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Overdraft on current account

Overdraft on current account

The overdraft is a type of loan, enabling the clients of the Bank to overrun the balance of their current, up to a limit agreed in advance. For that purpose the loan applicants need to arrange the receipt of their remunerations to current account in International Asset Bank AD. The loan is provided for covering temporary shortage of own funds and the maximum amount of the overdraft will depend on the salary amount. The loan amount as well as the interest due will be currently paid with all incoming flows. The amount up to the repaid part may be reused till the end of the loan term.

  • Simplified procedure;
  • No need to justify the purpose of the loan;
  • Option to have funds in excess of those available on your account;
  • Permanent access to the funds if the overdraft is on a card account;
  • No charges for disbursement, management and early repayment;
  • Competitive interest rate levels;
  • Free issuance of international Maestro debit card, protected by chip and use of additional services:
  • MasterCard SecureCode, SMS notification and an option to sign up for Asset electronic utility bills;
  • Free activation of the online banking service - Asset Online.
  • Loan amount: up to 3 net salaries;
  • Currency: BGN, EUR;
  • Repayment term: from 3 to 24 months, with an option to extend the term by signing an annex;
  • Repayment mode:
    - automatically, upon receipt of funds to the account;
    - any interest due is paid on the last day of the month;
    - the principal is repaid in the last 3 months from the contract expiry deadline and thereafter the entitlement to overdraft is re-established automatically, if no late payments of principal and interest occurred.
  • Eligibility criteria: transfer of salary to the Bank.

Annual interest rate

BGN EUR
RIR + 12.00% 6m. EURIBOR + 12.00%

The annual interest rate under the loan is floating and formed based on a reference interest rate (RIR for loans in BGN and 6m. EURIBOR for loans in EUR) + the fixed margin indicated above.

 

Fees and commissions:

 

  • For initial acceptance of the documents – BGN 24;
  • For credit analysis – 0.1% of the amount authorised, minimum BGN 25;
  • For monthly service: charge for current account – BGN 2.

 

 

The APR is 18.14% for an overdraft of 3 000 BGN, floating interest rate 12.21%, based on RIR + 12.00 p. p., for a term 12 months and payroll with the Bank. The calculation is based on that, overdraft is fully disbursed at the beginning of the period and it will be repaid with monthly annuity installments amounting to 266.84 BGN. Total due amount 3 275.09 BGN. The value of RIR as of 01.01.2019 is 0.21%.  

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