Overdraft Facility

Posted on: 23 October 2022

Overdraft Facility

This is one (1) month facility for employees who collect their monthly salaries, allowances and other remunerations through the Bank.

1. Applicants are to operate with the Bank for at least one (1) month to be eligible.
2. Applicants shall complete and sign the prescribed request forms.
3. Applicants shall have one (1) guarantor who receives his/her salary through the Bank.
4. All request forms shall be properly evaluated by the Branch Head or the Credit Officer before disbursement.
5. Overdraft Facilities in most cases, shall be disbursed to applicants the same day upon submission and approval of request forms.
6. An interest of 15% per month shall be charged on the amount granted, subject to review.
7. Overdraft facilities shall be repaid fully within 1 month.