Salary Advance
Posted on: 23 October 2022
Salary Advance
These are three (3) months Loan
facilities for employees who collect their monthly salaries, allowances and
other remunerations through the Bank.
- Applicants are to operate with the
Bank for at least one (1) month to be eligible.
- Applicants shall complete and sign
the prescribed request forms.
- Applicants shall have two (2)
guarantors who receives their salaries through the Bank.
- All request forms shall be
properly evaluated by the Branch Head or the Credit Officer before
disbursement.
- Advances in most cases, shall be
disbursed to applicants the same day upon submission and approval of
request forms.
- An interest of 10% per month shall
be charged on the amount granted, subject to review.
- Advances shall be repaid fully
within 3 months (? of Principal and Interest Monthly).
- Branch Heads shall be authorized
to sanction and approve salary advances.
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