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Product Guide: ABSA Business Banking Overdraft

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