OD FACILITY

Overdraft Facility is a financial instrument in which you can withdraw money from your savings or current account, even if your account balance is zero. This feature is provided by almost every financial institution, including banks and NBFCs. Overdraft facility is a type of short-term loan to be repaid in defined tenure, as required by the financial institutions. Lenders shall levy the interest rates that the borrower needs to repay, as per the bank’s terms and conditions. In the case of Overdraft, the type of interest rates offered by the lenders are both fixed and not floating.

Features of Overdraft Facility

Approved Credit Limit: Overdraft is awarded over a predetermined limit. This limit can be different for each borrower

Interest Rate: The interest rate is charged on the amount of overdraft used. It is calculated on daily basis and it is billed to the account at month-end. If you default on paying the overdraft as per the set schedule, the interest amount will be added to the principal amount at month-end and then interest will be calculated on the new principal

Nil prepayment charges: Whenever you want to prepay a loan, usually a prepayment charge is levied. However, this is not the case with the overdraft facility. When you repay the amount borrowed through overdraft you do not pay prepayment charges. Also, you need not repay the Overdraft amount in EMIs. You can repay the borrowed amount cumulatively

Repayment is not done through EMIs: Repay the overdraft whenever you have the money. You do not have to repay the overdraft amount like you repay a loan. You do not have to repay in Equated Monthly Instalments (EMIs). You can repay whatever amount you like whenever you like. However, if the lender demands a repayment, then you will have to fulfil that demand

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HAREKRISHN CONSULTANCY OD FACILITY

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HAREKRISHN CONSULTANCY itself and all vendors who are related to HAREKRISHN CONSULTANCY loans do not take any consulting charges from customers.

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Every BANK and NBFC have different interest rate for different salary and profile. HAREKRISHN CONSULTANCY give you the right platform where all bankers offer his best to particular profile. So it is for customer to select best option with best scheme.