To apply for a Standard Bank Overdraft, you need monthly income of at least R8 000 and must be over 18. Your account must also be eligible.
Your account opens the route to credit; the bank still needs to assess you
You can seek up to R250 000 with an eligible transactional account, excluding Access Account. Approval requires credit checks and FICA compliance.
As a customer, you complete an affordability assessment through Online Banking. Meeting the entry rules alone does not complete your application.
What you pay to open and use your overdraft
Your interest rate is personalised. Interest applies only to the amount used during the month. Included credit life insurance covers disability, retrenchment, critical illness or death.
Standard Bank’s illustrative once-off initiation fee ranges from R86.25 to R1 207.50, including VAT. The fee depends on your credit amount.
The four requirements you need to meet
New customers need a Standard Bank account before applying.
- You need a non-Access transactional account.
- You earn at least R8 000 a month.
- You must be over 18 to apply for credit.
- You must meet credit-check and FICA requirements.
Apply through Online Banking
- As a customer, choose “Borrow” in Online Banking.
- Complete the affordability assessment.
- If approved online, accept your final offer.
FAQ
Will I pay a service fee even if I never use my overdraft?
Yes. The monthly service fee is R69 while your overdraft limit is active. It applies even in months when you use none of the credit.
Why can’t I see the Overdraft option in my Banking App?
As a customer, you see the Overdraft tile only if you qualify. Select it, tap “Apply”, follow the steps and accept your offer.
Can I apply without using the app or Online Banking?
As an existing Standard Bank customer, you can also apply by calling 0860 123 000 or visiting your nearest branch.
How do I start an application on the product page?
If you’re already a Standard Bank customer, select “Do I qualify” on the overdraft product page to start your application.