Overdraft is a financial product for providing liquidity and still it is very different from Cash Credit. to obtain an Overdraft (OD) you need a collateral or mortgage. Once an Over Draft facility is sanctioned, there is no need to renew it every year like Cash Credit (CC). The best part us, you only pay interest only on the utilised amount in the Over Draft account. The rate of interest is less as compared to Cash Credit. Generally it is obtained for short term purposes. It is available for Current Accounts only. Overdrafts are mostly used to issue timely payments to the vendors. No monthly minimum repayments are needed. The customer can borrow up to the agreed overdraft limit whenever as per his need and repay some or all of it at any time.

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