Do you intend to make use of the Kuda bank overdraft? If yes, you will get all the information you need on how to apply for the Kuda bank overdraft. However, the Kuda bank overdraft feature is different from the loan.
This bank currently has up to 3 million and counting users across the country. They are one of the first legibly known online banks in Nigeria. Well, you will be able to find tons of interesting features in the Kuda app that users can engage in. One of the amazing features you can find in the Kuda bank application is Overdraft.
What is Kuda Bank Overdraft
Kuda Bank overdraft is a short-term credit that helps users to keep their life running smoothly. This means if you do not have enough money in your account, you can trigger your overdraft to covet your expenses.
Nevertheless, you will pay back when money is added to your Kuda account bank. With the Kuda bank overdraft feature, you will be able to get money through your current account by taking out more than you have in the account.
How does Kuda bank overdraft work?
The way Kuda bank overdraft works is very easy to understand. As a user of Kuda, you must have created an account and verified it. Moreover, you are most likely to use your account to make transfers, pay bills and buy airtime and data.
If you are an eligible user of the bank, you will be able to get the overdraft offer. The overdraft interest is 0.3% daily to be paid back in 30 – 90 days. The period you get depends on the amount of overdraft support you got.
Check out: How to Borrow Money From Kuda Bank
How to Apply for Kuda Bank Overdraft
To apply for the Kuda Bank overdraft you need to be an active user of the app at 0.3% daily. Below are the steps you need to follow:
- On your mobile device, lunch the Kuda bank application.
- Go to the Kuda “Borrow” feature option.
- You will see loan and overdraft, click on “overdraft”
- Then tap the Next button.
- Kuda bank will show you the highest amount they can offer you as an overdraft.
- From the amount limit you get; type the amount you want to borrow then tap Done.
- Then, confirm with your transaction pin, fingerprint, or Face ID.
- Click okay and you will receive it.
Kuda Overdraft does not have a maximum amount, the amount you see on your overdraft will depend mainly on the inflow and outflow of money in your account.
Who can apply for Kuda Bank Overdraft?
Kuda Overdrafts is only available to users who make use of their Kuda account actively. To be eligible, you need to make sure your account is also upgraded with your Bank Verification Number (BVN), and a valid ID. However, you must use your Kuda account actively for over a couple of months.
Conclusion
Kuda bank overdraft can be very handy, it can help in times of need when you are out of cash. You have to be eligible to make use of the overdraft feature. Well, you need to fund your Kuda bank to pay what you owe automatically. Kuda Bank’s Overdraft has an interest rate of 0.3% daily on any amount you borrow.