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Overdrafts

Overdrafts

An overdraft is a fluctuating loan facility that is individually tailored to meet the needs of customers who require short-term finance for working capital purposes. It is linked to your business current account and you can use as much as you need, up to your limit.

What does it offer me?



  • Cash for unplanned expenses & emergencies
  • Use as much of your agreed overdraft limit as you need whenever you need it.

  • Pay interest on the portion of your overdraft used in any given month
  • Interest rate is linked to prime so that you receive the benefit when prime rates decrease
  • No monthly repayment required.
  • You can take up a N$500 overdraft limit with no initiation fee & no monthly service fee, which can be used as a safety buffer on your current account
  • Conveniently increase or decrease your limit via any of Standard Bank's self-service channels
  • You have the option of taking out insurance on your overdraft facility.

Qualifying criteria

  • Have a Standard Bank current account 
  • Be a Namibian citizen or have permanent Namibian residence
  • Be 21 years or older
  • Have an acceptable credit record & risk profile
  • N$1000 minimum gross monthly salary

What do I need to apply?

Visit your nearest Standard Bank branch with the following documentation:

  • Cash-flow projections
  • Financial statements
  • Bank statements (new customer)
  • Personal statements (members or directors)

Rates and Fees

  • Once off initiation fee charged to new overdraft facilities greater than N$500
  • Monthly service fee charged if your overdraft limit is greater than N$500
  • All fees charged are regulated by the National Credit Act and will not exceed the limits determined by the act.