This is a loan facility availed to salary earners
pending the receipt of their monthly salary. This is to enable them meet urgent financial obligation before their salaries are paid. This loan is availed to staff of organization whose salary account is domiciled with the Bank or (and) whose employer can indemnify the staff.
Features
· Loan duration : 1 – 6 months
· Maximum of 150% of net salary per month
· Strictly for salary earners
· It requires the endorsement from the employer of the staff (an indemnity)
Benefits
· To meet urgent financial needs
· Easy to access
· Turnaround time 48 hours
Fees
· Interest rate: 6% - 8%
Requirements
· Completed application form
· 1 passport photograph
· KYC form duly completed
· Employee Identity card
· Employment letter/confirmation/promotion letter
· Copy of recent pay slip or 6 months statement of account
· Recent utility bill
· A valid means of identification
· For customers who have accounts with us, he will provide a direct debit mandate to debit him when his salary is paid.
· For customers with salary account not domiciled with the bank, a post-dated cheque of the principal and interest.
· Indemnity from the organization signed by the staff Human resources manager for repayment when the customer defaults duration in employment over 6 months
