NABTEB QUESTIONS

Explain TWO differences between overdraft and loan. – NABTEB QUESTION
Overdraft Loan
A short term debt A long term debt.
Does not require collateral security. Requires collateral security.
Granted only to current account holders Granted to any category of bank customers.
Repayable with short period of time. Repayable within longer period of time.
Small sum of money is usually involved. Larger sums of money are usually involved

 

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