Enjoy the Flexibility of an Overdraft Facility
All businesses have ups and downs, but an overdraft stays in place so you can use it whenever you need it. There are no fixed repayments, and you’ll only pay interest on what you use. Our overdraft service is a flexible, fast and accessible solution for your business needs. In an emergency this facility allows you to withdraw by cheque, cash or pre-authorized payment to continue your business operations.
Available as a revolving facility, use money whenever you need it
Pay as you go
As your cash flows in, your balance is reduced
No minimum repayment
Flexible enough so that you can reduce the balance at a comfortable pace
Why use an overdraft facility?
- Helps smooth out cash flow fluctuations, so you’re never caught short
- Stays in place — use it as often as you need to
- Only pay interest on what you use
- Repayment amounts are up to you
- Pay it off anytime
How an overdraft facility works
An overdraft might be right for you if you frequently have gaps in supply and payment, or you regularly need to purchase materials in advance. Unlike a business loan, you’ll only pay interest on what you use and you can pay it off (and re-use it) whenever you like.
We’ll agree on an overdraft limit for your business that will be accessible from your deposit account. You will then be able to spend anywhere within this limit. Interest is calculated daily, and charged monthly on overdrawn balances in a given month.
Requirements for an overdraft facility
To apply for an overdraft facility, all applicants must provide the personal information below along with the respective documents associated with their business and the overdraft request. In some cases, you may be required to submit additional information.
- Applicants must be 18 years and over
- Two pieces of valid photo identification
- Current bank statement (deposit & loan accounts, if any)
- Statement of outstanding debts
- Business registration certificate
- Business plan
If you reside overseas, you need to provide the additional documents listed below. Note, all signatures affixed to application forms or signature cards and copies of identification must be notarized by a Notary Public.
- Tax returns for the last two years
- Recent Credit Report from Credit Bureau
- Statement of outstanding debts locally and abroad
Other services provided include Letters of Credit, Bonds and Guarantees