African Bank Apply for MyWORLD Overdraft : africanbank.co.za

Organization : African Bank Limited
Facility : Apply for MyWORLD Overdraft
Applicable For : African Bank Customers
Website : https://africanbank.co.za/en/home/product-overdraft/

African Bank MyWORLD Overdraft

Giving you access to emergency funds when you need it most. And because it is linked to your MyWORLD account, you still get access to up to 6 linked accounts – with no monthly fees at SA’s best rates.

Related / Similar Service : African Bank Apply For Black Credit Card

What is Overdraft?

An African Bank Overdraft facility is a credit facility, in the form of an agreement made with African Bank that allows a MyWORLD account holder to use or withdraw more money than what they have in their MyWORLD account, up to an approved limit.

In other words, the customer’s MyWORLD account can have a debit, or a negative, balance.

How Does It Work?

Because the Overdraft is linked to your MyWORLD account, you will need to have a MyWORLD account first to start the Overdraft application process. Once approved for a certain limit, you will have access to funds when you have used up all the money in your MyWORLD bank account.

You can use these funds for emergencies. You can also use these funds for making ATM cash withdrawals and for making online purchases using your MyWORLD bank account.

You have peace of mind, knowing you have access to funds in an emergency. The Overdraft can help with
** Mid-month emergency expenses.
** Access to cash before pay day.

** Cover for rainy days when you are running short on cash.
** It helps you to manage your monthly cash flow and provides protection from unpaid debit orders when your salary gets used up.

How Do I Apply?

There are several ways to apply for African Bank’s Overdraft facility. You can
** Apply online 24/7 using our African Bank App or by registering for Online Banking on our website. You will not be charged any data when using our digital banking platforms.

** You are welcome to visit any African Bank branch and apply in our branch.
** You can contact our Call Centre on 0860 333 004

Requirement

** Customers must have an active MyWORLD bank account.
** Customers must be between the age of 18 and 60.
** Customers must earn more than R3 500 a month.

** Customers must be a monthly salary or wage earner for a minimum of ONE month with the same employer.
** To activate the Overdraft, customers must switch their monthly salary to African Bank.

FAQ On African Bank MyWORLD Overdraft

1. How much does it cost to have an Overdraft facility at African Bank?
** The great news is that there are no initiation fees.
** Customers will be charged a monthly fee of R69 which includes VAT.
** The transaction fees are linked to the MyWORLD transaction fees. Please refer to our pricing guide here.

2. Is the Overdraft facility a Loan?
No. The Overdraft is a facility offered to the customer, providing access to additional funds up to an approved specified amount. This Overdraft will be available for use on the customer’s MyWORLD account.

There is no disbursement of funds into the MyWORLD bank account, instead a facility limit is loaded thereby increasing the customer’s available funds.

Customers will be able to see their current and available balances, as well as limits, on their Online Banking or Banking App profile and on their bank statements.

3. What happens if I exceed my Overdraft facility limit?
In exceptional cases, a customer may exceed their Overdraft limit due to fees processed to their account. A customer will always remain responsible for the re-payment of the full balance.

4. What is the maximum and minimum amounts on African Bank’s Overdraft facility?
Depending on the customer’s affordability, the maximum facility offered is R100 000 and the minimum facility offered is R3 500.

5. What happens if I successfully apply for an Overdraft but do not use it?
The Overdraft will remain available to you, our valued customer, and you will be charged the monthly Overdraft fee of R60 plus VAT.

However, if it remains un-utilised for a period of time, African Bank may decide to cancel the Overdraft. Affected customers will be notified in advance if this happens.

6. Which documents are required to apply for an Overdraft facility?
One bank statement and 3 payslips are required or one bank statement showing 3 salary deposits and one payslip. All latest documents are required as per African Bank’s Credit Policy.

Features of African Bank MyWORLD Overdraft

African Bank MyWORLD is a unique banking product that allows customers to create and manage up to five linked accounts, including a primary account and four pocket accounts. The MyWORLD Overdraft is an optional feature that customers can add to their primary account to provide an additional buffer of funds in case of unexpected expenses or cash flow shortfalls.

Here are some key features of the African Bank MyWORLD Overdraft:

Credit Limit:
The MyWORLD Overdraft provides customers with a credit limit that they can use as needed to cover expenses that exceed their available funds in the primary account.

Interest Rates:
Interest is charged only on the amount of the credit limit that is used, and the interest rate is competitive with other forms of credit such as credit cards or personal loans.

Repayment Terms:
Customers have the flexibility to repay the MyWORLD Overdraft over a period of up to 6 months. Repayments are automatically deducted from the primary account each month.

Additional Simplified Procedure

To apply for an African Bank MyWORLD Overdraft, you can do so online or at any African Bank branch.

Online:
1. Go to the African Bank website: https://www.africanbank.co.za/.
2. Click on the “MyWORLD” tab.
3. Click on the “Overdraft” tab.
4. Click on the “Apply Now” button.
5. Enter your personal information, such as your name, ID number, date of birth, and contact details.
6. Enter your income and expenses.
7. Select the amount of overdraft you want to apply for.
8. Click on the “Submit” button.

At an African Bank branch:
1. Visit any African Bank branch.
2. Speak to a Relationship Manager.
3. Provide your personal information, such as your name, ID number, date of birth, and contact details.
4. Provide your income and expenses.
5. Select the amount of overdraft you want to apply for.
6. Sign the application form.

Here are some of the requirements for applying for an African Bank MyWORLD Overdraft:
** You must be a South African citizen or permanent resident.
** You must be at least 18 years old.
** You must have a good credit history.
** You must have a salary or other regular income.

The interest rate on an African Bank MyWORLD Overdraft is currently 16.9% per annum. The overdraft fee is R15 per month. The overdraft limit is determined by your income and expenses. The maximum overdraft limit is R50,000.

Here are some of the benefits of having an African Bank MyWORLD Overdraft:
** You can access cash when you need it.
** You can pay for unexpected expenses.
** You can avoid bouncing cheques.

Here are some of the risks of having an African Bank MyWORLD Overdraft:
** You will have to pay interest on the overdraft.
** You may have to pay a penalty if you exceed your overdraft limit.
** You may damage your credit history if you do not repay the overdraft.

Note:
Overall, an African Bank MyWORLD Overdraft can be a helpful way to access cash when you need it. However, it is important to be aware of the risks involved and to make sure that you can afford to repay the overdraft.