No need EMI pay per month,Half of India does not know that salaried persons get special loans.

No need EMI pay per month,Bad times do not come with any notice for anyone, when trouble comes, the first thing that is needed is money, but still many people are taking a lot of help from credit cards, but most of the people do not know that a special kind of bank loan is given to job occupation,

Althrough which you can arrange money in difficult times and the special thing is that in this you will no need EMI pay every month, its benefit will be available only to those whose salary account should be in the same bank from where the loan is being taken.

Know about which loan

Let me tell you that we are talking about salary overdraft loan, this is a kind of loan, which you can get on salary account also, under this you can withdraw more money from your salary account at the time of need, even if there is no money in your account, you can still withdraw, do this only according to your need because whenever you withdraw more money, you will have to pay it, however you will not have to bear the burden of EMI. also no need EMI pay.

In this loan no need EMI pay per month

In any other type of loan, you have to pay EMI every month but as per the information given on the official website of HDFC Bank, you have no need EMI pay per month. After taking your overdraft loan, you can repay it anytime within the stipulated period, however you have to pay interest every month. Talking about processing fee, the rules are different but there is no processing fee in SBI salary overdraft whereas in HDFC Bank it can be up to Rs. 1999.

How much money can you take as a loan?

Salary Overdraft Loan You can take your account to 2 to 3 times according to the bank, talking to the bank from the bank, the HDFC Bank offers salary overdraft to 3 times the salary account, these loans are your For at least 25,000 to 125000, you have different rules of every bank with the salary overdraft, such a loan facility is also called a short term loan, some banks are only 80 to 90 percent of the loan. Lets, and yes the amount of loan is also determined by your credit score.

How important is your credit score?

Although, your loan of any type is sanctioned only if your good credit score is above 750. But in today’s time, many people lower their score due to excessive use of credit card and not paying EMI on time. Credit score is a collection of 3 digits which shows that 300 is the worst transaction, whereas above 900 indicates the best transaction, so if you repay any loan on time, you will get 700 CIBIL score but you will likely have to pay a high interest rate, if you want to know more about CIBIL score or credit score, then click here.

There is no interest on overdraft loan and know how much time it takes to repay the loan

If you have taken a personal loan, then you have to pay interest on the entire amount, but there is no interest on the overdraft loan facility approved by the bank. You will be charged interest only on the amount you withdraw from your account as per your expenses and not on the rest.

That means if you have got an overdraft loan facility of Rs. 200,000 and you are spending only Rs. 30,000 from it, then you will have to pay interest only on Rs. 30,000. The time limit for repaying this loan is also different in different banks. In HDFC, you get 1 year time. You can get it renewed every year if you want. In such a case, you will have to pay Rs. 250 as renewal charge which is government fee and tax etc.