TN Finance provides the best overdraft loan facilities for numerous companies in Chennai, Tamil Nadu. An overdraft loan is offered by banks and financial institutions to withdraw money even if the account balance goes below zero. It is a facility offered for all with a current and savings account and is an extension of momentary limit. We at TN Finance provide the best overdraft loan for companies in Chennai, at the lowest interest.
A person can withdraw money till their allowed limit of overdraft, the interest rate on an overdraft varies from one lender to another and TN Finance is known to provide the best overdraft loans in Chennai, Tamil Nadu. Generally the money extension is granted to the customers based on their creditworthiness from the credit score, repayment history of loan and their account value.
An overdraft facility is the best feature to have in one's business loan, as it allows the applicant to use or withdraw more money than what is in the account up to the approved limit. An overdraft loan lets you cover for any shortfalls you face in the cash flow.
A borrower can apply for an overdraft facility as soon as his/her business loan is approved. To be granted an overdraft facility one has to meet certain requirements like a solid business turnover, hold equity in an existing property for security, show proof of legitimate business need, etc.
Just like getting a line of credit for your home loan, the interest on an overdraft facility is slightly higher than normal business loans. The interest rate is largely variable unless the applicant has a strong business turnover and is using the facility on a regular basis, in which case you can negotiate a fixed rate.