Salary Loans

A tailored financial solution to help employed members manage their urgent financial requirements with ease and convenience. This loan is specifically designed for individuals who receive a consistent salary and need quick access to funds for various purposes. With competitive interest rates and flexible repayment terms

Maximum Loan amount5 times total savings and share capital. Not less than 1/9
(11.11%) of loan amount shall be in investment units; and
monthly repayment shall be not more than 50% of net
income excluding existing loan repayment
Maximum Loan period12 months or Contract specified period whichever is
lowe
Grace periodAccording to the nature of the contract but in any case
not exceeding one month
Repayment frequencyLump sum/Monthly/ quarterly/ semi-annually
Loan InterestFIC lending rate plus 1%
Interest calculation
method
Reducing balance
Loan processing fee2% of the approved loan amount
Penalty fees1% of the amount in arrears 30 days and above
accrued monthly
Other feesInsurance fees according to insurance policy rates.
Applicable legal fees. Any other costs applicable to the contract.
SecuritySavings/share capital/ business/ tangible collatr