Bank Loans and Overdrafts

By |2025-02-12T09:39:26+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit forexsiteds.com Image credit forexsiteds.com ZIMSEC O Level Commerce Notes: Money and Banking: Bank Loans and Overdrafts

Bank Overdrafts

  • Are an informal way of borrowing money.
  • They are given to current account holders only.
  • Are a short term form of borrowing.
  • Interest is charged daily on the amounts owing.
  • The interest rate levied on these […]