Absa is a leading financial hub which has been servicing the financial needs of South Africans exceptionally well for years. Its products and services have provided clients with convenient banking solutions as well as competitive interest rates on investments. Its business division services clients with efficiency, expertise and skill. In the South African market, businesses often need capital injections to support operational requirements. The introduction of business overdrafts has given Absa even more of an edge in the industry as a financial services provider. This overdraft facility is a credit option that enables clients to have the convenience of borrowing on the same account that is used for daily banking transactions. Qualification depends on affordability as well as credit risk. Businesses with small business cheque accounts are eligible for application and can take advantage of the competitive inclusive interest rates. Interest is only charged on the amount of the overdraft used and is negotiable. The overdraft is granted for an agreed period of time and includes credit life cover.
To maximise the flexibility of this financial solution, Absa has ensured that the overdraft facility is offered to clients in three options: Temporary, Reducing and Standard.
The temporary overdraft is offered for a fixed period and must be settled in full at the end of that period. The Reducing overdraft has a limit that is reduced on a monthly basis until the full amount is settled, while the Standard overdraft is granted for a period of 12 months and is reviewed annually.
For more information about Absa’s competitive business financing solutions, call: 0860 040 302.