Salary Plus
This is a salary loan that offers salary earners who have been assessed to have the capacity to borrow up to 3 times their monthly take home. Subject to a maximum amount of N1m (beyond this amount will require additional security), the repayments can be spread over 3 – 8 months tenor. Security will be a suitable guarantor as well as signed and undated cheques.
- Applicant must be in paid employment on a weekly or monthly salary.
- Monthly repayment must not be more than 40% of applicant’s take home pay.
- Applicant must enclose pay slip and/or statement of account showing his/her net pay.
- Confirmation letter or employment letter is required.
- The loan must be guaranteed by a senior colleague in the applicant’s office or somebody who earns more than the applicant but in another employment.
- Applicant’s company/organisation must be known to have paid salary continuously in the last 6 months without default.
- A post-dated cheque covering all the principal and interest due within the tenor of the loan must be provided by the applicant. Where not possible (for non-checking or invalid for clearing accounts), a direct debit mandate duly executed must be in place before disbursement.
- The guarantor shall issue an undated cheque covering the loan principal and interest.
- Where feasible, applicant should domicile his/her salary with GTI MFB otherwise an irrevocable letter of authority (standing order) instruction should be given to the bank where his/her salary is domiciled to transfer the monthly principal and interest to his/her account with GTI MFB on monthly basis until the entire loan is liquidated.
- All documents and information provided by the applicant must be verified and confirmed genuine and authentic before loan disbursement
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mo
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Estimated Monthly Payments
$416.67
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Estimated Monthly Payments
$416.67