Today, finance has to be managed in a time-efficient manner. All the budgets and very careful housing may still be ripped into by some sudden expense. Whether it be a medical emergency, an urgent repair, or some unexpected expense, sometimes you need immediate cash. This is where the HDFC OD Against Salary facility can be very lifesaving.
An overdraft against salary allows you to get an overdraft for a fixed amount which is the basis for your monthly salary; known for whom you are an employee; and this is based on your salary. For those salaried employees, this is a financial product that offers convenience and flexibility. This blog discusses all about HDFC OD Against Salary-how it works, its benefits, and how you can use it to bridge financial gaps quickly and easily.
What exactly is HDFC OD Against Salary?
This is a kind of personal overdraft facility offered by HDFC Bank, which is based on a person's salary to arrive at the overdraft limit under his account. This means that a bank will lend you money beyond your salary account balance to a predecided limit. The best part about this facility is that you pay interest only on the amount used, not on the total credit limit, making this a very affordable option for short-term monetary needs.
