An overdraft loan is a lending arrangement on a current account that permit the customer to over withdraw on current account up to the specific limit with a specific expiry date.
- Tenor of 3moths at maximum.
- Repayment period 3 months at maximum.
- TAT is 3 days.
- Interests rate is 2% monthly.
- Flexible overdraft limit depending on the customer need.
- Financial facility to overcome the liquidity issues.
- TAT of 3 days.
- Repayable in three months.
- Competitive interest rates charged only on the overdrawn amount.
- Interest is only charged when the overdraft is utilized.
- To meet short term need.
- Application letter.
- Project description (customer needs statement).
- Company Registration Certificate/ID copy of the applicant and his guarantor.
- Legal status certificate.
- RRA Tax Clearance Certificate.
- Valuation report of collateral (done by a valuer which has a partnership with UNGUKA Bank Ltd).
- Collateral title (land, factory, car etc) and movable security documents.
- Act of lending property if the collateral doesn’t belong to the borrower.
- Notified Board resolution for companies.