If you ever need money then now you do not need to panic nor will you need to apply for a loan.
New Delhi. Many times we need money in emergency, at that time we do not understand what to do. Then we have to take the help of relatives and friends. If you also ever need money then you do not need to panic nor will you need to apply for a loan. Yes..If you are a salaried employee then you can take advantage of salary overdraft. Let’s know how…
What is Salary Overdraft? (What is Salary Overdraft?)
Every month the salary comes in your bank account, then you can check from the bank account whether you are eligible for overdraft or not. If you are eligible to take overdraft as per bank rules then you will not face any problem. Salary overdraft is a type of credit that you get on your salary account. Whenever you need money, you can withdraw money from salary account even on zero balance.
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.
Who will get overdraft facility?
This facility of overdraft is not available to all bank customers. The bank provides the facility of overdraft only after looking at the credit profile of the customer and the company. If you want the facility of overdraft, then you have to talk to the customer care.
Know its benefits
Salary overdraft facility is very useful when there is a sudden expenditure or any EMI or SIP has to be known. If a check is drawn but there is less money in the account, then the check may bounce, then this overdraft facility helps.
Know how much interest is to be paid?
In this, an interest of 1 to 3 percent has to be paid every month. That is, an interest of 12 to 30 percent has to be paid annually. Like credit cards, this also attracts high interest.
