Overdraft

Extend your financial reach – with an Overdraft

An overdraft is an advance of an amount up to an agreed limit for an agreed period.

Know more

• Benefits and Features
• Eligibility Criteria
• Documents Required

• Provides additional flexibility and access to emergency funds
• Lower interest rate chargeable compared to unauthorised overdraft
• Overdraft limit is to cater for any of your specific needs
• Interest charged only on the utilised portion of the overdraft

Enjoy a high overdraft limit with low interest rates

• Allows you to withdraw funds from your current account in excess of the credit balance up to an approved limit
• Base Lending Rate (BLR) linked interest is calculated on a daily basis
• Interest is charged on utilised portion of the overdraft
• No fixed repayment
• Limit is usually granted for a year and renewable thereafter

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Eligibility criteria to apply for an Overdraft

• Resident of Mauritius
• Individuals aged between 18 to 60 years (loan to terminate at 60 years)
• Minimum monthly income requirement - Rs10,000
• Customer needs to maintain a satisfactory Current Account with the Bank for at least 12 months and satisfy the bank’s lending criteria

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To avail of an overdraft, please submit the following documents

• Completed Loan Application form
  Proof of Identity - Identity Card or Passport
• Evidence of income - an employment letter stating your salary, years of service and designation
• Last 3 salary slips
• Last 3 utility bills - CEB, CWA, MT
• Bank statements for the last six months from your previous banker, if you have banked with HSBC for less than 12 months
• Salary should be pledged to HSBC

Note: We draw your attention to the existence of the Mauritius Credit Information Bureau (MCIB). Please, Click Here, to access the information booklet.

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