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 *