Personal Loan vs. Overdraft Account
What is a personal loan?
An instant personal loan is a quick loan that is easy to get and very affordable. You get the best rate of interest if you compare a personal loan with any other type of loan. It will help you get instant cash in your account that you can use for anything because there will be no rigidity in the end-use facility. It is your money and no one is asking you the end-use for borrowing. You can pay off the debt in an easy repayment scheme as per the tenure you choose. There is no need to give away any security or collateral with the bank as it is an unsecured form of debt.
What is an overdraft amount?
In an overdraft amount, you can borrow a certain sum of money front the current account of the bank. There is a limit as to how much you can withdraw for usage. It is done quickly and the process will not make you wait for a long period. Within some hours you can withdraw and use the amount for any need that comes up.
The Difference
Period of Disbursement: In a personal loan the disbursement is always quick. From the time of application to disbursement you can get the fund in your account within some hours. If you are going for an instant personal loan, you will get the disbursement within few hours. You will have to do your documentation and then apply for a loan every time you need the fund. However, in the overdraft amount, the disbursement is done within few hours and one business day. You don’t need to apply every time you need the fund. If you need the fund you can withdraw it from the current account.
The Difference
Repayment scheme: In a personal loan there will be a fixed EMI scheme every month. You need to go for a fixed installment that you need to pay. Here you need to select a specific tenure and you need to pay the fixed EMI monthly without any changes. However, in an overdraft amount you don’t need to go for any fixed tenure or pay any fixed EMI on monthly basis. You can go for repayment according to your wish.
Apply personal loan in Pune
A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Apply for personal loan in Pune online on Clix Capital by just filling a few personal details.
Address: 4th Floor, Kailash Building, Kasturba Gandhi Marg, Connaught Place, New Delhi110001 Phone: 1800 200 9898 Email us:
[email protected] Website: www.clix.capital
Clix Capital Services Private Limited
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