Overdraft Facility vs Personal Loan | Personal Loan | Overdraft Facility | Benefits of Overdraft
People often remain confused whether to take a personal loan or avail overdraft facility.
When your Personal Loan is sanctioned, interest starts to accumulate even if you have not used the amount but in the Overdraft facility no interest will be charged, if you have not used the amount.
In personal loans, you have to pay fixed EMI's every month but in Overdraft, you can pay according to your income.
There is a prepayment penalty in case you want to close Personal Loan before completion of tenure but not in case of Overdraft.
Personal Loans are generally of higher loan amount and have a longer tenure but Overdraft Facility usually is renewed every year.
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Personal Loan
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Overdraft Facility
How to Take Personal Loan
How to Avail Overdraft Facility
Benefits of Personal Loan
Benefits of Overdraft Facility
