Overdraft Facility
Flexible Credit Solutions for Immediate Financial Needs
Designated for corporate clients with a proven track record
- Customer must open account with the bank and run it for at least 30 days and/or submit an acceptable three to six months statement of account from another bank.
- Customer must have 10 to 30% of the amount he/she wishes to borrow in his/her account with us.
- Customer must not be allowed to draw beyond the marked limit.
- All overdrafts facilities must have a monthly, quarterly but not more than half-year clean up (i.e account is brought to zero balance.
- Loan officer must prepare offer letter to customer and acceptance confirm before booking such over line in customer account.
- All bank charges (including lien on equity contribution) must be taken before draw down.
- Two consecutive months of no clean up or inflows into an overdraft account will constitute grounds for the facility to be called in.
- Charges for the overdraft facility will be calculated on daily outstanding balances.
- Customer will be required to provide a security of value to cover the exposure.
- Customer will be required to provide current financial statement of the company.
- Accrued interest on Overdraft will be stopped on account that has gone into dormancy for more than three months.
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