Fintrex Over Drive (FOD) is revolving draft facility which enables the customer to access as an additional cash reserve for any requirement. Understanding the customers borrowing needs which vary throughout the year FOD facility allows customer to make multiple drawdowns-based requirement within the pre-approved credit limit and allows make capital repayments to get liability down. Simply FOD assist progressive customers to manage their cash flow whilst taking the advantage of timely bargains, meeting unexpected emergencies and much more, all with just a one-time application.
This facility is available for any Sri Lankan citizen within the age limit of 18 to 55 years. The FOD can be obtained up to a tenor of 12months, against preowned four wheelers.
The borrower is charged interest on the amount drew down and not on the entire credit line approved. The remaining portion of the revolver is always ready for use. This feature of built-in flexibility and convenience is what gives the revolver its main advantage. As for its outstanding balance, a business can have the option to pay the entire amount at once or simply pay the monthly interest installment and pay off the capital at penultimate rental.