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