An overdraft facility is a credit product that is primarily used to finance the day-to-day working capital requirements of a business. A fixed limit is applied to a Customer’s Chequing Account, which allows the account to be overdrawn to the predetermined limit. There is no fixed repayment of this facility. However, the transactions must coincide with the business cycle.
Application Requirements
- National Identification Card, Valid Passport or Valid Driver’s License of all Directors
- TIN Certificate of Company
- Certificate of Incorporation or Business Registration
- Memorandum of Association or Articles of Association
- Annual Return (Previous two years)
- Audited Financial Statements (Previous three years)
- Business Plan / Application indicating purpose of financing
- Bank Statement from Current Bank (Minimum one year)
- Copy of Transport / Title of property offered as collateral
- Valuation of Property (To be done by an approved valuator by the Bank)
View related fees here: www.citizensbankgy.com/about-us/fee-structure/