When you need some emergency cash or just decided to make that dream a reality, an Absa Overdraft facility with your cheque account could be the answer for you. Apply now and manage your cash flow.

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With an Absa overdraft, you can bank on the following:

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Timely payments

Get immediate payment made into your account upon approval, and if you don't use it you don't pay for it.

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Competitive interest rates

We offer the best interest rate in the market, which is tailor-made based on your risk profile.

How it works

Terms and conditions

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Credit Protection Plan

An affordable plan that settles the outstanding balance if you die, become permanently disabled or get a dreaded diseases.

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Manage my cash flow

Get an overdraft to help you manage your cash flow or cover any unexpected expenses. Apply now and avoid late payment penalties.

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Existing Customer

Applying is easy

  • Overdraft benefits

    • An overdraft is linked to your cheque account making it easy to track and manage transactions
    • Helps to maintain a good credit history by avoiding debit reversals due to insufficient funds
    • Ensures timely payments are made and avoid late payments penalties
    • You only pay interest for what you use
    • Get an optional Credit Protection Plan to settle the outstanding balance in case of death, disability, dread diseases or loss of income

  • What you need

    • To earn a regular monthly income of at least R7 000 per month
    • To have a cheque account into which your monthly income is paid
    • To be 18 years or older

  • What to bring with you

    • A valid South African ID document or Smart card
    • Proof of residential address such as a municipal or rates bill (not older than three months)
    • Your latest payslips or three months' bank statements

  • Ways to apply

    If you‘re an Absa customer

    Absa Online

    • On the Absa website, click the ‘Log in’ button on the top right of your screen
    • Click ‘Next’ to log in to your Online Banking account
    • Click ‘Offers’ on the side menu
    • Click ‘Transactional solutions’
    • Click the plus sign next to ‘Overdraft facility’, then click ‘Continue’
    • You will be directed to a secure site to complete your application

    Absa Banking App

    • Log in to your Banking App
    • Tap ‘Offers’
    • Select the ‘Overdraft’ tile
    • Follow the instructions to complete your application

    If you’re not an Absa customer

     

Frequently asked questions

  • How does an overdraft work?

    • An overdraft is linked to your cheque account making it easy to track and manage transactions
    • Helps to maintain a good credit history by avoiding debit reversals due to insufficient funds
    • Ensures timely payments are made and avoid late payments penalties
    • You only pay interest for what you use
    • Get an optional Credit Protection Plan to settle the outstanding balance in case of death, disability, dread diseases or loss of income

  • What is the meaning of overdraft?

    An overdraft occurs when you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway

  • Is overdraft a loan?

    Yes, an overdraft is a form of a loan, specifically a type of short-term, revolving credit facility that is linked to your current account. It allows you to borrow money up to a pre-approved limit to cover shortfalls, and you only pay interest on the amount you use. It differs from a traditional loan because it doesn't involve a one-time disbursement of funds, but rather provides immediate access to cash when your balance is low, with no fixed repayment schedule, though you are expected to make deposits that reduce the balance over time.

  • Can I withdraw cash from OD?

    Yes, you can withdraw cash from an overdraft because it is a credit facility linked to your bank account. You can make ATM withdrawals or other transactions up to your approved overdraft limit, even if your account balance is zero, but you will be charged interest on the amount you use.

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Call us on: 0860 100 372