Overdraft online

• What is an overdraft and how does it differ from a consumer loan?

An overdraft is a type of online loan that allows you to spend more money than you currently have on your account. You can cash out the overdraft amount or use it in cashless mode by making purchases or online payments.

For example:

If you have 1,000 drams on your card, but you want to buy a product worth 5,000 drams, thanks to the overdraft opened on the card, you can make the purchase and pay the money back later.

• How to apply for Overdraft Online?

In the EvocaTOUCH app, go to the Loans section and select Overdraft. Then read the terms and fill in the required fields. That's it, your overdraft will be approved in minutes.

See the sequence of steps to apply for an overdraft in the video below:

• How does the bank determine the loan amount and interest rate?

The loan, loan amount and interest rate are approved based on the creditworthiness criteria of the overdraft applicant.

• How long does the overdraft online application process take?

The decision to grant or deny an overdraft is made within seconds.

• Is it necessary to visit the Bank to receive an Overdraft Online?

To use Online Overdraft, you just need to have the EvocaTOUCH application. There is no need to visit a bank additionally.

• How is the Overdraft Online redeemed?

The beneficiary of the overdraft is obliged to pay 5% of the limit used during the previous month (minimum AMD 5,000) and the accumulated interest on the amount used.

For example:

You are going to buy branded shoes, the price of which is conventionally 100,000 drams. By applying for an overdraft, you get a limit of 1,000,000 AMD with an interest rate of 16%, of which you use only 100,000 AMD to buy the shoes.
As a result, for the present month, you pay the Bank 5% of the used 100,000 AMD, i.e. 5,000 AMD (the minimum is 5,000 AMD, which you can use again from the next day of payment), and the accumulated interest amount is 1,333.33 AMD. In other words, the total repayment for the present month will be: 5,000+1,333.33=6,333.33 drams.

• Does using an overdraft affect creditworthiness?

Using an overdraft cannot affect creditworthiness.

However, frequently applying for new overdrafts can affect your creditworthiness as a result.