Whereas a fixed loan works best for businesses that generate money on a monthly basis, an overdraft account suits individuals where there is more frequent circulation of cash; for example a grocery store or gasoline station. With a pre-determined line of credit, you have flexibility and freedom to use your funds in your own comfortable, desired pace.

Applying For An Overdraft

The application process for an overdraft loan account is similar to a fixed loan. The only difference requires that your business comply with regular/monthly transactions of statements. Along with filling out a two-page Application Form, we ask you to submit the following documents, where available:

1. Copy of ID card or Passport
2. Copy of Patent Registration
3. Copy of Company Registration Certificate
4. Copy of Proof of Ownership of Collateral
5. Copy of Bank Statement
6. Copy of Financial Statements, including:
   • Profit/Lost For One Year/Month
   • Balance Sheet
   • Cash Flow
7. Copy of Memorandum of Articles and Association (MoAA)
8. List of Stock or Inventory
9. Other Documents Related to Business

Interest Rates

Interest rates vary competitively with the market and are based on the following criteria:

1. Loan amount requested
2. Loan period
3. Customer’s reputation
4. Type of Business
5. Collateral
6. Purpose of loan

Overdraft Utilization.

An overdraft account holder must comply by performing the following actions:

1. File financial statement transactions at least once a week
2. Pay interest at the end of each month
3. Pay total amount at the end of the loan period