PRODUCT PURPOSE
This is a revolving credit line linked to customer’s payroll account maintained with the bank. This facility allows an extension of credit to a current account holder when an account balance reaches zero. This allows withdrawing money below zero but within a pre-set limit.
FEATURES AND FUNCTIONALITY
- Minimum overdraft limit of SSP 10,000 or USD equivalent
- Maximum limit of up to SSP 1000,000 or USD equivalent for an unsecured facility. There is no maximum limit on a secured facility
- Minimum banking period for overdraft eligibility – 1 year
- An overdraft is renewable annually
- The overdraft facility is available in SSP and USD.
- Interest rate – The Bank Base Rate advised from time to time plus a margin of up to 10%.
- Customer Eligibility;
• Customers with minimum net salary/income of SSP 2000
• Customer age – maximum 60 years old, subject to retirement age
• Senior Civil Servants, senior management of private companies, Diplomats, Senior management of Embassies and NGOs that enjoy VIP status in the bank. - Qualification criteria;
• Customer salary must be channelled through the bank
• If salary is not channelled through the Bank, the overdraft must be secured
BENEFITS
- The customer is only charged interest on the amount drawn/utilized
- Loan protection insurance is offered to cover your repayments in the unfortunate event of accidental death or accidental permanent disability
- Pre-approved overdraft buffer with salaries/income channelled through the bank. The conditions being;
• The facility will be offered to all customers who have banked with the bank for at least 3 months.
• It will be offered through an application through the respective Relationship Manager.
• Interest to be charged will be determined from time to time at Base Rate plus a margin of up to 10%.
• The maximum limit shall be SSP 1000,000
• Annual facility fee of SSP 1,000 on inception and thereafter on anniversary renewal date.