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OVERDRAFT FACILITY

An OVERDRAFT is a FACILITY granted by the BANK to a current account holder (Business Account or Business Club Account) enabling an enterprise to carry out debit transactions even when the amount available on the account is insufficient, and up to a predefined maximum amount agreed upon by the BANK and the customer.

Why Do I Need Overdraft Facility?

Who wouldn’t like to enjoy the privilege of obtaining cash on the go when needed? A various of banks are offering overdraft facility, but if you want something even more convenient, then you can get the facility online. LoanTap is the first of its kind to offer over drafting facility to salaried employees of Mumbai. Here are few advantages of LoanTap’s overdraft facility –

Instant Cash Disbursal- Once you have applied for overdraft facility, LoanTap transfers the amount within 24 hours so that you don’t have to wait for long time.

Flexibility- You are free to select your own draw-out option and repayment structure. This means there is minimal pressure (unlike with the case of personal loans).

Better Finance Management- Knowing that you have the support of LoanTap for your urgent cash requirements you can manage your expenses better. When things go wrong you don’t have to live on a shoestring budget, for you know there is a solution.

The Benefits of an Overdraft

* An overdraft provides you with cash money for unplanned expenses.

* It provides the comfort to access extra cash for emergencies.

* Customer can use as much of agreed overdraft limit. The total limit is always available to them for use.

* Banks charge one percent more than the rate payable on the fixed deposits for the overdraft against fixed deposits.

* Once you have an overdraft, you can conveniently increase or decrease your limit.

* This credit facility is secured by an asset and the rate of interest payable is much cheaper as compared to spending on credit cards

* Customer has the option of taking out insurance on their overdraft facility. This gives them peace of mind knowing that their loan will be settled in full in the event of disability, dreaded disease or death.

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