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BT and OD refer to

1. BT (Balance Transfer): This involves transferring the outstanding loan amount from one bank to another, usually to take advantage of lower interest rates or better terms. For example, if a borrower finds a bank offering a lower interest rate on a loan, they may transfer their existing loan balance from their current bank to the new one, reducing their overall interest burden.
2. OD (Overdraft): An overdraft facility allows customers to withdraw more than their available balance, typically up to a pre-approved limit. This is often used by businesses for short-term working capital needs. Interest is charged only on the amount used from the overdraft limit.

These options are often explored to manage cash flow or reduce loan-related costs, particularly in business finance. Here's a breakdown of common documents required for salaried and self-employed individuals when applying for a loan:

For Salaried Individuals

1. Identity Proof: PAN card, Aadhaar card, passport, or voter ID
2. Address Proof: Aadhaar card, utility bills, rental agreement, passport, or driving license
3. Income Proof:
   a) Last 3 months' salary slips
   b) Form 16 or last 2 years’ Income Tax Returns (ITR)
   c) Bank statements of the last 3 to 6 months (showing salary credits)
4. Employment Proof: Employment ID card or offer letter
5. Loan-Specific Documents: Loan application form, photographs, and signature verification (if required by the lender)

For Self-Employed Individuals

1. Identity Proof: PAN card, Aadhaar card, passport, or voter ID
2. Address Proof: Aadhaar card, utility bills, rental agreement, passport, or driving license
3. Income Proof:
   a) Last 2 to 3 years’ Income Tax Returns (ITR) with computation of income
   b) Profit & Loss statement and Balance Sheet, audited by a CA for recent 2 years
4. Business Proof:
   a) Business registration documents (e.g., GST certificate, partnership deed, or company registration certificate)
   b) Bank statements of the business for the last 6 to 12 months
5. Other Documents: Loan application form, recent passport-size photographs, and sometimes a business profile

These documents help lenders assess income stability, repayment capacity, and creditworthiness for both types of applicants.