How to calculate interest on overdraft
This query is : Resolved
17 May 2015
I wanna take overdraft from a recognised govt bank of india... but not able to undrstand how interest is been calculated on overdraft,1thing i know interest will be charged only when i used that overdraft money for my business....Thinking to take overdraft against "FD" or "HOUSEPAPERS".... PLZ HELP ME TO UNDRSTAND HOW INTRST IS BEEN CALCULATED WITH EXAMPLES... n will interest will be paid monthly?
17 May 2015
How interest is calculated on overdraft
18 May 2015
Interest will be calculated on debit balance in your account at applicable rate and shall be debited to your account on last day of month. Example can be considered on an excel sheet..simply put some date in excel sheet and calculate running balance and on every date change calculate no. Of days debit balance was there. Then calculate interest on running balance for those no of days. In the last of month sum up the interest amount.
21 May 2015
Not able to understand at all.... can any1 give me some example.... how to calculate it
21 May 2015
Giving u an example plz solve it so tht i can understand... i have taken od limit of 5lac,from which i use 3lac for exact 1month n my rate of interest is 9%.... tel me how much interest i have to pay for using 3lac for 30days at 9%intrst...
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