Discounted
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Overdraft is a facility that allows you to withdraw funds from your bank account even if you don’t have a sufficient balance. Even when your account balance drops to ZERO and you have a current account with an overdraft facility, you can withdraw funds to a limit assigned by your lender.
For instance, if a Bank/NBFC assigns your OD account a limit of Rs 1 Lakh, you can withdraw a maximum of Rs 1 Lakh after your bank balance hits ZERO.
Business Overdrafts are broadly categorized into two
Secured Business Overdrafts
Unsecured Business Overdrafts
As of now, we offer only unsecured business overdrafts from top Banks and NBFCs of India.
With Networth Advisory, you can avail an instant unsecured business overdraft up to Rs 50 Lakhs from premium Banks and NBFCs of India. With a collateral-free business overdraft, you don’t have to pledge security against the overdraft.
With a collateral-free business overdraft, you don’t have to pledge property or another asset as collateral against the overdraft.
Process of availing a business overdraft
is very straightforward and is simply
a matter of discussing your requirements
with the lender.
Usually, you will be able to arrange a business overdraft online, over the phone or in a branch without any trouble.
You can approach the lender and place a request to increase or decrease the overdraft limit as your business needs change.
The rate of interest on the overdraft facility is charged only on the utilized amount and not on the whole stated amount.
The overdraft facility allows you to repay the amount to the lender, fully or partially, as per your financial condition & preferences and doesn’t enforce any monthly payments.
