Akshay takes a Home Overdraft facility of Rs 15 Lakhs against his 3BHK apartoment, which gives him the flexibility to withdraw money when he needs it and repay seamlessly with reverse sweep facility as soon as he has funds in his account.

He had planned to get an advanced health procedure done for his father’s cardiac related complications at Rs. 9 Lakh. He used the overdraft facility to pay the money. Over the next one year, he saved Rs. 9 lakhs and paid off the overdraft with reverse sweep. During this tenure he kept paying interest which is much lesser than Personal Loan or EMI on Credit Card.

He pays a processing fee, annual fee and renewal fee for this facility but still remains beneficial over Personal Loan.