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Because of the changing character of the facility, it is just provided with a flexible rate of interest.

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10y ago

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Does My Business Commercial Overdraft Possess A Variable or Fixed Rate?

Because of the changing character of the facility, it is just provided with a flexible rate of interest.


Difference between bank loan and bank overdraft?

These two terms are different.For a bank overdraft, you should have an account with the bank and it is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis.A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft.


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VARIABLE. When this variable has a fixed number assigned to it and does not change, it is called a "fixed variable".


Can i increase my overdraft?

It depends. You can contact your bank and provide proof of income and request them to increase your overdraft. Usually overdraft is provided to upto 2 times your monthly salary. Also, the presence of any collateral like bonds or fixed deposits can help boost your overdraft limit


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What is Overdraft facility?

when bank give loan to the people on credit for a fixed time period is called overdraft facility. we can withdraw more than than our bank bal.


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A fixed variable is the thing that stays the same, such as the amount of water.


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