Standard bank overdraft is a loan that is there to help its customers when they have overspent and went over budget, with overdraft you can be able repair for damaged things at home, pay unexpected expenses or start your own business. It helps to have an overdraft on your current account with standard bank. When it comes to the rates and fees, with standard bank you get to only pay a once-off initiation fee and a monthly service fee for overdrafts over 500. Standard fees are fair and affordable since it is regulated by the National Credit Act and won’t ever exceed the limits set by the Act.
When you apply for Standard bank overdraft you will get instant access to extra money when you need it, and the best thing you only pay interest on the amount you have used during the month, your interest rate is linked to prime, meaning standard bank save you money when the prime rate drops. Standard bank also gives you an opportunity to change your limit at AutoPlus ATMs, In-branch, over the phone or through online banking. Your overdraft can be insured to help you settle the amount you owe in the event of disability, dread disease or death.
To Apply for standard bank overdraft
- You must earn at least R8 000 per month.
- Be over 21.
- You must be a South Africa citizen or have permanent residence.
- You already have, or you are busy opening an account with standard bank (other than access Account).