
Salary Loan
This is a type of loan given to salary earners only to take care of their emergencies before pay day.
FEATURES
- Monthly repayment
- Highly competitive interest rate
- Quick access to facility
- Maximum tenor of 12 months
- Monthly loan repayment amount must not be more than one-third of net monthly salary
ELIGIBILITY
- Borrower must have an account with the bank
- Borrower must be an employee of a well-structured organization
- Borrower must be between the age of 18 and 55 years
- Borrower must be a confirmed staff of the organization
REQUIREMENTS
- Duly completed loan application form
- Provision of a valid means of identification of the borrower and the guarantor
- Recent utility bill not more than 6 months
- Two recent passport photograph of borrower and the guarantor
- Six months bank account statement up to application date of the borrower and a guarantor who must be a senior colleague
- Letters of employment and confirmation of the borrower
- Duly signed cheque leaves of the borrower and the guarantor