Bank overdraft facility: The festive season has started. Dhanteras-Deepawali is also going to come soon. In such a situation, people are preparing fiercely for festivals. People have openly shopped in such a way that there is zero balance in their account. In such a situation, if you have to do more shopping now, then you do not need to worry. Rather, your money has been arranged. Let us tell you that those who are doing jobs, they can fulfill their needs by withdrawing salary overdraft facility from their bank if needed.
This is salary overdraft
You can take a loan from the salary overdraft facility we are talking about . You can withdraw more money from the bank account than the current balance. The amount withdrawn in this has to be repaid within a certain period and interest is also charged on it. Interest is calculated on daily basis.
Overdraft facility can be given by any bank or non-banking financial company (NBFC). What will be the limit of overdraft you can get, it is decided by the banks or NBFCs. That is, this limit can be different in different banks and NBFCs.
Overdraft is a kind of instant loan. You also have to pay interest on this. Processing fee is also to be paid. Like ICICI Bank offers Insta Flexi Cash facility and customers can activate it online. Under this facility, customers can take overdraft three times their salary. Customers can use the overdraft within 48 hours.
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