
The Pearl Overdraft is a short term credit facility that provides emergency funding for Pearl customers. It comes under the following categories:
- Secured Overdraft: The secured overdraft is cash backed with security in form of FDs/TBs/Bonds.
- Unsecured Overdraft (Salaried): The unsecured overdraft is one that caters to our Pearl Salaried Customers.
- Unsecured Overdraft(Self-employed): This is an unsecured overdraft for Pearl Self-employed Customers.
To be eligible one must:
- hold a pearl account
- have a salary account with salary received for at least 1 month for salaried.
- have a pearl account with business proceeds through the account for the self-employed.
- be confirmed with at least 6 months in present employment
- Have a minimum net salary of UGX 4,000,000
Our Pearl Overdraft comes with the following, respective product features:
To access the Pearl Overdraft, one needs the following basic requirements:
Secured Overdraft:
- Pearl current account holder
- Certificate of FD/TB/Bond
- 1 passport photo
- Copy of valid identification
- CRB card
- Customer consent to place lien on FD/TB
Unsecured Overdraft:
- Employer’s letter of undertaking
- 1 passport size photograph
- A copy of a valid identity card from the work place
- A copy of employment contract (where applicable)
- Six months bank statement(where applicable)
- Two pay slips (where applicable)
- Credit reference Bureau (CRB) registration card
Secured Over Draft:
- Maximum amount of 90% of FD or 80% of TB/Bonds
- Maximum repayment period within tenure of FD/TB/Bond
- Available in both UGX and USD
Unsecured (salaried) Over Draft:
- Payment should not exceed 70% of income after loan instalment amount
- Maximum repayment period of 3 months (Renewable upon request)
- Available in both UGX and USD
- Personal loan insurance protection against death/permanent disability.
- Maximum Over Draft of 20M
Unsecured Over Draft for the self-employed:
- Maximum PTI of 50% of ascertainable income.
- Maximum overdraft amount of Ugx 20M.
- Maximum repayment period of 3 months.
- Personal loan insurance protection against death/permanent disability.
- Available in both UGX and USD