With an overdraft, you can bank on the following:
What you need to know
An overdraft is a revolving facility and it is reviewed each year. You only pay when you use up to the agreed limit of your facility and enjoy a safety net in case of an emergency. It is a convenient credit facility linked to your active Absa Cheque or transactional account that gives you the confidence to manage your personal finances. You can make regular deposits into your bank account and have enough funds for your needs.
An overdraft facility comes with flexible repayment plan. You only pay interest for the portion of the overdraft limit that you used.
Personalised Annual Percentage Interest Rate (APR), up to the maximum of Prime +10.5%.
Estimated interest repayment:
The estimated monthly interest repayment for an overdraft limit of R15 000 at an interest rate of 15% per month where R8 000 of the overdraft limit has been used is R100. Customers also pay a monthly service fee of R69.00.
Credit Protection Plan:
The Credit Protection Plan will cover you in case of death, disability, critical illness or retrenchment. You can get cover to protect your loan or facility with Absa Life Limited or any other licensed life insurer.