Absa Business Banking Cheque Account Overdraft

Comparison Overview:

• Product: Business Banking Cheque Account Overdraft
• Arrangement Fees: ?
• Monthly Maintenance Fees: R45
• Interest: On Application
• Unauthorised borrowing: R57
• Professional Advice: Yes

Product Overview

An Absa Business Banking Cheque Account Overdraft facility allows you to overdraw your cheque account up to an approved limit.

Features:

• The overdraft facility is granted for a fixed period of time and you must repay the total amount outstanding at the end of that period
• Your overdraft limit is reviewed every year
• The interest rate that you are charged is negotiable
• Interest is calculated and payable on the daily balance, which means you are only charged on the facility you actually used

Benefits

• An overdraft takes care of your short-term cash flow needs by extending a credit limit on your current account
• It can be used to manage cash flow, your projects and seasonality in your business

Qualifying criteria:

• The minimum security requirement is the personal suretyship of the principal

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