Overdraft/Loans against Own Fixed Deposit RID/Lakhpati

An overdraft against a loan is a type of credit facility that allows you to withdraw funds from your loan account, even if the account balance is zero, up to a pre-approved limit. It's like a short-term loan within your existing loan.

• Pre-approved Limit: Your lender sets a specific overdraft limit based on your loan terms and creditworthiness.
• Withdrawal: You can withdraw funds up to the approved limit from your loan account as needed.
• Interest: You'll only be charged interest on the amount you withdraw and use
• Repayment: You can repay the overdraft amount along with your regular loan installments or separately.

Benefits of Overdraft Against Loan:

• Flexibility: Access funds when you need them without taking out a separate loan.
• Convenience: Simple to use, often available through online banking or mobile apps.
• Lower Interest: Interest is typically lower than a personal loan or credit card.
• No Prepayment Penalties: You can repay the overdraft early without additional charges.

* INTEREST RATE *