An overdraft facility is a revolving borrowing facility repayable on demand, made available in connection with a current account. A limit will be agreed on the account up to which the customer may overdraw. Once the limit is utilised interest will be charged on outstanding utilisation on a daily basis.
Overdrafts are a flexible form of borrowing intended to finance day-to-day cash flow requirements generated by normal business activity. They are not intended for the financing of long term borrowing requirements for which more appropriate credit lines are available. Repayment is made without notice through any type of credit to the overdrawn current account from normal business activities. Balances repaid can be redrawn without the need for a request from the customer to the Bank. The Bank at all times retains the right to restrict availability of funds and/or to demand repayment.
Tenor of an overdraft is one day; maximum one year with bank approval. However, the Standard Chartered Bank may agree to make overdraft facilities available for shorter periods and is based on terms and conditions of the facility.
The customer should forward the following documents to Standard Chartered Bank for credit evaluation:
On receipt of the above financials OCC will carry out a detail analysis of the information submitted and provided it falls within the acceptable credit requirements of Standard Chartered Bank, a site visit to the company and factory will be done. Terms and conditions pertaining to the borrowing will be listed in the indicative letter of offer by the Standard Chartered Bank to the customer. Once customer accepts the indicative letter of offer, a letter of offer will be sent for acceptance to the company‟s board of directors.
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