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Requirements for applying for a BancABC Salary based loan
- You should have a BancAbc account for at least 3 months
- You should be permanently employed for at least 3 months
- Your recent current payslip
- A bank statement for the last 3 months
- A salary redirection letter
The salary redirection letter will be telling your employer to process your salary in your BancABC account
Loan conditions of the salary based loan
- Maximum amount to borrow
You can only borrow a maximum of $20 000.
- Interest rate
40% of your net salary.
- Maximum repayment period
The loan should be paid up in 36 months regardless of the amount.
- Minimum qualifying net salary
You should be earning at least $1000 to qualify for a BancABC salary based loan.
- Existing loans
You can’t qualify for the salary-based loan if you have existing loans that you are paying that exceed 40% of your net salary.