Digital Loans
myOverdr@ft
OVERDRAFT AMOUNT
Min €1,000 and up to €5,000*
INTEREST RATE
10.78%
Floating Interest Rate with Ancoria Bank’s Base rate
APR
13.55%
APR is calculated as noted below
Additional information:
Initial charges:
- There are no documentation fees
- A processing fee of €25 will be charged at the opening of the facility
Other charges:
- Stamp duty fee of €1
- For more information on our charges, you can view our Commissions and Charges table
You have the right, without stating any reasons, to withdraw from the loan agreement within fourteen (14) days from its signing or from the receipt of the terms of the loan agreement, in case that this follows the signing of the agreement
IMPORTANT INFORMATION
*An overdraft limit of up to two monthly salaries with a maximum amount €5,000. The overdraft limit amount permitted will be according to your monthly income. You will be charged at the debit interest rate according to daily balances on a 365/366 days basis.
Overdraft Interest rate consists of the base + the margin. For the definitions of the base rates used click here.
Capitalisation of Debit Interest will be done twice a year (on 30th June and on 31st December)
NOTES
APR (Annual Percentage Rate) has been calculated on 08/07/2024 and is based on the following information:
- Interest Rate: Bank’s Base Rate for Consumers (BBRC) as at 08/07/2024 was 3.48% + margin 7.30%
- Initial charges: A processing fee of €25 charged at the opening of the facility
- Other initial charges: Stamp duty fee of €1
- Overdraft limit: €5,000
- Term: 3 months (revolving)
- The APR will vary in the event that any of the above variables change.
Frequently Asked Questions
What are Digital Loans?
Ancoria Bank offers you the opportunity to apply for a personal loan (up to €5,000) or an overdraft, through myAncoria, its online/mobile banking. The process is fully digital and you don’t have to visit the Bank not even for signing the contracts, in case your application is approved.
What is an overdraft?
An overdraft allows you to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal.
For which purposes can I apply for Ancoria Bank’s myOverdr@ft?
If you need an overdraft amount to better manage your everyday finances or to cover for an emergency expense, you can apply for a myOverdr@ft Digital Loan.
What is the maximum amount for Ancoria Bank’s myOverdr@ft?
You can apply for myOverdr@ft with amounts ranging from €1,000 up to a maximum of €5,000. The overdraft limit is up to two monthly salaries, according to your monthly income, with a maximum amount €5,000.
How can I apply for a myOverdr@ft?
You can apply digitally through the myAncoria app on your mobile phone or by logging into your myAncoria account on a personal computer. This product is offered only digitally, namely you cannot apply at one of our Banking Centres.
What is the duration of myOverdr@ft?
The duration of the myOverdr@ft is 3 months, revolving. A revolving facility does not have a fixed term and you are allowed to borrow on an ongoing basis while you repay the balance regularly.
Are there any securities requested for Ancoria Bank’s myOverdr@ft?
No, myOverdr@ft is granted unsecured.
Do I have a right of withdrawal?
You have the right, without stating any reasons, to withdraw from the loan agreement within fourteen (14) days from its signing or from the receipt of the terms of the loan agreement, in case that this follows the signing of the agreement, under the condition that any amount used from the facility has been settled / repaid.
Will myOverdr@ft from Ancoria Bank have a fixed or variable interest rate?
Ancoria Bank’s myOverdr@ft has a variable interest rate, calculated based on the BBRC (Bank’s Base Rate Consumer) plus the margin. You can view the rates here.
What is the difference between variable and fixed interest rates?
A variable interest rate fluctuates based on market changes, whereas a fixed interest rate remains constant throughout the loan term.
What is Annual Percentage Rate (APR)?
The Annual Percentage Rate (APR) is the total cost of the credit facility expressed as an annual percentage, helping you compare different offers.
Are there any initial charges?
A processing fee of €25 will be charged at the opening of the facility along with a stamp duty fee of €1.
For details on charges, refer to our Table of Commissions and Charges.
How can Ancoria Bank support me if I experience financial hardships while repaying myOverdr@ft?
We advise customers experiencing financial difficulties to promptly contact their personal banker or a bank representative to assist you.
Warning: In case of variable interest rates, the instalment amount and total cost of the facility may increase or decrease depending on variations in the base rate.
Disclaimer: Ancoria Bank Ltd may at its choice, reject an application/business relationship for legal, regulatory or other reasons and withdraw or amend any plan, at any time. The granting of credit facilities is subject to the granting of security acceptable to the Bank. In certain cases, the offer which Ancoria Bank Ltd may make, may differ, following an assessment of your personal financial and other circumstances.
myAncoria is an award-winning, handy app that lets you access your accounts anytime, anywhere. Track your expenses and transfer money between accounts in seconds. Stay on top of your financials no matter where you are. All with myAncoria. Access myAncoria from your PC, tablet, or mobile app.
If you have any questions, or simply need some help to get started
Call us on 8000 0050 or +357 22849000
