What,Overdraft,Facility,amp,Us business, insurance What is Overdraft Facility? & its Uses
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Money is the need of human life at every stage of life but, you will not have accesses to it all the time. When life creates an emergency situation and you lack needed money, you need to borrow money to address the need. The best way to fetch this money in no time is overdraft facility. In this current article, you will know about what overdraft facility is and its uses. What is overdraft facility? Overdraft is a credit line given to barrower against his assets. This just acts like an approved loan. You can withdraw amount from this overdraft account up to certain limit at any point of time. You can keep barrowing and repaying the amount as long as bank is offering this facility to you. The interest rate on these overdraft loans varies from bank to bank. However, it ranges from 12% to 14% in most of the cases. The rate of interest on these loans will be one percent higher than the interest paid for fixed deposits. You can avail this overdraft facility on different this like insurance policies, shares and bonds, bank fixed deposits. However, the rate of interest varies for different collateral.How to apply The process of applying for overdraft facility in syndicate finance is similar to process of applying any loan. All you need to do is apply an asset as collateral to obtain the loan. You can quick loan against insurance policies and fixed deposits but, takes little longer time to fetch the overdraft facility for homes because it involves some validation.Advantages Funds flow When your business deals with movements of cash inflow and outflow many times during the month, you may experience cash gaps some times. An overdraft facility from syndicate finance will be quite helpful to you in this regard. Keeping Good Track Record It helps you to maintain good track record. No cheque payment will bounce due to lack of in sufficient funds. This may have been made against some receivables that are received a couple of days later.Timely payments You can make timely payments with an overdraft facility. You will be away from late payments, fines and penalties. You can make the payments even when you don’t have sufficient balance in your account. You will be away from embarrassing situations like bouncing of check.Easy to avail Overdraft facility is easily available when compared to other types of loans from syndicate finance in Mumbai because paperwork in these overdraft loans is very less. Flexibility Overdraft loans are highly flexible. You can take the loan whenever you like. It is quite helpful during the times of emergency. You will get the loan in one or two days from syndicate finance in Mumbai.
What,Overdraft,Facility,amp,Us