Rupees will come into the account in minutes of calculation at the time of work facility/trouble, know the terms and conditions

 Rupees will come into the account in minutes of calculation at the time of work facility/trouble, know the terms and conditions

It often happens that you suddenly need money and you lack funds. In such a case, even if you apply for a personal loan, it may take 2-3 days. In these circumstances, you need an instant loan. If you have a job, the bank offers a salary overdraft facility to its customers, under which you get a rupee in just a few minutes. This is called a celery overdraft.

A salary overdraft is a type of loan. In this, you can withdraw more money than your account balance. Both public and private banks provide this facility, but the terms and conditions are different in this regard. The bank provides you with an overdraft limit based on your relationship with the bank, how much your salary is, and how good the CIBIL score is.

You can delete Rs

These overdrafts are pre-approved and have limitations. You can withdraw money up to the limit at any time within minutes. With this rupee you can avoid incidents like medical emergency, EMI, check bounce, SIP bounce. Each bank has its own rules for overdraft facilities.

Different rules of different banks

Some banks offer overdrafts up to 2-3 times your monthly salary. While some banks provide this facility for only 80-90 percent of a month's salary. Some work on the overdraft cap rule for banks. Its maximum limit can be up to Rs 4-5 lakh. For some banks, the cap ranges from Rs 1-1.5 lakh. Some banks offer this facility based on your monthly salary, while some banks set limits for each customer.

Click here to read in Gujarati

Interest rates are high

An overdraft is in a way similar to an instant loan. You will also have to pay interest for this. However, it is important to consider a few other aspects before using the Celery Overdraft feature. For example processing fees also apply if you use this feature. The interest rate is higher than a personal loan. Another thing to note is that overdraft payments are not the same as EMI. You can pay it off slowly and interest is charged only on the amount you have taken advantage of.