An Overdraft Facility can help meet your short term funding needs for payments such as salary, utility bills, rentals, inventory and other routine overhead expenses. Interest is only charged on the utilized debit balance, which can be reduced at any time at your discretion. You can only avoid maintaining too much surplus cash in the non-bearing Current Account.A flexible running limit for financing is offered by the Bank to customers whereby they may borrow on a continuing basis to match their day to day requirement of funds. Whenever the customer has surplus cash, it can reduce the level of borrowings, thereby reducing interest costs as well. However, the available limit for borrowing remains the same throughout the life of the facility.
• Provides flexibility as cash can be drawn without the need for special documentation.
• Allows you to avoid returned cheques due to an insufficient credit balance.
• Offers easy tracking as interest is only charged on the utilized debit balance
• Gives you a convenient way to fund your operational and administrative expenses