Q. Do I need to fill an application each time I want to use this facility?
A. Yes. If the customer wants Extended PASS again at the end of the initial 180 day tenor, he/she must pay up, apply afresh and execute another offer letter.
Q. What is the maximum overdraft limit that I may request for?
A. The maximum that you may request for is 20% of your annual net income, subject to a maximum of N 3 million
Q. I have taken other facilities at Oceanic Bank, will this affect my limit?
A. If you have another overdraft running, you will need to settle your indebtedness on that before a new one can be set up for you. If however you have longer tenured loans such as a Personal or QLS loan, these will not be factored into our assessment to approve an Extended PASS for you. Nevertheless we will exercise due diligence in our assessment and approval process.
Q. What is the tenor on this facility?
A. Extended PASS is a temporary overdraft with a maximum tenor of 180 days.
Q. How long will it take before the limit is set up on my current account?
A. The limit will be set up on your account within 24 hours after you have submitted a properly filled application form but an application is not complete without employment verification.
Q. How will I know when my application has been approved?
A. You will receive an offer letter, which will state the terms and conditions under which this overdraft is being made available to you including the pricing.
Q. Do I need to provide any collateral or a guarantor?
A. We simply require the following from you:
a) Domiciliation of your monthly salary payments in Oceanic Bank
b) Your salary is received consecutively in that account for at least 3 months
c) Credit insurance on the approved facility
Q. How do I access my facility?
A. The Extended PASS provides you with the ability to draw beyond your credit balance for 180 days. You can do this in the same way you normally use your money by issuing cheques to pay for goods and services, paying for purchases at PoS terminals and withdrawing cash over the counter or at an ATM
Q. May I use this facility to fix a car?
A. What you do with this facility is entirely up to you. We need not be informed of the use to which it is going to be put. If you want a large amount of money which exceeds your overdraft limit, we have other facilities which are tailored to assist you in achieving your dreams such as owning a home, land, car, etc
Q. How do I repay?
A. Interest and management fee are paid monthly on the utilized amount while the principal amount is paid on the 180th day
Q. Do I need to pay a consultancy charge?
A. Yes, you have to pay a Consultancy Fee. This is just a small consideration.
Q. Am I required to pay a subscription fee?
A. No. Subscription fee is no longer required for overdrafts
Q. May I use my savings account?
A. Facilities can only be granted on current accounts.
Extended PASS
