Thu, Jan 25, 2024
A term loan is a fixed-amount loan with a fixed repayment schedule that you take from a bank, non-banking finance company (NBFC), or any financial institution. In a term loan, the interest is calculated on the entire loan amount, while in overdraft, the interest is calculated only on the amount you withdraw from the OD.
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Fri, Sep 22, 2023
Overdraft services and personal loans are popular short-term credit facilities best suited for emergency needs of funds. However, Overdraft facility offers more flexibility and comes with lower interest rate compared to personal loan.
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