ABSA Overdraft Loan – we all face situations where we badly need quick and easy access to finance, and the good news is that ABSA Overdraft can assist you in giving you financial power to address any financial huddle you are experiencing, even if you don’t have any funds in your bank account.
Tell me more about the ABSA Overdraft Loan
The definition of an overdraft is that it’s a facility on your cheque account that allows you to borrow cash when you bank balance reaches a zero balance without applying for a long-term loan. The ABSA Overdraft gives you 3 different options:
- Standard Overdraft – this overdraft facility is valid for a 12 month period and is reviewed annually.
- Reducing Overdraft – with this option you will have the limit on the overdraft reduced monthly until you have settled the full amount.
- Temporary Overdraft – this is available for a fixed time period and must be settled in full at the end of that period.
Who qualifies for the ABSA Overdraft Loan?
ABSA Silver, Gold, Medical, Professional or Platinum Cheque Account holders with a minimum income of R3 000 qualify for the overdraft facility. The limit on your overdraft facility is dependent on your credit profile and monthly income. Interest is only paid on the amount used when you make use of the facility and if you don’t use it you won’t incur any costs or pay anything.
You can use your overdraft through an ATM, Point of Sale (POS), Cell or Internet Banking, Debit Order anytime, anywhere 24/7. Use your ABSA Overdraft Loan to make purchases and live life they way that you want to. Get in touch with ABSA on 0860 100 372 or visit their website www.absa.co.za. Alternatively visit your nearest ABSA branch and their consultants will assist you in any questions you might have.