Flexible Financial Solutions.
Overdraft Facility loan
Introducing Eastern Credit Union's Dynamic Overdraft Facility
Eastern Credit Union recognizes the dynamic financial needs of our members, especially in the realm of business and professional activities. Our Overdraft Facility is crafted to provide you with immediate access to cash resources, offering the flexibility and support you need to manage short-term financial obligations effectively. Whether it’s bridging a gap due to delayed transactions, funding a short-term contract, or covering unexpected expenses, our overdraft facility is here to ensure your financial fluidity. It’s our way of saying we’ve got your back, no matter what your immediate financial needs may be.
Overdraft Facility Loan Requirements:
- 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.
- Use Cases: Ideal for managing accounts temporarily overdrawn due to transaction delays, bridging finance for government traveling officers, and other short-term financial needs.
- Loan Limit: Up to $100,000.00,subject to the value of the contract awarded.
- Interest Rate: An advantageous rate of 1.75% per month on the outstanding amount.
- Branch Application: Members must apply at their home branch.
- 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.
Explore Further: Uncover Additional Business Loan Options and Resources
Overdraft Facility loan
Quick Loan Calculator
Utilize our Quick Loan Calculator to estimate your monthly payments and find the perfect fit for your budget.