NMB Bank now offers salary advances to individual clients employed by companies in the NMB approved schemes and would have received their salaries through the bank for a minimum period of six months..
Terms and conditions
- Qualifying age - 18 to 60 years
- Minimum Loan Amount - $80
- Maximum Loan Amount- $10,000
- Tenor - Up to three months
- Source of repayment - Salary
- Debt Burden Ratio - 50% of net salary after deduction of loan instalment.
- Arrangement fees - 0.5% of the loan amount with a minimum of $10.
- Insurance - 1% of loan amount with a minimum of $10.
- Interest rate - 18% p.a.
NB: This facility is non-revolving