EMI: Employed people can take this special loan, low interest and no hassle of EMI..

Loan EMI: Money can be needed at any time. For this, we do not need to beg in front of anyone, because the bank is with us. There are some loans from the bank which are easily available to the employed and there is no hassle of paying EMI.

This loan is very effective in the need of money.

Money has a lot of value in today's time. Many times the situation comes that a lot of money is needed and it becomes difficult to get help.

At such a time, you can take a loan (Loan EMI) on your salary account. You can easily get this loan and there is no hassle of EMI every month.

What is the name of this loan?

You must have heard the names home loan, personal loan, vehicle loan etc., but the name of this loan is salary overdraft facility. Overdraft is the loan that you can get on the salary account. According to this, you can withdraw more money from the salary account at the time of need. Even if there is no balance in the account, you can take this amount.

How much loan can be taken?

If you want to take advantage of the facility of salary overdraft from your account. You can take about two to three times more money than your salary from your account. Let us tell you that HDFC Bank gives up to 3 times the salary to the employed person as a salary overdraft. This loan can be from Rs 25,000 to Rs 1,25,000.

This loan is also known as a short-term loan.

This type of loan given by the bank is also called a short-term loan. Every bank has its own rules regarding salary overdrafts. Some banks give 80 to 90 percent of the monthly salary. The loan limit depends on the credit history of the customer.

There is no hassle with EMI.

There is no hassle of repayment in this type of loan. According to reports, EMI has to be paid every month. According to the information given on HDFC Bank's website, there is no hassle of paying EMI every month. You can repay this loan in a fixed period.

You will have to pay interest every month. The processing fee is also different in this. Let us tell you that SBI does not charge any processing fee while HDFC Bank charges processing fee up to Rs 1,999.

You do not have to pay interest on the entire amount.

In this loan, you do not have to pay interest on the entire amount. If you take a personal loan, then interest is charged on the entire loan amount taken. But, in a salary overdraft, you have to pay interest on the amount you spend from the amount approved by the bank. If you have taken Rs 1 lakh and you have spent only 50,000, then interest will be charged only on Rs 50,000.

Loan repayment period

The loan repayment period is different for different banks. According to HDFC Bank (Loan EMI), one year time is available. It can be renewed for 1 year after 12 months. There is also a renewal charge of Rs 250 for renewing it. Along with this, government fees and taxes are also charged.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.