Better option than Personal Loan #loans #banks #finance #education

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of ₹ 1,00,000 and you wish to use only Rs 30,000, you withdraw Rs 30,000 and pay interest on monthly basis only on the withdrawn amount.

➡️Generally the Rate of Interest in OD is 1%-2% higher than Personal loan, but will be charged only on the withdrawn amount.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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#loan #loans #loanofficer #bank #banks #overdraft #moneymanagement

[the_real_sunnn]

A TV series can now be made based on these characters. Tejas, his gf and the bank manager 👊

[basantprasadsgarden]

We want this Guy at every bank
It's a Public demand

[jodengineer]

Tejas spotted - still dre starts playing in background 😂😂

[nycto]

The moment when you realize that the hardships you face during studying finance are actually worth it not only in your career but in your personal life. Proud business student!

[mananbalar]

'Tejas mere god me hi beth jao' this line makes me laugh too much🤣🤣

[barunjena]

Bro you are talented af! The skits are on point with entertaining value!

[jashpawar]

I appreciate your knowledge and your efforts ❤️

[SP_EFX]

That *"Huh"* never gets old😂

[CriminalGaming-zbjm]

First banda dekha jo kay actually main funny hai over acting nhi karta or great concepts kay sath baghair kisi over laugh jokes meme sound putt nhi karta or hasata hai❤u actually deserve a like

[KartarSingh-vqhd]

Jalwa hai bhai ka.... Puri bank hi bhai ki Love your content bro

[bhaveshsing]

Bhai her sarkaar ki office me ek tejas bhai or her ek desh ka pardan aap jesa soche jo desh aage aa jaega 👌👌👌👌👍🙏

[siddheshtambe]

😂🤣
Information and learning through Funny content.
Excellent 👍

[sunetrasharma]

"Tejas meri god me hi aa ke baith jao na"

Rofl 🤣

[PranksterProfessor]

Who thought Tejas will come and tell something in that also 😂😂

[auditiondhrumit]

Bhai Bahut time k baad koi acha influencer mila muje jiska contant acha lagya hai bhai 🔥🔥 lot's of love ❤

[prabhatibehera]

That "hehh" is permanent 😂😂😂

[यशवंतचौहान-डग]

आज के समय में पूंजी (बहोत लंबे समय लगाकर बचाए हुए पैसे) बड़ी चीज है और OD कम intrest देकर अपने पूंजी को बचाने का अच्छा तरीका है।

[FarhanQadriprimumfragrances]

Thank You Bhai Mujhe Isi Ki Jaroor Thi

[harkamalsingh]

SIR G pata nhi kyu mai har Roz aapka channel check karta hoo ki koi video aayi hai kya kyuki knowledge ke saath maza bhi buhut hi zyada aata hai LOVE YOU BHAI 💕💕💕💕💪💪💪💪❤️❤️❤️😊

[parshantisking]

Bro forgot to mention overdraft have really high rate of interest if not paid on time