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Overdraft is a very convenient service for legal entities, as it allows you to reduce the gap between cash receipts on the settlement account, thanks to which obligations to counterparties can be fulfilled on time.
An overdraft for economic entities is a short-term loan tied to the organization's current account.
The mechanism of using and repaying an overdraft is simpler compared to a regular credit line. Only deficit funds are credited and interest is charged only on this amount. Repayment of debt and accrued interest is carried out according to the non-acceptance principle, that is, automatically upon the next receipt of funds to the account of the economic entity. This is the main difference between an overdraft and an ordinary loan or credit line.
Banks provide an overdraft loan at an average rate of 40% per annum. However, the actual amount of interest is relatively small due to the peculiarity of their repayment.
The overdraft credit limit is usually 40 to 50% of the average income of the organization from the main type of business per month, while credit funds from other banks, income from the sale of securities and other income not directly related to the main business activity of the organization are not taken into account. The size of the credit product is also influenced by the financial condition of the organization, the bank's policy and the type of overdraft provided.
The classic package is provided to reliable business entities that consist of rko in this bank, the financial situation of the economic entity, the movement of assets on the current account for the past few months is taken into account.
When providing an overdraft on the advance principle, unlike the classic one, the movement of funds on the account is not taken into account, it is often used for marketing purposes. To obtain such a loan, as a rule, it is necessary to provide a certificate of income of the organization from the previous place of service.
Overdraft for collection is provided to those organizations where revenue from retail trade makes up the main share of income on the current account.
A technical overdraft is provided under the condition of guaranteed receipt of funds to the account in the near future.
The overdraft service contract is usually concluded for a period of 1 hour. In addition, the interval of full repayment of credit debt is stipulated, as a rule, it does not exceed a three-month period.
