How do I get an overdraft for my business?
Email businessbanking@stanbic.com or visit your nearest Stanbic Bank branch with the following documentation:
- Cash-flow projections
- Financial statements
- Bank statements (new customer)
- Personal statements (Members/Directors)
- If you have been in business for 12 months or more, you can apply for an overdraft facility
How do I get an overdraft for my business?
Improved cashflow management
A business overdraft acts as a safety net, providing you with peace of mind in uncertain times.
By having access to additional funds, you can better manage your cash flow fluctuations, maintain supplier relationships, and seize growth opportunities without significant delays..
Is an overdraft a good idea for business?
While this form of borrowing has its uses, many business owners will find other options more suited to their needs.
Overdrafts are usually considered to be short term solutions.
If you're looking for longer-term funding, you may find that a small business loan better suits your needs..
What are the benefits of an overdraft loan?
The Benefits of an Overdraft Loan
Available cash.
An overdraft loan gives you immediate access to extra funds when you don't have any left. You're in control. Only pay for what you use. There are no monthly costs. Keep yourself covered..What is better business loan or overdraft?
An overdraft loan allows quick access to a small amount of money to help you cover an overdraw on your account.
The loan amount is typically anywhere from $75 to a thousand dollars with applicable interest rates and fees..
What is better business loan or overdraft?
While this form of borrowing has its uses, many business owners will find other options more suited to their needs.
Overdrafts are usually considered to be short term solutions.
If you're looking for longer-term funding, you may find that a small business loan better suits your needs..
What is better overdraft or business loan?
While this form of borrowing has its uses, many business owners will find other options more suited to their needs.
Overdrafts are usually considered to be short term solutions.
If you're looking for longer-term funding, you may find that a small business loan better suits your needs..
What is business loan overdraft?
The Overdraft Facility allows a business to draw funds from their credit line as needed, up to an agreed-upon limit.
Interest is only charged on the amount borrowed and for the duration of the borrowing period.
There is no EMI.
What is the eligibility criteria for the Dukandar Overdraft Facility?.
What is overdraft in loan?
An overdraft is a loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero.
For a fee, the bank provides a loan to the client in the event of an unexpected charge or insufficient account balance..
Where is overdraft facility available?
This feature is offered by various Private and Public Sector Banks.
An overdraft facility is a type of short-term loan to be repaid in defined tenure, as required by the lender.
Lenders shall levy the interest rates that the borrower needs to repay, as per the Bank's terms and conditions.May 9, 2023.
- Business overdraft borrowing takes place when the business makes payments out of its current account and exceeds its available balance.
Business overdrafts are a very common way of financing small and medium-sized enterprises (SMEs), and are ideal for those with fluctuating finance requirements. - The Overdraft Facility allows a business to draw funds from their credit line as needed, up to an agreed-upon limit.
Interest is only charged on the amount borrowed and for the duration of the borrowing period.
There is no EMI.
What is the eligibility criteria for the Dukandar Overdraft Facility? - Uncertain cash needs: Overdraft facilities are the best when it comes to uncertain needs of money.
A personal loan isn't the best option here as it provides a lump sum at a time and availing it multiple times would negatively affect your credit score.
