Personal Overdraft Loan: Flexible, Reliable, and Ready When You Need It

Unlock financial flexibility and peace of mind with a Personal Overdraft Loan from Standard Chartered Bank Nigeria. Designed for salaried customers, this loan option ensures you never have to worry about short-term financial gaps. With flexible interest rates and easy access to funds, it's an ideal solution in times of unexpected expenses or financial emergencies.

Benefits of Personal Overdraft Loan

• Zero maintenance charges and no minimum account opening balance.
• Overdraw up to ₦1.8 million monthly from your accounts.
• Flexible interest rates applied only on the utilized amount.

Easy Access to Cash

Accessing your overdraft is simple and convenient. Whether through your debit card or a cheque transaction, cash is available whenever you need it. This facility ensures you remain covered at all times.

Revolving Facility in Nigeria

One of the standout features of this product is that it’s a revolving facility. You don't have to apply each time you need additional funds. Once set up, it is available on your account whenever required, providing an added layer of financial security.

Secure and Convenient Overdraft

Secure yourself against unexpected bills with this readily available overdraft. It is designed to help you when you most need it, bridging the gap and ensuring peace of mind during challenging financial periods.

Eligibility & Requirements

To qualify for an SCB overdraft, you must:

• Have a salary account with Standard Chartered Bank Nigeria.
• Maintain a good credit bureau history.
• Have a minimum monthly salary of ₦50,000.
• Be above 21 years old.

Quick Apply Overdraft

The application process is straightforward. Once your application is received, you will be informed of the status within 24 hours. This quick turnaround means you can access the funds you need without unnecessary delays.

Fees and Charges

• Interest Rate: 2% per month on the utilized amount.
• Late Fees: 1% flat per month, in addition to the applicable interest rate, for amounts unpaid after 7 days.

Overdraft Repayment in Nigeria

Repayment is hassle-free. The outstanding balance is directly repaid monthly upon receipt of your salary. This ensures that your finances remain organized and stress-free.

How to Differentiate Overdraft Funds

• Available Balance: This is the total funds available (account balance plus overdraft limit).
• Current Balance: The net account balance plus any unsettled transactions.

Comparing Overdraft vs Personal Loan

A Personal Overdraft is ideal for short-term needs and emergencies. It differs significantly from a Personal Instalment Loan (PIL), which is more suited for long-term financial projects. An overdraft provides a revolving credit limit that resets monthly, while a PIL is a term loan repaid over several years.

Convenience and Flexibility

• Access funds easily through various channels including ATM, POS, and online transfers.
• Only the utilized amount is charged interest, calculated on a daily basis.
• No management fees or per-transaction charges, making it a cost-effective option.

Easy Salary Overdraft

A salary overdraft is bundled with your payroll account upon request. If you’re a new customer, the overdraft limit is placed after the first salary credit is received into your account. This ensures you have instant access to funds when needed, without additional steps or delays.

Best Nigerian Overdraft Option

Standard Chartered Bank offers one of the best overdraft options in Nigeria, combining easy access, minimal charges, and flexible repayment terms.

Secure Overdraft SCB

Security is paramount, and SCB ensures that your overdraft is safeguarded against unauthorized access. You can manage your funds securely and ensure that you are protected against unexpected financial challenges.

Overdraft Terms and Conditions

Understanding the terms and conditions is crucial. Here are key points:

• Tenor: 12 months, renewable annually subject to satisfactory performance.
• Overdraft Limit: 50% of net monthly salary, up to a maximum of ₦1.8 million.
• Currency: Must be the same as your salary account.

Applying for a Salary Overdraft Nigeria

• Eligibility: Nigerian residents and non-residents with an SCB account and a confirmed salary transfer.
• Process: Simple and fast, with status updates within 24 hours post-application submission.

Application FAQs

What happens if my salary is delayed? If your salary is delayed for over 7 days, a late fee of 1% and the applicable interest rate will be charged. However, any credited funds will automatically clear the outstanding amount.

Can I opt out without charges? Yes, you can opt out whenever you wish, free of charge, by funding your account and requesting the limit to be canceled.

Contact Details

For more information, reach out via:

• Phone: +2348001235000 (Toll free), 01 2704611 – 4
• Email: Email Us
• Visit: Any branch nearest to you.

By choosing a Personal Overdraft Loan from Standard Chartered Bank Nigeria, you can ensure that you are always prepared for financial uncertainties while enjoying the convenience and flexibility you deserve.

Flexible Loan Options Nigeria

When it comes to managing financial emergencies, flexible loan options are invaluable. With Standard Chartered Bank’s Personal Overdraft Loan, customers in Nigeria benefit from tailored solutions designed to bridge temporary financial gaps efficiently. This loan facility offers a structured yet adaptable method to cover expenses that can't wait and need immediate attention. Whether it’s for medical bills, unexpected travel, or urgent repairs, having a flexible interest rate loan ensures you only pay interest on what you use, making it a cost-efficient way to manage your finances. By opting for SCB's Personal Overdraft, you gain a reliable financial partner, ensuring seamless experiences and quick resolutions.

Understanding Overdraw Facilities Nigeria

Overdraw facilities in Nigeria, such as those offered by Standard Chartered Bank, provide significant advantages for salaried individuals. These facilities allow one to access extra funds on-demand, which can be particularly useful in a country where the economy can experience volatility. The key here is eligibility—ensuring that applicants meet specific criteria like maintaining a salary account and good credit history with SCB. Meeting these conditions opens up access to unsecured overdraft loans, providing financial breathing room. This further underscores the importance of maintaining a good financial standing and underscores the utility of these facilities in achieving financial stability and flexibility.

Discover Alternative Loan Solutions

As beneficial as the Personal Overdraft Loan is, it's not the only solution out there. Sometimes, exploring various financial products can lead you to a loan option that's even better tailored to your specific needs and financial goals. Consider investigating other loans that cater to different aspects of financial planning, such as long-term investment loans, smaller payday loans, or exclusive short-term credit lines. These alternatives can offer varying terms and conditions that might be more suitable depending on your unique financial situation. Eager to learn more about these options? Unveil another versatile loan product that could redefine how you manage your finances.