We don't always know what life has in store for us, but we can be prepared for those unexpected events.
An overdraft facility* is a flexible, cost-effective short-term borrowing facility and an excellent way to help you manage unforeseen expenses. It's just perfect because you get:
Credit that is cost-effective An overdraft is a cost-effective borrowing facility, as the interest rate is linked to prime and calculated annually. A once-off initiation fee, together with a monthly facility fee, is payable on successful application.
Easy access to your money Your cheque card or internet banking profile gives you access to your overdraft at any time, putting you in charge of how much and where you spend your money.
Flexible repayment options There is no minimum repayment term. But remember, the quicker you clear your overdraft, the more you will save on interest. To repay your overdraft you need to put more money into your account than you spend or withdraw.
Different types of overdrafts You get revolving and non-revolving overdraft facilities. A revolving facility allows you to use money from the facility as you pay it back, whereas a non-revolving facility is a short-term solution where the limit decreases as you pay back the money over a fixed period. You can also elect to have your limit reviewed and increased automatically on an annual basis. This will save you the time of having to make a new application in future and will also keep up with your financial requirements. Ask us for more information.
Overdraft protection Protect yourself and your family in the event of death or disability, and take out optional Nedbank overdraft assurance.
Products you can link your overdraft to
Nedbank Current Account.
Everyday Current Account.
Optimum Current Account.
Savvy Current Account.
Dezign Banking Current Account (excluding Dezign Student).
Personal Relationship Banking Current Account.
How to apply
To apply just call 0860 555 111 or go to your nearest Nedbank branch and remember to take the following documentation:
Valid SA bar-coded identity book.
Proof of residential address.
Proof of income, ie salary slip.
We'll then do a credit assessment to make sure you can afford and easily manage the overdraft facility. The limit that you would qualify for is based on an assessment of your income and expenditure, credit information maintained by credit bureaus, and information on any accounts held with Nedbank. Granting the facility is also subject to terms and conditions, which your banker or relationship manager can give to you on request.
Ensure you and your family are protected by taking out Nedbank overdraft assurance. This provides protection in the event of death or disability, and will pay the recorded overdraft limit at the time of the claim.
In the event of a valid claim (subject to terms and conditions):
Death - the recorded limit on your overdraft account will be paid to a maximum of R50 000.
Disability and redundancy - you can qualify for certain monthly instalments, calculated on the recorded overdraft limit.
No medical or HIV testing is required to qualify for overdraft assurance. Valid claims will be paid into your Nedbank current account.
To find out more about this option speak to your banker or call the Nedgroup Life Client Care Centre on 0860 263 543.
Nedbank Ltd Reg. No 1951/000009/06. Authorised financial services and registered credit provider (NCRCP16).