Our over draft ensures you have a financial safety net when you need it most.
Fluctuating cash flow means you may sometimes need to fund temporary shortfalls in cash for things like stock, wages and other expenses.
That’s why we offer an overdraft facility to ensure you have a financial safety net when you need it most.
A Business Overdraft is a revolving credit facility that allows you to draw funds, up to an agreed limit, from your account. What’s more, you have the flexibility to draw money as you need it.
You only pay interest on the money you use, making an overdraft one of the cheapest ways to borrow from us.
- The ability to withdraw or repay sums within the agreed limit at any time
- No limits to the amount you can apply to borrow.
- No fixed repayment program as account fluctuates from debit to credit.
- Competitive interest rate, adjusted in line with market rates.
- Save unnecessary interest costs as interest is calculated on the outstanding daily balance and is charged monthly.
- Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
- Audited accounts for at least three financial years, prepared by a Certified Public Accountant, with an unqualified opinion.
- Management Accounts for the most recent concluded month.
- Projected Cash flows for the period of financing.
- Valuation report for the property/ assets to be pledged as collateral.
- Business Plan/ Updated Company/ Business profile.
- Financial Card Number for the borrowing entity.
- Any other information as may be requested by the Bank, depending on the nature of the request.