Give your employees a salary loan with convenient payment terms.
Salary Loan Program gives employees of accredited companies access to loans with convenient and affordable payment terms. Payment/ monthly amortization is through salary deduction. These loans can be used for:
Take a look at what we can offer:
|Minimum Loan Amount||PHP 10,000|
|Maximum Loan Amount||PHP 1,000,000|
|Payment Terms||up to 36 months|
|Approval Time||3 – 4 banking days|
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Get in touch with the Security Bank team
Submit the required documents for accreditation
Processing and screening of application (3-4 weeks)
Signing of the MOA and submission of post approval documentary requirements
Upon approval, begin endorsing employees for loans
For employees of accredited companies:
Note: All employee-applicants shall be processed based on their individual qualifications and capacity, subject to the Bank’s credit policies and procedures.
FOR INDIVIDUAL APPLICATION (Employee): SBC Forms
Note: All applications with incomplete requirements will not be processed.
How much is the amount I can loan? Approximately 8x of the net take home pay of the borrower. Loanable Amount: Minimum P10,000 Maximum P1,000,000 *30% Debt Income Ratio of net monthly pay shall apply and/or maximum loan amount is 8x the take-home pay.
For how many months/terms I can pay the loan? 6, 12, 18, 24 or 36 months, depending on your employer’s arrangement and subject to account evaluation.
How long does it take to process my application? 3-4 banking days, if all requirements are complete and if applicant is verified without adverse findings.
What are the fees and charges?
|Processing Fee||Php 250|
|Late Payment Fee||3% of the monthly amortization or Php 500, whichever is higher.
Effective October 25, 2021: 3% of unpaid amortization
|Processing Fee for Pre-Payment/Pre-Termination of Loan||Php 250|
|Notarial Fee (For P100,000 loan and up)||Php 100|
|Documentary Stamps (For Php 250,000 loan and up)||Php1.50 for every Php 200|
|Other Incidental Fees||Case to case basis|
How will I know if my loan is approved? Your account officer will notify you once the loan has been approved. To follow up on your loan status, please call our hotline 8887-9188.
How will I get my loan proceeds? Loan proceeds are can be released as follows:
With SBC Payroll Account: Credited to Security Bank Payroll Account
Without SBC Payroll Account: Via Managers Check (MC)
How do I make payments?
Non Payroll Accounts: Salary deduction to be facilitated by the Company. Monthly remittances thru company check payable to Security Bank Corp with attached payment breakdown. Monthly remittances shall be remitted on or before the due date.
Payroll Accounts: Auto Debit from borrower’s payroll account.