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Salary advance is important for employees. It helps one solve emergency financial needs. Below are the terms for Maybank Salary Advance:
Maybank’s Salary Loan enables your company to empower your employees by allowing them to take out personal loans from as low as Php 15,000 to as high as Php 500,000.
With flexible payment terms of 12, 18, 24 and 36 months and fixed interest rates, these personal loans become affordable and convenient for whatever your employees need.
Features
The Maybank Salary Loan offers a wide range of benefits for both your company and your employees.
As an employer you can provide an additional benefit to your employees without having to use your company’s funds to finance your employees’ personal loan needs.
For your employees, they now have easy access to cash for both planned and unplanned expenses with a hassle-free payment scheme since all payments will be through salary deductions. They can loan up to 5 times their monthly salary and there’s no need for a co-maker.
Eligibility requirements
Employers need to be accredited. In order for your company to qualify it must fulfill the following criteria:
- Must be SEC-registered
- Must be operating profitably for at least 2 years
- Must have at least 50 permanent employees
For your employees to qualify, they should meet the following criteria:
- Permanent and regular employees of an accredited company
- Must be at least 23 years old at the time of availment; but not more than 57 years old upon salary loan application
- With gross monthly salary of at least Php 10,000 if work tenure is 2 years, or Php 15,000 if work tenure is 1 year
- Without any pending administrative cases with the company
You will need to furnish us with the following documentation:
For your company accreditation:
- Fully completed Application Form for Accreditation
- Company profile
- SEC Registration, Articles of Incorporation and By-laws, Latest General Information Sheet.
- Copy of audited financial statements for the past 3 years with ITR
For your employees:
- Fully completed application form
- 1 month original payslip or Certificate of Employment with Compensation
- Photocopy of at latest 1 year ITR of BIR Form 2316
- Photocopy of company ID or government-issued ID with 3 specimen signatures
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