Overdraft Calculator
Calculate daily interest on your overdraft facility.
Daily Interest
₹66
Total Interest (30 days)
₹1,973
Principal
₹2,00,000
Interest
₹1,973
Total Payable
₹2,01,973
Schedule
| Amount | Rate | Days | Daily Interest | Total Interest | Total Payable |
|---|---|---|---|---|---|
| 200000 | 12% | 30 | 66 | 1973 | 201973 |
What is Overdraft Loan?
An Overdraft (OD) is a credit facility that allows you to withdraw more money than the balance in your bank account, up to a pre-approved limit. Unlike a traditional loan, an overdraft works like a flexible credit line — you can withdraw money when needed and repay it anytime.
The biggest advantage is that interest is charged only on the amount you use and only for the number of days you use it.
How Overdraft Loan Works
If your overdraft limit is ₹5,00,000 and you withdraw ₹2,00,000 for 10 days, you pay interest only on ₹2,00,000 for those 10 days. Once repaid, interest stops.
Secured Overdraft
Backed by FD, property, shares, or mutual funds — higher limits, lower rates
Unsecured Overdraft
Based on income and credit history — lower limits, higher rates
Pay-Per-Use
Interest charged only on the amount used and days used
Flexible Repayment
Withdraw and repay anytime without fixed EMIs
Key Benefits
Pay Only for Usage
Interest charged only on the amount used, not the full limit
Flexible Access
Withdraw and repay as needed, anytime
Short-Term Solution
Ideal for temporary cash flow gaps
Bank Account Linked
Can be linked directly to your existing bank account