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Benefits of Overdraft Account :

1. Faster Funds Release and Simplicity :
In the case of Personal Loan, you have to deal with a lot of paperwork. First off, you will need decent CIBIL score to get your loan approved. Every time you need cash you will have to follow same application process. Plus, you may get money only after the loan is sanctioned.
After you set up an Overdraft Account you can withdraw money within couple of hours and/or definitely within one business day. You don’t have to repeatedly set up an overdraft account every time you need money.

2. Flexibility :
Personal loans don’t leave much room for flexibility. You have to pay a fixed EMI for the duration of the tenure and the payments also have to be timely. For many people, this could be a problem, especially for individuals who have varying income every month.
Personal Overdraft allows you to take as much money as you need within the limits set for you. You can spread out the repayment as per your convenience. You can pay within days, weeks, or months- whatever suits you.

3. Interest Costs :
Once you have taken a Personal Loan, the interest starts to accumulate immediately, even if you are not using the money at all. If you prepay the loan amount, you will also have to pay prepayment fees along with the principal and interest amount due till that time.


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