What is Business Overdraft?
A business overdraft is a cash flow buffer in the form of a credit line with no restrictions on number of withdrawals or repayments. One can use this limit as per their business requirements with a convenience to pay off whenever they can without any penalty and no interest gets charged after that. The interest is levies on daily outstanding balance of the overdraft facility and not the entire limit.
A business overdraft is popularly used for:
The eligibility for business overdraft is determined by the following factors, which demand you to have: