Ayka Finance offers an Overdraft (OD) facility, which is a flexible financial product that allows individuals and businesses to withdraw more money than what is available in their account, up to a predetermined limit. This facility provides a convenient way to manage short-term liquidity needs by offering immediate access to funds without the need for a formal loan application. It is particularly useful for managing working capital requirements, paying bills, or handling unexpected expenses, as the borrower can access the overdraft whenever necessary.

Benefits of Overdraft (OD):

1. Flexibility: OD provides flexible access to funds whenever needed, without the need to apply for a new loan or credit.
2. Interest on Utilized Amount: Interest is charged only on the amount withdrawn or utilized, which makes it cost-effective when compared to full loans.
3. Quick Access to Funds: OD offers quick access to funds, allowing businesses and individuals to address urgent financial needs without delay.
4. Revolving Credit: Once repaid, the overdraft amount becomes available for reuse, giving users ongoing access to funds as long as the limit is not exceeded.
5. No Collateral Required (in some cases): Some overdraft facilities, especially for small businesses or individuals, may not require collateral, making it easier to access credit.
6. Convenient for Short-Term Needs: It is ideal for managing short-term cash flow gaps, making it a great solution for businesses with fluctuating income or individuals with irregular expenses.
7. Lower Costs than Traditional Loans: OD typically comes with lower fees and interest rates compared to other types of credit, especially short-term loans.