PAY ADVANCE SALARY SCHEME

This Product is designed to mitigate the stress and agonies of salaried employees arising from mid month unforeseen financial emergencies and contingencies. It covers all full time salaried employees in government, recognized organizations, private sector institutions and diplomatic missions and agencies. This product comes in two varieties namely:

• PASS 1 (Simple Salary Advance (SSA)
• PASS 11 (Enhanced Salary Advance(ESA)

PAY ADVANCE SALARY SCHEME 1: This is a simple straight forward advance of a maximum of 50% of monthly net salary. This advance will be available at any time of the month but it is not cumulative. Interest is charged at the normal overdraft rate.

MAIN FEATURES

• One year monthly facility of a maximum 50% of net monthly salary
• Flexible draw down dates
• No tangible collateral
• Minimum service charge

REQUIREMENTS

• Full time salaried employees
• Identification (Passport, ID Cards)
• Letter of undertaking from employer or paying authority

PAY ADVANCE SALARY SCHEME 11: This product avails subscribers with a maximum of 75% of net monthly salary and can be repaid over three consecutive months. This is subject to justification of urgent need and management appraisal. Employer guarantee may be required.

MAIN FEATURES

• Enhances funding accessibility
• Meets family and personal emergencies
• Phased repayment plan
• Proof of continued employment
• Maximum of two facilities by annum.

REQUIREMENTS

• Full time salaried employees
• Identification (Passport, ID Cards)
• Letter of undertaking from employer or paying authority