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3 reasons why you need Overdraft

No paper work or branch visit Subscribe in a minute via Alfa

  • Just enter your personal information, details of employment, financing facilities availed and accept terms and condition.
  • Get instant confirmation for facility, and use the revolving loan facility any time.

One time Subscription – Best Affordability with Zero Processing Fee

  • Charges only on utilization e.g. Rs. 10,000 for a week, Rs. 68 approx. will be charged.

Use any time through your account with Card or Alfa.

  • Make cash withdrawals, fund transfers, bill payments, online payments, POS purchases etc.
Overdraft
Over 2
Product Features
  • Credit line of up to Rs. 50,000 (For bank at work) and up to Rs. 100,000 (For staff)
  • APR – 35%
  • Charges only on utilization – don’t use, don’t pay
  • End – to – end digitized process with fastest delivery
  • No documents required
  • No processing fee
How to Apply
  1. Log onto Alfa, select Loans and then Overdraft
  2. Fill out the application form: CNIC issuance date and personal, professional & financial details.
  3. Read and Accept T&Cs
  4. Enter OTAC
  5. Application is submitted and customers are informed via SMS
  6. Within 5 minutes the application is accepted or rejected
Staff Eligibility Criteria

Permanent & 6 month relationship with BAFL

Current conventional account only (Islamic, Savings & Premier N/A)

Below SVP-1

Minimum salary: Rs. 20,000

 

Bank at Work:
Minimum salary: Rs. 35,000

6 months relationship with BAFL & employer

Current conventional salary account

Alfa Overdraft - FAQs

The overdraft amount is not disbursed into the customer’s account and will not reflect in their total available balance on Alfa. It is a credit line that is tagged to the account and can used when there are insufficient funds in the account.

Once applied the facility will be created for one year. Customer can dip into their line and utilize it up to their assigned limit. Once the overdraft amount is settled, the line will be available to use again.

Yes. However, customers can only use it when there are insufficient funds in their account.

When the customer is in Overdraft, their account balance on the Alfa app will be negative. Customers can also track their Overdraft via Alfa (Alfa > Loans > Overdraft > Overdraft Summary)

Interest rate is 35% per annum. However, interest is calculated on a daily basis on the utilized line amount ONLY.

  • g.: if a customer draws down Rs. 10,000 for a week, only Rs. 68 approx. will be charged
  • E.g.: if a customer does not use Overdraft he/she does not have to pay any amount

Overdraft amount is up to 50% of one’s salary amount. Maximum amount is Rs. 50,000.