Overdraft Accounts

Overdraft Accounts

Overdraft Accounts

It is a form of credit facility that allows customers from the business sector and small and medium enterprises to obtain additional liquidity from time to time for the purpose of financing the working capital gap. The customer is given a certain ceiling to be determined based on the consideration of the customer's needs. Interest is calculated monthly on the utilized balance rather than the ceiling. The ceiling of the debit credit account is renewed annually.

Overdraft facilities with the ability to pay due amounts immediately and manage your cash flows.

Working capital solutions are designed by the Bank after listening carefully to customers and understanding their business needs. We can provide on-demand overdraft facility to handle short-term changes in cash flows and periodic day-to-day business expenses.

Features and benefits

  • Customized short-term funding solutions.
  • Simple collateral requirements to secure funding.
  • Credit cap commensurate with the needs and size of business.
  • Competitive interest rate.
  • The facility is provided easily and conveniently.
  • Monthly interest is calculated on the utilized balance, rather than the ceiling
  • Annual renewal of the debit current account ceiling.
  • Convenient withdrawal and deposit into the account.
  • Cheque book.

Most important requirements

  • Filling out the credit application form, in addition to copies of the commercial license or commercial register.
  • Account opening application forms.
  • Company documents and the persons authorized to sign, obtain loans and manage the account.
  • Audited financial statements for the last three years.
  • Bank statements of account (on a case-by-case basis).
  • Feasibility study.
  • Other documents may be requested as specified by the Bank.