What is an overdraft?

  • An  overdraft is a credit facility loaded to your current account. This means that you have the convenience of borrowing on the same account that is used for your daily banking transactions.

The benefits of an overdraft?

  • An overdraft provides you with cash for unplanned expenses.
  • An overdraft will provide you with the comfort of knowing that you have instant access to extra cash for emergencies.
  • You can use as much of your agreed overdraft limit as you need whenever you need it. The total limit is always available to you for use.
  • You only pay interest on the portion of your overdraft used in any given month. 
  • The interest rate is linked to prime so that you receive the benefit when prime rates decrease.
  • No monthly repayment required. Only a deposit into your current account, preferably your salary.
  • You can take up a USD500 overdraft limit with no Initiation fee and no monthly service fee, which can be used as a safety buffer on your current account.
  • Once you have an overdraft, you can conveniently increase or decrease your limit via any of Imperial Credit Bank's self service channels. 
  • You have the option of taking out insurance on your overdraft facility.  This will give you peace of mind knowing that your loan will be settled in full in the event of disability, dreaded disease or death.

Amount you could qualify for

  • The amount you qualify for depends on your affordability and credit risk.


  • There is a once off initiation fee charged to new overdraft facilities greater than USD500.
  • A monthly service fee will be charged if your overdraft limit is greater than USD500.
  • All fees charged are regulated by the National Credit Act and will not exceed the limits s determined by the act.

How to apply for an overdraft?

  • To apply for a new overdraft facility or to increase your existing limit, apply online using our web form, or visit your nearest branch.

Qualifying criteria

  • Remember, you will need to have a valid Imperial Credit Bank current account in order to apply for an overdraft facility.  Alternatively, you can apply for a new current account and overdraft facility at the same.