Overdraft
Need an overdraft?
Why overdraft in ConcordBank is just for you
- No collateral and paper bureaucracy.
- No requirement of a preliminary transfer of cash to the bank.
- Calculation algorithm for determining the overdraft limit - up to 30% of the amount of receipts to the client’s current accounts.
- Receive a response from the bank within 3 days.
- Monthly overdraft limit review.
- No collateral requirement.
- No need for periodic zeroing.
Overdraft main parameters
|
Validity of the overdraft agreement |
from 3 to 12 months |
|
Zeroing term |
within the terms of the agreement |
|
Guarantee |
of the owner of the company and/or legal entities that have a direct impact on the activities of the client |
Client expenses for overdraft servicing
| Interest rate (per annum) | 19,0-24,0% |
|
Overdraft origination fee |
1.0% of the overdraft limit |
|
Monthly fee |
none |
Questions and answers
What is overdraft?
Overdraft this is one of the types of short-term loan within the limit established by the bank, which allows making settlements when the client does not have enough funds in the current account. When a bank lends to a client's current account, an overdraft is provided to pay for settlement documents in the event of a shortage or absence of funds in the client's current account. The Bank deducts funds from the client's account in full, that is, it automatically provides the client with a loan in excess of the balance of funds. Unlike a regular loan, all funds received to the client's account are directed to debt repayment.
What is overdraft limit?
Overdraft limit - this is the maximum amount of funds that can be provided to the client during the period for which the corresponding limit is set in the manner and on the conditions specified in the agreement concluded between the client and the bank.
What criteria may affect the decision of the bank?
The term of activity of the enterprise (more than 12 months), absence of pronounced seasonality in the activity, and execution of the guarantee of company owners or management.
When I pay overdraft interest?
Daily due to overdraft limit or available funds on the account.
