One of my friends was an entrepreneur, he once mentioned this overdraft facility in Axis bank. I was not sure and enquired, “What is overdraft facility in Axis bank?” He told me that the Axis Bank Overdraft credit facility aids the borrower in meeting ongoing business needs. A banking feature known as overdraft enables the borrower to withdraw money even if there is no money in their account. Only the amount that has been withdrawn or used is subject to interest. Both Axis Bank’s current account and salary account holders have access to the overdraft against the fixed deposit programme.
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With the use of Axis Bank's digital channels, such as Axis Internet Banking or Axis Mobile, company owners, and entrepreneurs can easily access an overdraft facility Axis bank at any time.
The Axis overdraft facility is of 2 types, including 24x7 Overdraft Against Fixed Deposit and 24x7 Quick Overdraft.
Axis Bank 24X7 Overdraft against Fixed Deposit FeaturesLoan Amount:
Up to 85% of the FD amount can be overdrawn.
Interest Rate:
Charged only on the drawn amount and not on the total limit
Pre-approved loan amount for FD holders
Secured loan:
Lien marked on FDs
Axis Bank account holders have immediate access to their funds through online services (Axis Mobile/Internet Banking).
Axis Bank 24×7 Quick Overdraft FeaturesInterest Rate:
Charged only on the utilized or withdrawn amount from the total sanctioned limit
Loan Amount:
Customised as per applicant’s requirements
Auto-renewal:
Available for select Axis Bank customers
Zero documentation
Flexible repayment options
Quick Digital Renewal
Both of these overdraft facilities can be utilised to cover working capital needs, manage business cash flow, launch a new venture, purchase goods, and services, settle debts, etc.
You can deposit cash or a cheque to repay an overdraft loan, or the loan amount will be automatically deducted from your salary or savings account.
I hope this answer suffices your query about the overdraft facility in Axis bank. I hope this helps:)
Read More:
How to Close an Overdraft Account in SBI?Your Feedback Matters! How was this Answer?
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What is Overdraft Facility in Axis Bank?
Samhita
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2 Year
2023-03-29T06:11:34+00:00 2023-03-29T06:19:09+00:00Comment
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