Bank Loans and Overdrafts

By |2022-09-15T12:43:44+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit Image credit 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 […]