For the smooth working of business, banks are allowing overdraft facilities. When it comes to the working capital needs, overdraft facility is the most flexible source of fund when compared to term loans. Depends on the type of business you are running, we, TeamCredit will help you to get the right amount of overdraft facility with a reasonable rate of interest. Usually, the overdraft facility is short-term like 12months which are usually renewable on yearly basis. It is said to be the most flexible source of fund because you have to pay the interest only on the amount you have overdrawn.  Interest is calculated on the daily balance and debit to your account monthly.