Financing Programs Loans and Financing Programs for Micro, Small and Medium Enterprises

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