Interest Free Graduate Loan with RBS

Bazlovejoy

Hi

I have a Graduate account with RBS and they have sent me some information which says I can get and interest free loan of up to £2,000. Can someone tell me what "as per annual interest free limits detailed above" means. My current overdraft is £1,500 and I am in the second year of my account. I have pasted the information below

Interest free overdraft £2,000 until June of the third year after your graduation as detailed below:
Year 1 up to £2,000 interest free
Year 2 up to £1,500 interest free
Year 3 up to £1,000 interest free

Interest free loan of up to £2,000 (as per annual interest free limits detailed above) to repay your existing graduate overdraft over 3 years (you can apply up until June of the 2nd year following your graduation and full repayment must be paid by the end of your third after graduation)

Does this mean if I get the loan, it can only be used to payoff my overdraft?

Thanks in advance for any advice,

Barry

Astaroth

My reading of it would be that the "up to £2,000" is the same as the overdraft limits.... ie yr1 = £2k, yr2 = £1.5k etc

You would have to ask them if you have to use it to pay off the overdraft but I suspect that you wouldnt have to but of cause if you were in year 2 and took both the £1.5k loan and £1.5k overdraft you would have to pay off all £3k within 2 years.