An overdraft is a temporary facility that we give to our valuable customers. This facility enables a customer spend more than what is in his/her account. The customer is entitled to spend until a higher threshold on his/her account.
An overdraft acts as good backup for business people/businesses particularly when one has regular sales and purchases coming out of their account.
- Flexibility, an overdraft is given when needed or requested for
- Attractive interest rates charged
- Enables one make essential payments whilst chasing your own payments
- Overdrafts are easy and quick to arrange
- Payment period is 3 months renewable
- If a tender, contract from tenders required
- Trade license
- Status of company (MOU)
- Letter of request
- Proposed security
- Financial statements for the last 2 to 3 years if new customer
- Copy of ID or passport
1. Who is legible to an overdraft facility?
This facility is legible to businesses and business people as long as they provide documents as proof that they are able facilitate the overdraft
2. If I go above my overdraft limit, do you impose charges?
Yes, we impose a 2% charge. We usually advise our customers not to go above their limit as it impacts your credit history
3. If I discover the money requested for is not enough and I require more, can the bank facilitate me?
Yes we can, as long as you give us valid reasons as to why you require more and we would also require details as proof that you will be able to pay
4. If I require an extension to my payment period, is the Bank able to stretch the period?
Yes, as long as you provide a valid reason as to why you require an extension i.e. by submitting pending invoices or other new contracts awarded.
5. As a Bank, What do you consider in order for me to get an overdraft?
When requesting for an overdraft we usually give you the amount based on your account deposits.
6. If I request for an overdraft that is more than my deposits, am I legible to it?
We usually don’t give you more than you deposit, however if you provide valid reasons and enough proof that the payment can be made then we could consider your overdraft.