The COVID-19 pandemic, followed by the lockdown, has impacted businesses across the world. Even the companies that are well established have to re-analyze and find out new ways to manage and operate their businesses. Keeping the financial wheels turning during these testing times have been quite a challenge for most businesses.
This crisis has a more significant impact on start-ups because they have a shortage of cash. Therefore managing sudden slumps become quite tricky. The rating agency ICRA predicted that the expected growth rate in the financial year 2020-2021 would go down by 2%. Here, at PM loans, through OD and CC accounts, we provide you with services that would help you to get instant cash. This will help you to manage the crisis efficiently.
When a credit is extended from a lending institution at a time when your account balance becomes zero, it is referred to as an Overdraft. With the help of this overdraft, the account holder will be able to continue withdrawing money even when the account has insufficient or low funds. Overdraft means that the bank is allowing you to borrow a fixed amount of money for which you will have to pay a certain amount of interest. Apart from the interest, there is also a small amount of overdraft fee that you might have to pay.
Here, the interest that the customer has to pay is on the outstanding balance of the overdraft loan. Most of the time, the interest payable for this loan is lower than the interest that you have to pay on the credit cards. It is for this reason that the overdraft is considered to be a better short term lending option during an emergency. There are times when you will have to pay extra fees for using this overdraft protection service, and this often reduces the amount that you will be able to use for covering the checks.
This is a short term loan that is provided by the bank to the business organizations. With this, you will be able to withdraw money from your bank account without maintaining a credit balance. There is a borrowing limit, and the loan amount cannot exceed this limit. You are charged interest on the amount you borrow and not on the borrowing limit. To establish this type of a loan account, you will have to pay a minimum fee. This is irrespective of whether you utilize or do not utilize the credit.
In most cases, this credit is secured using fixed assets, stocks, or properties. The credit period, in most cases, does not exceed 12 months. This is one of the best sources for working capital, and you can withdraw money as many times as you want. The only thing to remember is that the amount should not exceed the borrowing limit.
At PM loans, we try to provide every possible financial help to the customers with our CC and OD accounts. Our interest rates are the lowest, and we are experts in the financial market. We, therefore provide you with the best business solutions. Our services are hassle-free. We will extend all kinds of help that our customers need with their CC and OD accounts.
One of our customers, Tapas Roy, said, " I approached the company and was in an urgent need for a loan. PM loans were extremely professional and helped me to get an OD account in the quickest possible time".
Another customer, Manohar Singh, said, " The customer service representatives of PM Loans are extremely professional and helpful."