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What is Bank Overdraft | Benefits of Overdraft | How to Avail Overdraft facility | OD vs Loan?

Bank Overdraft facility is a kind of facility in which bank allows a person to withdraw more amount than his balance. Key Features of Overdraft limits are as follows: Approved credit limit: Bank generally fixed certain limit of Overdraft facility Interest rate: Interest rates of secured overdraft limit is less as compared to unsecured overdraft limit. Zero repayment charges: Person can make repayment of overdraft limit without any repayment charges. No EMI-based repayment: Minimum monthly payment: Every month person has to make payment of interest that is applied on overdraft account. Joint borrowers: Overdraft limit can be taken jointly. Overdraft limits can be distinguished between following categories. 1. Secured and unsecured Overdraft facility 2. Authorized and unauthorized Overdraft facility 3. Salaried class and business class overdraft facility Topics covered are: 00:00 What is overdraft facility 00:23 Definition of bank overdraft facility 00:46 some examples of overdraft accounts 01:09 Basic features of overdraft facility 01:54 How overdraft works 02:22 Interest calculation of OD limits 03:34 Different categories of overdraft facility 03:55 Secured and unsecured overdraft facility 04:54 Salary and business class overdraft facility 05:46 authorized and unauthorized overdraft facility 06:34 Term loan versus Overdraft facility 07:35 bank loan in which overdraft facility is allowed Murari Garg 9717550964( Whatsapp) #od #odlimits #overdraft #cashcredit #overdraftlimit #overdrawnfacility #odbankloans