OVERDRAFTS
Grants MFB overdrafts involve amounts
that are not so substantial in nature wherein repayments can be made within a short and specific period.
Applicants are advised to choose products under these categories if the following criteria are met
Scenario/Condition | Acceptable response |
Amount needed | Not substantial |
Income source | Multiple |
Income fluctuation | Yes |
Ability to absorb significant | Yes |
Possibility of transfer or retirement | Likely |
Average net salary left after loan | 50% |
PAYDAY OVERDRAFT
Applicant can draw down up to 50% of his salary on a 30 day cycle
Eligibility
- Salary earner
- Salary account is a current account
Documentation required
- Overdraft form
- Application form stating amount, duration and purpose
- Valid means of identification and recent passport
- Six months salary statement of account
- One guarantor with work ID and payslip (if on IPPIS) and post dated cheque (if not on IPPIS)
REVOLVING OVERDRAFT
Applicant can draw up 80% of his salary on a 30 day cycle with revolving window
Eligibility
- Salary earner
- Salary account is a current account
Documentation required
- Overdraft form (click here)
- Application form stating amount, duration and purpose
- Valid means of identification and recent passport
- Six months salary statement of account
- One guarantor with work ID and payslip (if on IPPIS) and post dated cheque (if not on IPPIS)
BULLET OVERDRAFT
Applicant can draw up to 50-80% of his salary and make bullet payment at a stated time targeting a particular income.
Eligibility
- Salary earner
- Salary account is a current account
Documentation required
- Overdraft form
- Application form stating amount, duration and purpose
- Valid means of identification and recent passport
- Six months salary statement of account
- One guarantor with work ID and payslip (if on IPPIS) and post dated cheque (if not on IPPIS)