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While looking for loans, you will come across two types of products – personal loans and overdraft facility. It is important that you understand the difference between these two products and then decide which one will be suitable for you.
A personal loan is a product where the bank lends a certain amount of money to an individual or an entity for a certain period of time so that the latter can meet their expenses. The loan amount has to be repaid within a certain period of time on which the bank levies a rate of interest. In most of the cases, the applicant may not be required to provide any collateral in order to avail a personal loan from the bank.
An overdraft facility is nothing but an agreement between the lender and the applicant where the latter is allowed to withdraw money in excess of what is available in their bank account. The line of credit offered is based on the balance the account holder has in their bank account.
Both the products are suitable in their own manner and based on your expenses and financial dreams you are looking to fulfil, you can decide whether you must go for a personal loan or an overdraft facility.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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