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What is Home Loan Overdraft Facility?

Tuesday, June 25, 2019, 1:22 PM

A home loan overdraft facility is like a current account. This facility helps deposit surplus funds into a home loan account and the amount you deposit is considered as prepayment against the home loan principal-amount. The bank revises the home loan principal amount in sync with periodic deposits and computes the interest considering the difference between the total deposits made and the outstanding principal-amount.
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How personal loans work?

Monday, January 14, 2019, 12:08 PM

A personal loan is an unsecured loan, which means the borrower does not need to keep an asset as security for the money borrowed. Consequently, the bank charges a higher rate of interest on personal loan than other secured loans. You pay back that money in installments. Once the loan is paid in full, the loan account is closed.

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