Overdraft

An overdraft is a credit facility loaded to your current account. This means that you have the convenience of borrowing on the same account you use for your daily banking transactions. An overdraft helps you to manage your cash flow in months when you have high expenditure, to finance small recurring expenses as well as unforeseen expenses.

What it offers you

  • Funds are available immediately and you can use as much of your agreed overdraft limit as you need whenever you need it. The total limit is always available
  • You only pay interest on the portion of the overdraft you used in any month 
  • The interest rate is linked to prime so that you benefit when prime rates decrease
  • No monthly repayments. Only a deposit into your current account, preferably your salary
  • You can conveniently increase or decrease your limit using any of our self-service channels 
  • An overdraft gives you the comfort of knowing that you have instant access to extra cash in case of an emergency
  • You can take out insurance on your overdraft to give you the you peace of mind of knowing that your loan will be paid in full in the event of disability, dread disease or death
  • The amount you qualify for depends on your affordability and credit risk.

Who can apply

To apply for an overdraft facility or to increase your existing limit, visit your nearest branch. 

You need to have a valid Stanbic Bank Current account to apply for an overdraft facility. Alternatively, you can apply for a current account and overdraft facility at the same time.

 


 
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