11Nov/08488
Salary Loan – Asiatrust Development Bank
Program Title: Salary Loan
Program Objective: To enhance employees' benefits program without extra cost to the company. These are short-term multi-purpose loan package granted to regular employees of accredited companies subject to salary deduction scheme.
Criteria for Company Accreditation:
- Should be in operation for at least 4 years;
- Profitable for the past 2 years;
- No record of adverse findings with other financial institutions; and,
- Should have at least 20 regular employees.
Company Requirements for Accreditation:
- Company profile;
- Profile of key officers;
- List of employees/Alpha list;
- Latest 3 years Income Tax Return, Audited and In-House Financial Statements,
- SEC papers and business registration;
- Articles of Incorporation and By-Laws; and,
- List of trade and bank references.
Documentation upon Approval of Accreditation Line:
- Memorandum of Agreement (MOA) between the accredited company and Asiatrust Bank (under with or without company guarantee facility);
- Board Resolution/Secretary's Certificate authorizing the company to enter into a MOA with Asiatrust Bank and indicating the authorized signatories to the said MOA.; and,
- Duly signed Facility/Conforme Letter (stating the terms and conditions of the loan program).
Eligible Borrowers:
- Regular employees for at least 2 years with a minimum gross monthlysalary of P8,000.00 for rank and file and at least 1 year work tenure for Officers with P15,000.00 monthly compensation.
- Monthly installment of all loans outstanding with and outside of Asiatrust Bank should not be more than 30% of net monthly income.
- No adverse credit findings
Loan Purposes:
- Working capital for start-up/existing business;
- Appliance acquisition; education; debt consolidation; medical expenses; home improvement; lot downpayment; vacation travel expenses; family celebration; car repair/purchase; insurance payments; health and wellness; memorial services; etc.
Terms/Requirements:
- Amount: Minimum of P10,000.00; Maximum of P500.000.00. Interest Rate: Prevailing market rate
- Maturity / Repayment: Payable for 6, 12, 18, 24 months; Up to 36 months for employees with more than 3 years work tenure.
- Mode of Payment: Fixed amortization through salary deduction scheme to be remitted to the bank on a monthly basis via corporate check or to be debited from the mother company's account with Asiatrust Bank.
Contact Details:
Ms. Ma. Theresa Mangibin
Salary Loans Unit Head Phone: (02) 924.5648
Asiatrust Development Bank
1424 Quezon Avenue, Quezon City
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