Even if the money in the account is over, you will get money, this facility is being given by the bank
Lockdown Updates : Even if the money in the account is over, you will get money, this facility is being given by the bank
Recently in the situation of Corona, many people did not get salary, many have lost their jobs. And money will be needed for things like rationing, electricity bills, gas for the house.
In such a situation, if the money in the account is exhausted and arrangements are not being made from anywhere, then
we have brought a facility for you that you will not have to spread your hands in front of anyone. Which you can easily find in any bank
You never know when all of a sudden you need money, you don’t get time to arrange your money with savings, but you need money in any way.
What to do in these situations when you need money immediately or in emergency?
There is an overdraft facility from banks which is very good to protect you from critical situations. In general, some credit facilities may also come to your mind such as taking a bank loan or using a credit card but interest rates are high enough to make you feel restless.
Also, there are unforeseen circumstances where you may take time to avail a
facility like a loan that is not able to meet your emergency needs.
But overdraft facility is such that you are helpful in combating the situation from any bank.
What is an overdraft?
An overdraft is for a credit facility awarded to a person against his collateral assets from the bank.
In other words, an overdraft is a credit arrangement that allows individuals by banks to use or
withdraw more money from their respective accounts, even if it is below zero.
This kind of facility is offered by banks to help you in facing any crisis, prompt payment to your creditor, early settlement of your previous debts,
purchase of gifts for the unexpected wedding of a relative or friend, such as It may also be related to any unforeseen events,
unplanned travel expenses or medical expenses etc. It can also be related to some major life events like life. Partner or parents untimely death of his father, accidental, failure in business, fire damage etc.