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Question: Recently my banker told me to opt for an unsecured drop line overdraft for my business. What is an unsecured drop line overdraft?
Answer: To encourage business owners, banks are offering unsecured drop line overdraft facility which does not seek any collateral security for offering the overdraft limit. All you need to furnish is a personal guarantee as a business owner as part of security for the overdraft. Banks and NBFCs are offering unsecured drop line overdraft up to Rs. 50 Lakhs for business owners with a good financial track record.
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