Better option than Personal Loan #loans #banks #finance #education
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Better option than Personal Loan #loans #banks #finance #education |
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Video From Tejas Joshi Finance |
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This Video Uploaded At 30-11-2022 13:30:09 |
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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of ₹ 1,00,000 and you wish to use only Rs 30,000, you withdraw Rs 30,000 and pay interest on monthly basis only on the withdrawn amount.
➡️Generally the Rate of Interest in OD is 1%-2% higher than Personal loan, but will be charged only on the withdrawn amount.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
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