Dropline Overdraft is a very unique product that allows a borrower to overdraw cash from his/her current account up to an agreed/sanctioned limit, wherein the withdrawal limit reduces each month from the sanctioned limit. The interest rate will be calculated on the withdrawn cash and not on the total sanctioned DOD ( Dropline Overdraft) limit. Everytime you deposite the money the outstanding balance will be reduced. The Interest rate is calculated on a daily basis and is charged at the end of each month.
Who can apply for Dropline Overdraft (DOD)?
* Special design product for all kind of customers – DOD ( dropline OD product )*
* This product is designed as a combination all kind of CC / OD and term loan.
This product has all the feature of CC and OD facility but with less charges.
For example –
* No annual renewal required hence no charges on renewal like other CC and OD facility
* No stock statements and audit report submission to bank.
* It’s one time OD facility for 10 to 15 years and work like a term loan.
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