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Overdraft Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM LOAN INTERVIEW QUESTIONS OVERDRAFT INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Overdraft Interview Questions & Answers - Learning Mode

An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". Overdraft is basically a loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals. An overdraft is an extension of credit from a lending institution when an account reaches zero. Basically, overdraft means that the bank allows customers to borrow a set amount of money. As with any loan, you pay interest on the outstanding balance of an overdraft loan.

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Overdraft Interview Questions & Answers - Learning Mode
Try Overdraft Interview Questions & Answers - Exam Mode
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. Source: CoolInterview.com

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