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Overdraft Facility loan

Flexible Financial Solutions.

Introducing Eastern Credit Union's Dynamic Overdraft Facility

Eastern Credit Union recognises the dynamic financial needs of our members, particularly within business and professional activities. Our business overdraft facility loan is designed to give you immediate access to cash resources, providing the flexibility and support needed to manage short-term financial obligations with confidence.

Whether you’re bridging a gap caused by delayed transactions, funding a short-term contract, or covering unexpected expenses, this facility helps maintain your financial fluidity when it matters most. We also guide you clearly through the overdraft application process and outline the documentation needed, ensuring a smooth and transparent experience from start to finish.

It’s our way of saying we’ve got your back, no matter what your immediate financial needs may be.

Overdraft Facility Loan Requirements:

  1. Eligibility: Available to members with a registered business, tradesmen, professionals with short-duration contracts, or members receiving regular income who need short-term additional cash.
  2. Use Cases: Ideal for managing accounts temporarily overdrawn due to transaction delays, bridging finance for government traveling officers, and other short-term financial needs.
  3. Loan Limit: Up to $100,000.00,subject to the value of the contract awarded.
  4. Interest Rate: An advantageous rate of 1.75% per month on the outstanding amount.
  5. Branch Application: Members must apply at their home branch.
  6. Membership Tenure: At least one year with a regular savings pattern.

Required Documents for Loan Application

  • Proof of Income
    – Current Job Letter.
    – Recent salary slip or evidence of income/expenditure for self-employed individuals.
  • Two forms of ID
    (per applicant)
  • Utility Bill or Bank Statement
    (Members without a utility bill/bank statement in their name are advised to provide a letter from the addressee on the utility bill confirming their address & valid copy of their ID).
  • Additional Documentation: Any other supporting documents as required.
  • Financial Statements
    – Bank statement showing credit and loan balances, credit union statements reflecting shares, deposit, and loan balances).
    – Last 12 to 18 months, particularly for self-employed members.

Ready to Access Flexible Cash Resources?

Navigate your short-term financial needs with confidence. Apply now for our Overdraft Facility and experience the peace of mind that comes with having flexible financial support. Simply fill out the form below, choose your preferred branch, and let Eastern Credit Union provide the temporary financial buffer you need.

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