Your GetCapital Business Overdraft spreads interest payments on a 24 month rolling basis. For example, if you initially draw down $100,000, assuming you are on weekly repayments, your minimum principal repayment amount would be calculated as 0.96% of the principal amount. The next time you draw down on your Business Overdraft, the total principal amount is rescheduled again, with the minimum principal repayments scheduled over a new 24 month period.
This rescheduling occurs every time you draw down and is intended to keep the principal repayments on your Business Overdraft manageable and provide the discipline of regular principal reductions to minimise interest charges.
This differs from a traditional bank overdraft where there are no set principal repayments. Note that the 24 month rolling interest payments calculate a minimum repayment amount. You can choose to make additional payments to the GetCapital Business Overdraft at any time via GetCapital Online to reduce your balance and the interest charged.