- What are the fees and charges on the overdraft facility?
There are no monthly fees or charges on the overdraft facility. Interest charges are levied only when you utilize the overdraft and only for the number of days and the amount that the facility is utilized.
- How long does it take for an overdraft to be approved?
Once your overdraft application is received at the branch, we will acknowledge receipt of your application through SMS. It takes 24 hours for us to advise you on the status of your overdraft application and we would normally process your facility in 3 days provided all the documents have been submitted along with the application form.
- Do I have to have an account with Standard Chartered Bank to apply for an Unsecured overdraft?
Yes, you need to bank with us. If you don't have an account with us, you can apply for the overdraft with a letter of confirmation from your employer that they will transfer your salary to your newly opened Standard Chartered Current Account and we will then set up your salary overdraft.
- Do I need to have credit life insurance on the overdraft?
No, insurance cover is required on this overdraft facility.