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Overdraft Facility

Overdraft Facility

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.
  • All other applicable general loan requirements  must be put in place before approval.
  • 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.

Loan Calculator

₦5,000₦250,000
1284
mo
0.00%30.00%
%

Estimated Monthly Payments

$416.67

₦10,000₦250,000
1100
year
0.00%100.00%
%

Estimated Monthly Payments

$416.67