Overdraft Loan
A revolving facility for salaried customers with 12 months tenor based on 50% of the net monthly salary
FOR INDIVIDUAL
FOR BUSINESS
A revolving facility for salaried customers with 12 months tenor based on 50% of the net monthly salary
maintenance charges. No minimum account opening balance
overdraw from your accounts on a monthly basis
interest rates on the amount utilized
Access our Overdraft through your debit card or a cheque transaction on your current account.
It’s available when you need it. You do not need to apply for this facility every time you don’t have enough cash.
Overdraw cash from your salary account at the time you need it most to help tide you over the last few days of a difficult month.
Secure yourself against unexpected bills with our readily available overdraft facility.
Personal Overdraft is a revolving facility with 12 months tenor and targeted at salaried customer. It is usually based on 50% of monthly net salary of customer. The amount utilized is cleaned up every month once salary is paid and the full limit becomes available again.
Yes, you need to bank with us and move your salary account to us. If you don’t have an account with us, you can open a payroll account and apply for the overdraft with a letter of confirmation from your employer that they will move your salary to your newly opened Standard Chartered account. We will then set up your salary overdraft immediately your first salary credit is received into your account and upon your acceptance of the Overdraft offer.
Once your application is received at the branch, it takes 24 hours for us to advise you on the status of your Overdraft application.
Interest Rate: 2% per month on utilised amount, subject to change in money market conditions. However, notifications would be given at least (30) days before any rate change.
Late Fees: 1% flat per month is charged in addition to applicable interest rate on outstanding amount unpaid after 7 days.
Your outstanding balance is fully repaid monthly upon receipt of your salary into your account maintained with the Bank.
Maximum of 50% of the net monthly salary, subject to a maximum single obligor limit of NGN1.8m or equivalent – in USD
You can only get overdraft in the same currency as your salary account.
The limit will be renewed annually subject to a satisfactory performance.
Once there is funds into your account, the amount you have spent from your Overdraft limit is automatically repaid
No, there is no management fees.
No, you can only be charged amount outstanding per month not per transaction
You will pay late fees of 1% in addition to applicable interest rate if salary is delayed more than 7 days. However, outstanding will be paid automatically if any other fund is credited to your account
No, there is no charge and you can opt out if you are no longer interested by funding your account and requesting for the limit to be cancelled
No. Personal Overdraft is a credit line assigned to your account.The maximum limit is 50% of your monthly net salary and full amount spent is repaid every month, and interest is calculated daily on utilized amount for the number of days outstanding.
Whereas credit card is a facility offer on a plastic card with a minimum amount required for repayment monthly
No, the Overdraft is linked to your Salary Current account
Available balance – This is the total funds in your account (Account balance plus Overdraft limit)
Current Balance – This could be credit Cr * or debit Dr ** – It is your net account balance plus any unsettled transactions (i.e. unsettled ATM withdrawals/POS transactions and cheques in clearing)
You can only access the funds in the overdraft when you have exhausted the personal funds in your account.
Yes. You can transfer from your overdraft to other accounts in SCB and your accounts in other bank(s). You can also make cash withdrawal at the teller point, ATM and POS.
You will be charged applicable interest rate on the utilized amount for the number of days the overdraft has been used.
Interest is applied on the daily average balance multiplied by the number of days the overdraft facility has been utilised and based on a 365-day year (366 days in a leap year).
Your PIL is a term loan to be repaid over a period of 36 – 60 months and it will help you achieve your dream project. Meanwhile, your Overdraft will enable you meet emergency needs between one salary and another.
Yes, but the client will be required to upgrade his account by providing two suitable references.
No, clients who earn in USD need to have their monthly salary credited into their USD account as Personal Overdraft can also be offered in other currencies in NGN and USD
As soon as there is one salary credit into his account.
Call Us
Call our hotline for further information.
+2348001235000
(Toll free number)
01 2704611 – 4
(When dialing in Nigeria)
+234 1 2704611 – 4
(When dialing from overseas)
Email Us
Alternatively, please drop us an email and we will contact you soon.
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