Personal Loan Against Salary

This is a loan that gives you money when you need most. It is a short to medium term payroll based loan that helps you pay for planned expenses such as school fees, medical bills, house rent etc.

Benefits

  • Access to loans up to 1,000,000.00
  • Flexible tenor from 3 – 24 months
  • Competitive interest rates
  • Opportunity to access repeat loans.

Qualifying Criteria

  • Domiciliation of salary executed by the employer in favour of CCMFB.
  • Beneficiaries should be employees of State and local governments.
  • Deduction of principal and interest should not exceed one-third (1/3) of net monthly salary.

How to apply

  • Applicant will write a letter of application for the loan.
  • Applicant completes the loan application form.
  • The employee will provide an irrevocable letter of instruction to his/her employer to remit monthly salary to the bank until the loan is fully liquidated.
  • The applicant will submit two (2) third party guarantors who are acceptable to the bank.
  • Provide current pay slips (for three months).

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