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.
Unsecured Business Overdraft is a brilliant short-term financing option, perfect for getting you through an unexpected slow patch. You enjoy the flexibility provided, and the peace of mind in knowing your transactions will get covered.
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.
Business overdrafts-which are set at an agreed amount-can be used to meet short-term cash flow shortfalls such as when employees’ wages are due, suppliers need to be paid, inventory to be purchased or businesses go through natural seasonal downturns in income.
