Employees loan – Consumer Loan
Wegagen Bank provides loan to employees of companies that are corporate customer. The loan facilities provided includes household items, vehicles and houses, with relaxed repayment schedules extending from mid to long term, depending on the loan.
Salary-Based Emergency Loan
• The employer should work with the Bank by maintaining its account and employees’payroll as well as other employee benefits like Provident fund.
• The loan amount dedicated for the company’s employees will be at maximum 10% of average annual foreign currency channelled to the Bank or the minimum deposit balance mobilized from the company and its employees.
• All the requirements for credit facilities stipulated in the Bank’s Credit procedures will also apply.
Asset -Based Loan
• The loan is provided mainly for purchase of residential houseandautomobile.
• The loan amount is based on the borrower’s salary amount; if he is married the spouse’s salary would be taken together to determine the loan and the repayment amount.
• The repayment of the loan cannot exceed one-third of the monthly salary of the borrower.
• Interest rate on the loan and maturity period is as per the Bank’s terms and tariffs.
• The maturity period for automobile loan is 10 years and that of house is 15 years
• The financed automobile and house are held as collateral.
• The loan payment is effected directly to the seller upon written and signed consent of the borrower and spouse.
Salary-Based Emergency Loan
• The loan is provided mainly for personal needs (like purchase of household items, education fee and medical expenses, etc.).
• The loan amount is based on the borrower’s salary amount; if he is married the spouse’s salary would be considered to determine the loan and the repayment amount.
• The repayment amount of the loan cannot exceed one-third of the monthly salary of the borrower.
• Interest rate on the loan and maturity period is as per the bank’s terms and tariffs. • The maximum loan amount should not exceed six month salary of the employee. • Loan repayment is from salary upon written and signed consent of the borrower and spouse by deducting not more than one-third of the salary of the employee.