Unsecured Loans: Overdraft
For your immediate expenses the right choice is on Overdraft!
Benefits of Overdraft
Based on customer segment and risk classification
Approval within 24 hours
Competitive interest rates
*In cases when the Base Rate is negative, the bank will consider it 0 in the interest calculation.
What do you need to know?
An Overdraft offers Customers the opportunity to borrow up to on agreed amoun through their current accounts every time they have the need.
There are some conditions that
- Overdraft can be paid off at any time.
- Currency of Overdraft can be in Lek.
- The customers have total control on the use of their Overdraft.
- Term deposit owners can apply for Overdraft, and continue earning interest on their deposit.
Frequently Asked Questions
On this part you may find the most frequently asked questions about Overdraft
The Overdraft gives customers the possibility to have money at any time in their current account whenever they need it. Unlike term loans, you do not need to pay it with a fixed monthly installment.
It can be received after your salary is credited in your account at Raiffeisen Bank Sh.a.
This product is also offered to all customers having a Term Deposit in Raiffeisen Bank.
The Overdraft is offered in the same currency of the salary credited in your bank account in Raiffeisen Bank.
The Overdraft tenor is based on your demand during the application in Branch and will be available as long as your salary will be credited in your bank account in Raiffeisen Bank, but no longer than the age of 60 years (for women) & 65 years (for men).
Terms & Conditions for receiving an Overdraft are published in our official website, but the basic documentation required for the Overdraft is a valid ID of the customer.
No guarantor is required for the Overdraft application.
The Overdraft funds are available in the account within 24 hours from the moment of signing the contract.
In case you sign the contract, but decide not to use the Overdraft, you do not pay any interest. Interest will be applied only when you use the Overdraft limit.
The interest is calculated daily, over the debit balance of the current account, starting from the first day of using the Overdraft. The interest is variable on daily basis, according to 1-year T-Bill’s change.
The interest calculation for the amount used by the borrower is as follows:
Used amount 50,000 Lekë
Period 1 day
Base Rate 1.78%
Spread Rate 10.4%
Annual bases 365 days (1 year)
Standard Interest payable 50,000*12.18%*1/365 = 16.69 Lekë
The interest is paid at the begging of each subsequent month.
The Overdraft can be repaid at any time without any additional cost to the customer, just by crediting the used amount in the current account.
You should repay the full amount of the used Overdraft limit before it is matured, as the delay in repayment can affect your credit history.
No, it cannot be renewed automatically. You can get more information on the process by coming at any branch of Raiffeisen Bank.
The conversion of Overdraft into installment loan is considered as a loan restructure as a result of a deteriorated financial situation. You can get more information on the process by coming at any branch of Raiffeisen Bank.
More information on the Overdraft used amount and the interests applied for its usage can be received by:- by coming at any of the Raiffeisen Bank branches and obtaining an Overdraft Statement;- through the Raiffeisen ON platform, where you can monitor at any time, 24/7, the current account and the Overdraft.