Overdrafts

An overdraft is a fluctuating loan facility that is individually tailored to meet your need or short- term finance for working capital purposes, making it the ideal way to manage your cash flow. It is linked to your Business Current account and you can use as much as you need, up to your limit.

What does it offer me?

  • Interest is calculated on your account’s daily outstanding balance and is only charged on the portion that you use
  • Interest is variable and is linked to our official base rate, meaning you get the benefit if the interest rate drops
  • You don’t have to transfer funds from a separate loan or deposit account since the approved limit is loaded on to your Business Current account
  • Cash is always available when you need it.

 

What do I need to apply?

Be a Business with an existing transactional account with us.

Documents required
You need to give us the following documents to enable our credit department to make an informed decision.

  • Your business’ financial statements
  • Personal statements of assets and liabilities of all the partners, members or directors.
  • Your sales and purchases budgets
  • A projected income and expenditure statement
  • A 12-month cash flow forecast
  • The amount of your own contribution, and the source of the funds
  • Schedule of debtors and creditors
  • If you do not have a Business account with us, you must give us your past three months’ bank statements

 

This is not a full list. Depending on the nature of the application and the business risk involved, you may need to give us fewer or more documents

For more information on the documents we need, please call the Head of Business Banking Department on 229071

 


 
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