Can I get an overdraft with indó?

Yes, we are now offering overdrafts. You can apply for an overdraft in the indó app under "Account" in the top right corner of the home screen. Initially, the maximum overdraft is 500,000 ISK for up to 6 months.

As a new and small savings bank, we are taking cautious steps in lending. Therefore, the initial loan conditions are strict but we hope to expand them in the future.

The current requirements for an overdraft are*:

  • Be 25 years or older
  • Residing in Iceland with a national ID number (a kennitala) that is at least 36 months old
  • A Creditinfo rating of A1-B2
  • Minimum salary of 250,000 ISK (after tax). We ask the Icelandic Revenue and Customs office (RSK) to verify that you have been receiving a salary. It is not a requirement that this salary be paid into your indó account.
  • Using indó for 6 months with at least 10 transactions a month (so we know for sure that you are really using indó).

*You will need to meet the same critera again after 6 months if you do not repay the overdraft within the agreed time and want to apply for a new overdraft.

If you need a small loan at the end of the month, we recommend prepaid salary loans.

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