Overdraft Facility, a recurring (revolving) credit facility, is offered to customers for meeting fluctuating working capital needs for funding current assets, overheads and administrative expenses.
It is a type of account in which you can withdraw the amount even if there is no fund in your account. The bank sanctions a specific limit and your account can go in negative up to that limit. You have to pay interest only on the amount taken as a loan. Since it is a current account, you can make as many transactions as you want. You have to pay interest on the amount which is due by the end of the day.
It is a type of account in which you can withdraw the amount even if there is no fund in your account. The bank sanctions a specific limit and your account can go in negative up to that limit. You have to pay interest only on the amount taken as a loan. Since it is a current account, you can make as many transactions as you want. You have to pay interest on the amount which is due by the end of the day.
Excellent Services, they provide timely response for my loan application and documents collection. Excellent Staff, they did a regular follow up and updated me on every thing.
Vivek Bhat General Manager