Overdraft Facility Loan

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Overdraft Facility Loan
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• An overdraft facility is a financial tool in
  which the applicant can withdraw an amount from
  their current or savings account, even though
  their account balance becomes zero. There are
  several banks, Non-Banking Financial Companies
  (NBFCs), and financial institutions that offer
  overdraft facility loans.
• It is a type of short-term loan which is to be
  paid back in a specific period, as required by
  the financial bodies. Banks may levy the rate of
  interest that applicants need to pay back, as per
  the terms and conditions of the banks.

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Features and benefits of overdraft facility loan

• Interest rate - overdraft facility loan The rate
  of interest charged on the borrowed amount used
  for overdraft. It is evaluated on a daily basis,
  and it is billed at the end of the month. 
• No additional charges - The interest rate
  charged on the loan is accessible to the amount
  withdrawn. If the borrower wants to make
  prepayment on their borrowed principal amount,
  therefore they arouse zero hidden charges on it.
   
• Flexible repayment tenure - After getting
  overdraft facility, the individual can choose to
  pay the dues when it is suitable for them if
  they do it within the repayment tenure overdraft
  facility.