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| Name | Better option than Personal Loan #loans #banks #finance #education |
| Video Uploader | Video From Tejas Joshi Finance |
| Upload Date | This Video Uploaded At 30-11-2022 13:30:09 |
| Video Discription | To put it simply, in overdraft facility if you have an approved credit limit of ₹ 1,00,000 and you wish to use only Rs 30,000, you withdraw Rs 30,000 and pay interest on monthly basis only on the withdrawn amount. ➡️Generally the Rate of Interest in OD is 1%-2% higher than Personal loan, but will be charged only on the withdrawn amount. So it can become significantly lower if you utilise only the necessary required amount. 🔸An overdraft facility in bank accounts is like a pre-approved loan. The bank ascertains a specific limit up to which you can overdraw on your account balance. 🔸The bank charges interest only on the amount used by you and only for the time it is borrowed. It is calculated daily and billed to you every month. 🔸You can pay back the amount as and when you have the funds, as a lump sum or in part-payment, and there is no prepayment penalty or EMI concept like in loans. Difference between Overdraft and Personal Loan Account. 🔺A personal loan is a loan, but an overdraft account is a line of credit. Hence, the most essential difference is the terms of repayment. An overdraft doesn't involve EMls or have foreclosure charges like a personal loan and is more flexible. 🔺The interest in a personal loan is charged on the entire loan amount, but only the amount actually overdrawn is charged in an overdraft account. Source: Groww, loantap . . . . . . . . . . . . #loan #loans #loanofficer #bank #banks #overdraft #moneymanagement |
| Category | People & Blogs |
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