An overdraft allows a customer to withdraw more than what he/she has in the account. This is applicable to existing customers; interest is very flexible and calculated on a daily basis, while the principal payment is made at maturity.
Features & Benefits
- 24-hour turnaround time
- Easy accessibility
- Available to existing customers with good records
- Flexible interest rates and payment plan
- No initial deposit
Requirements
- Existing customer with a good history
- Undated cheques
- Interest rate: 4 – 6% reducing balance
- 60 days maturity (maximum)
- Monthly interest and principal at maturity, or interest and capital at end of maturity (flexible)
- Roll-over allowed with interest paid