Transcribed
5 Thing You Need to know About an Overdraft
5 Things you Need to Know About an Overdraft D Loans that have been pre - approved against collateralized assets . % Permission to withdraw money from your account up to a certain limit . www www . Ju 2-2 OD & Interest Rate will be decided by asset type . OD functions similarly to a pre - approved loan . Act as short - term cash flow , but must be repaid within one month . < > HDFC SALES
5 Thing You Need to know About an Overdraft
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Overdraft is a sort of credit provided by lenders that allows borrowers to deposit funds in excess of the loan amount and withdraw funds as needed. The terms and conditions are in effect, as previousl...
y agreed.
The lender opens an Account for you with an Overdraft limit that is usually equal to the amount owed on your Home Loan. You can repay the loan by depositing it into the account. Any additional deposit is considered a pre-payment, lowering the loan's outstanding Principal and Interest costs. You can also withdraw up to a certain limit and pay it back with interest.
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