Product Overview
BACCSOD overdraft is a type of facility which allows the account holder to withdraw more than available funds in the account on an agreed term. The overdraft product is a facility mostly granted to current account holders in BACCSOD. However, Savings account holders can also access this facility.
Features of the Product
- A member qualifies by saving actively for at least six months
- Members enjoy flexible Interest rates between the ranges of 5% to 10%
- Negotiable repayment period.
Requirements
- Beneficiary must be an active account holder
- provide a personal guarantor or collateral depending on the amount requested
- the beneficiary must be a shareholder
Benefits
- Account holder has access funds over their withdrawable balance when in critical financial need
