MaxAdvance is designed to facilitate personal loans to staff of select corporate and government organizations whose staff salary accounts reside with the bank.
Features and Terms
- Purpose: To provide finance for the personal needs of staff of corporate organizations which can be used for the purchase of assets or investments as determined by the borrower.
- Domiciliation of staff salary payments from employer.
- Equal monthly installments comprising of both principal and interest.
- Monthly principal plus interest repayment shall not exceed 35% of monthly salary.
- Interest Rate: Competitive Interest rates
- Fees: Competitive Interest rates and fees
- Domiciliation of staff's terminal benefits to be applied to liquidate any outstanding exposure in the event that staff disengages from his employment for whatsoever reason OR
- Corporate guarantee from the corporate organization covering each loan amount for the tenor of each loan granted to its staff.
- Additional comfort: Credit insurance from any other approved insurance company