How to Get an Overdraft Standard Bank

Are you trying to find out how to get an overdraft at Standard Bank? It’s something that you may find yourself having to do in cases of emergency. An overdraft allows you to withdraw money from your account beyond your current savings. Essentially, you will be using money that you don’t have. In this regard, an overdraft is a form of a loan. You will be able to repay when money is deposited into your account.

Steps to apply for an overdraft with Standard Bank

The following is how to get an overdraft on the Standard Bank app;

  1. Log into the Standard Bank app
  2. Click on the Transactional account widget
  3. Look for the Overdraft tile. If you do not qualify, this tile will not be available for you
  4. Tap on Apply
  5. Go through the application steps
  6. Accept the offer

Applying via internet banking

It’s also possible to apply for a Standard Bank overdraft through internet banking. The following are the steps for doing so;

  1. Go to the Standard Bank account and log into the internet banking portal
  2. Click on Borrow
  3. Follow the steps to check what you can afford
  4. You will get a final offer should you qualify for an overdraft.
  5. Accept the offer and you should be good to go.

How is an overdraft different from an ordinary loan?

That’s how to get an overdraft at Standard Bank. You may be wondering about the difference between an overdraft and an ordinary loan.

There are several differences. But before we get there, we need to point out that both are forms of loans. Both depend on your income. If you earn more, you will be able to get a bigger loan or a bigger overdraft facility.

One difference is that with an overdraft, you have more flexibility when it come to repayment. As money comes into your account, you get to repay the borrowed amount. With a loan, payment are fixed. With an overdraft, you can repay different amounts depending on your income that month.

Summary

In this article, we focused on how to get an overdraft with Standard Bank. It was noted that an overdraft is a form of loan that allows you to use money beyond what is currently in your account.

With Standard Bank, you need to have a monthly income of at least R8000 for you to qualify for an overdraft. With that, you can get an overdraft of up to R250000. You need to be a transactional account holder to qualify.

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