✅Minimum monthly income: R 8 000
✅Maximum monthly income: R 250 000
✅Personalized interest rates that range from 1.5% to 10.5%
✅No minimum monthly repayments are necessary, as the facility is topped up when your income is deposited into your account
Why do we recommend the Overdraft facility from Standard Bank?
The Standard Bank Overdraft facility offers instant access to additional funds, providing financial flexibility precisely when you need it most. With 24/7 access, you can tap into your account seamlessly! Enjoy the convenience of increasing your limit online, giving you greater control over your credit facility through Internet Banking or the Banking App.
Overdraft also has the pay-as-you-go feature, where you only pay interest on the amount you’ve utilized from your facility each month, which means no minimum monthly repayments! Plus, you can access funds again as needed, ensuring uninterrupted financial support whenever you require it.
Writer’s Opinion
If you are looking for convenience in a loan, this might be the perfect option for you! Avoid extensive paperwork and trips to the bank, you can access the Overdraft facility from Standard Bank through your phone!
Check out this fictitious simulation on the Overdraft facility: For a $10,000 loan at an 8% annual interest rate over 3 years, the estimated monthly payment is around $294.44. This calculation considers the loan’s principal, interest rate, and term. You can expect to pay approximately $294.44 per month for 36 months to repay the loan in full.
Who is eligible to request the Overdraft facility from Standard Bank?
Eligibility for the Standard Bank Overdraft facility is straightforward: all you need is an active Standard Bank current account, be at least 21 years old, and earn a minimum gross income of R3,000 per month.
With an Overdraft facility, you gain access to additional funds when you need them most, providing financial flexibility and peace of mind. And in this case, you can do so fully online, which is even better!
Whether it’s covering unexpected expenses or bridging gaps in your budget, an Overdraft ensures you’re prepared for life’s uncertainties. Plus, with pay-as-you-go interest and the ability to adjust your limit online, managing your finances has never been more convenient.
Learn how the application process for the Overdraft from Standard Bank works!
If you are a Standard Bank customer, all you have to do is apply through the Standard Bank website or via app! If you aren’t a Standard Bank customer you will firstly need to Open a transactional account to access our credit facility. For both cases, click on the button below to be redirected to the official Standard Bank website and start your process! All you need is your ID Book and proof of residence
