Standard Bank Overdraft – It is never predictable when you will meet unplanned expenses but with a Standard Bank overdraft facility you can be prepared for these unplanned expenses. You are prepared in the sense that the overdraft will automatically provide you with cash to pay for your unplanned expenses when they occur.
The Standard Bank overdraft is a credit facility which is loaded to your current account. It allows you to use funds that are not available in your account. This means you are always in a position to deal with emergencies that need extra cash.
The beauty of having this facility is that you are only charged interest on the portion of the overdraft that you would have used. This means if you don’t use it you are not charged.
When you use the Standard Bank overdraft facility there is no stipulated monthly repayments. You just need to make sure there are regular deposits going into your account and you are still within your overdraft limit.
The overdraft limit that you will get will depend on your individual credit profile.
One of the benefits is that your interest rate is linked to prime, saving you money when the prime rate drops.
Your overdraft can be insured, so whatever’s owed can be settled in the event of disability, dread disease or death
Requirements To Qualify For The Standard Bank Overdraft
- You should have a Standard Bank current account
- Applicants must be 21 years or older
- You should be a South African citizen or permanent resident
- Should earn a minimum of R8 000 per month
- You should have a good credit profile and you should not be under debt review or administration
If you are a Standard Bank client with a current account and wish to apply for the overdraft facility you can do so online using the web form. You can also apply through AutoPlus, Internet banking, cell phone banking or the call centre. SMS “overdraft” to 31645 and a Standard bank consultant will call you. Lastly, you could also visit your nearest branch.
For more information visit the Standard Bank website www.standardbank.co.za or call them on 0860 123 000