Revolving Overdraft (ROD)
Short-term Financing
Save yourself the stress of getting a loan. Get an overdraft with your salary current account.
- Available to existing salary current account holders
- New customers will have access to overdrafts as soon as the first salary payment is made to the Wema bank salary account
- Maximum overdraft limit of N250,000
- Overdraft to be cleaned up monthly, and will be available for a 12 month tenor
- Overdraft may be renewed at expiry, subject to request from customer
- Zero processing cost
- Apply for overdrafts from the convenience of your office
- Low turnaround time for overdraft disbursement (48 hours)
- Zero account maintenance charge
- Competitive interest rate
- Access to electronic banking products & services
- Duly completed loan application form & executed offer section
- Letter of introduction signed by an authorized signatory of employer
- Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory) The signatories must be independently verified by a representative of Wema Bank
- Proof of income (3 months’ pay slip or 3 months account statement)
- Proof of address (Physical visitation and report by RM) supported with a copy of recent utility bill.
- Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)
