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LAP OD And DOD (Dropline OD)

LAP OD And DOD (Dropline OD)

A Loan Against Property Overdraft is a type of credit given against assets offered as collateral with Banks. These assets can be your house, insurance policies, fixed deposits (FDs), shares and bonds etc. This facility is usually provided to borrowers with a good credit rating and a stable income.

The advantage of this type of facility is that you can withdraw funds from your current account even if you have a zero balance in the account. The disadvantage is that you will be charged interest on the extra amount that you withdraw.

This type of overdraft facility is not suitable for all types of borrowers and it can be costly. However, it can be useful if you have a regular source of additional income and want to save on interest payments.

Another benefit of this type of overdraft facility is that it can help you avoid pre-payment penalties, which would otherwise be charged for prepayment. This is especially beneficial for people who want to avoid the hassle of paying higher EMIs on their home loan.

Loan Against Property Overdraft

A Loan Against Property is a credit that can be used for meeting a wide range of purposes including expansion of the business, educational expenses, medical treatment and other essential financial requirements. The loan can be repaid in monthly EMIs or by a single lump sum payment at the end of the tenure, depending on your needs and financial situation.

It can also be used for consolidating existing debts and reducing your overall debt burden. It is recommended that you consult your lender before deciding on this type of overdraft.

Drop Line Overdraft:

Dropline Overdraft is a modern form of property loan that is available from one year to 15 years in tenure. This loan is suited for manufacturers, traders & retailers who require immediate working capital for day to day operations.

The facility does not have a renewal charge and has no minimum turnover requirement, it is ideal for producers, merchants, dealers and service providers.

Cash Credit Facility is offered to companies with exposure limits more than INR 2 cr. In this facility, the company offers their Stock and Debtors as collateral. The company must submit monthly Stock Statements and the drawing power of stock is derived from it basis which the Sanction Limit would be calculated every month.

It is an efficient way of borrowing because you pay interest only on the money that you use, unlike a term loan which charges interest on the entire amount borrowed. It also gives you flexibility to deposit and withdraw money whenever you need them.

This type of overdraft is not suitable for all types of borrowers, but it can be helpful if you have a regular source of extra income and want to save on interest payments. It is recommended that you consult your lender for more information about this type of overdraft and how it can be used effectively.

An overdraft loan is a short-term loan that you can use to cover an unexpected expense or an accidental overdraft. The interest rate charged by the lender for this type of overdraft is much lower than the rates for a traditional term loan, but you have to pay back the overdraft in full, on time, or risk losing the entire amount. It is also an effective way to avoid pre-payment penalties, which can be very expensive

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