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An overdraft is a short-term facility extended to a customer’s bank account as a borrowing limit to provide access to funds beyond the customer’s own credit balance, up to 50% of the customer's net income.
An overdraft is flexible & convenient, helps to manage your cash-flow, and takes care of emergencies. Interest is only paid on the amount utilised.
What you need to know
Minimum term is 3 months and maximum term is 12 months
The overdraft is extended up to a maximum of 12 months and is renewable subject to approval
On renewal, the customer may opt to either increase or reduce their limit
Interest is calculated on the outstanding daily balance
Premier Banking interest rate : Prime +10%
Prestige Banking interest rate : Prime +15%
Personal Banking interest rate : Prime +20%
Arrangement fee : 1.12% min P671.51 max P5920.39
What to bring when you apply
3 months bank statement for New to Bank customers
ID (Omang) for citizens
Passport for non citizens
Residence and work permit for non citizens
Spouse consent if married in community of property
Form A if married out of community of property
Contract letter of employment if hired on contract