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Overdraft is facility offered by banks and financial instruments to withdraw money from the current or savings account, even if the account balance goes below zero. It’s an extension of momentary limit and that money is said to be overdrawn. At TN Finance, we provide best overdraft limit for companies in Chennai, Tamil Nadu. Every client can withdraw money up to the allowed limit at a specified charge of interest for the money withdrawn as overdraft.
TN Finance is renowned for providing the best-rated overdraft loan facility for companies in Chennai, Tamil Nadu. The interest rate on overdraft facilities varies from lender to lender and TN Finance offers the best overdraft loan at the lowest rate of interest. An overdraft loan can be availed by anyone who opens a savings or current account. The money extension is granted for the customers based on their repayment history, account value, and creditworthiness.
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.