank Xpress GST Overdraft, you can access funds swiftly to meet your working capital requirements, seize growth opportunities, and navigate temporary cash flow gaps.
  You can experience the convenience of instant financing at your fingertips. You can readily get funds entirely based on GST filings. There is no need for collateral, income documents, financial statements, stock statement or extensive paperwork.

• Interest charged: HDFC Bank values affordability and strives to make financing accessible to businesses of all sizes. With HDFC Bank's Xpress GST Overdraft, you can benefit from interest rates charged only on the utilised amount. This makes it not just a loan but a strategic tool to fuel your business growth. This will ensure that your financing costs remain manageable while maximising the potential of your business.

• Minimal documentation: HDFC Bank understands that time is of the essence for businesses. HDFC Bank Xpress GST Overdraft simplifies this documentation process by reducing paperwork and administrative burden. Spend less time on paperwork and more time focusing on what truly matters - growing your business.

• Flexible auto-renewal: You can opt out of the HDFC Bank Xpress GST Overdraft facility or let it continue as per your business needs.

• Dedicated customer support: HDFC Bank believes in providing excellent customer service. The bank's dedicated team of experts is ready to assist you at every step, ensuring a seamless experience from application to disbursal. It provides personalised guidance and support throughout your financing journey.

Eligibility criteria for Xpress GST Overdraft

​​​​​​​At HDFC Bank, you can apply for the Xpress GST Overdraft Facility by fulfilling the basic eligibility criteria, which are as follows:

• You must belong to business sectors, including manufacturing, trade and services.

• Your business must have been in operation for at least three years.

• Your business should not have existing cash credit, overdraft and collateral-backed loans.

• There should not be a delay of more than 10 days in GST filing.

• Your bank statement for 12 months is required.

FAQs

Q1. How long does it take to get approval for the Xpress GST Overdraft facility?

The sanctioned amount is given immediately based on the required documents and the GST filing. 

Q2. How do I apply for Xpress GST Overdraft? 

Applying for HDFC Bank Xpress GST Overdraft is a breeze! You can visit HDFC Bank's website or reach out to the experienced customer support team to initiate the application process. They will guide you through the necessary steps and ensure a smooth and efficient application experience.

Q3. How does an overdraft facility work?

When you have an overdraft facility, you can withdraw money from your account even if it contains insufficient funds. The bank covers the shortfall on your behalf, effectively granting you access to extra funds. The amount you overdraw, with any applicable fees or interest, creates a negative balance in your account.

Q4. Can customers use Xpress GST Overdraft for any business?

No, only those customers who run businesses in sectors such as manufacturing, trade and services are eligible for this facility.

Q5. How does overdraft protection work?

When you opt for overdraft protection, the bank establishes a pre-approved line of credit linked to your account. This acts as a safety net, covering transactions that exceed your available balance. If you attempt a transaction that exceeds your account balance, the bank steps in to cover the shortfall.

Q6. How can an overdraft facility benefit your business?

It can help to manage cash flow gaps, handle unexpected expenses, support growth initiatives, and avoid missed opportunities. With an overdraft facility, you can seize time-sensitive opportunities that arise unexpectedly.