is equal to bank overdraft facility.
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A credit facility is equal to a bank overdraft facility.
Explanation:
- An overdraft allows the customers to withdraw money from the account up to a certain limit.
- An overdraft facility can be availed through the current or saving account.
- Various banks are giving overdraft facility to their customers to get loans and surplus finds from the band.
- Overdraft applies to salary accounts, savings accounts, and also against deposits.
- Its basic purpose is to reduce the EMI value of your loans.
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