Last Updated on July 27, 2024 by admin
Do you have a secure job and work with a reputable organization in the Philippines, Or searching for a salary loan to offset emergency bills? If yes, Then you can approach Security bank to apply for various loan packages ranging from Corporate Employee Loan and Corporate Salary Loan with convenient payment terms.
The Corporate Employee Loans (CEL) gives employees of accredited companies access to loans which can be used for any non-business purpose including health expenses, tuition, family vacations, balance transfers, or even the purchase of a car or house.
You can also read my recent post on Union Bank Philippines Salary Loans, Auto and House loan: How to apply and Requirements
Accredited companies and employees can choose from any of the loan package ranging from Salary Loan, Housing Loan,Car Loan ,Salary Advance and Doctor’s Loan. We have dive details on various credit facility packages.
Security Bank Corporation (SBC) in the Philippines offers two types of salary loans for employees of companies with a partnership with the bank:
- Salary Loan:
- This is a multi-purpose loan designed to meet various financial needs.
- The loan amount depends on the borrower’s capacity and the company’s agreement with the bank.
- Repayment can be made through salary deduction, making it convenient for borrowers.
- Salary Advance:
- This is a short-term loan that allows employees to access a portion of their salary in advance.
- It’s typically smaller in amount compared to the regular salary loan.
- Repayment is usually made in one lump sum on the borrower’s next payday.
How to Apply:
- Check Eligibility: Ensure your company has a partnership with Security Bank for salary loans.
- Obtain Application Form: Get the application form from your company’s HR department or the Security Bank website
- Fill Out and Submit: Complete the form and submit it along with the required documents to your HR department.
- Wait for Approval: Security Bank will review your application and notify you of the decision.
Eligibility Requirements:
- Active employee of a company with a salary loan agreement with Security Bank.
- Regular or permanent employment status.
- Minimum tenure with the company (may vary).
- Other specific requirements may apply depending on your company’s agreement with the bank.
Required Documents:
- Accomplished application form
- Proof of income (latest payslips)
- Company ID
Corporate Salary Loan of Security bank Philippines
Security Bank Philippines offers Corporate Salary Loans (CSL) to employees of companies that have a partnership with the bank. This loan product is designed to cater to various personal financial needs of employees, providing them with quick and convenient access to funds.
Salary Loan Package is given to staff of accredited organization access. The approval time ranges from 3 – 4 banking days. The monthly amortization is deducted through salary loan.
The Minimum Loan Amount goes up to PHP 10,000 while the Maximum Loan Amount is from PHP 1,000,000… Tenor goes up to 36 months with 0.99% interest rate.
How to Get your Company Accredited
To be accredited as a company, the following procedure is required.
1. Get in touch with the Security Bank team
2.Submit the required documents for accreditation
3.Processing and screening of application (3-4 weeks)
4.Signing of the MOA and submission of post approval documentary requirements
5.Upon approval, begin endorsing employees for loans
Also Read: Banks and Online lenders in Philippines that offers Business Loans
Required Document for individual
1. Completely filled-out and signed Application Form (Borrower and Authorized Signatory of the Accredited Corporate Employer should sign-off on the AF)
2. Duly signed 4 copies of Promissory Note (to sign only at the back portion Borrowers: 3. Signature above printed name); and
4. 4 copies of Disclosure Statement (to sign only on Signature of Borrower over Printed Name)
Standard Requirements
1. Photocopy of company ID (front and back) with 3 specimen signature
2. Photocopy of 1 Government issued ID
3. Photocopy of latest BIR Form 2316 indicating the correct TIN# of the employee and with 4. complete signature on item #s 56-59 or Most recent 1-month payslip or COE
5. Photocopy of 1 month latest payslip OR filled-up COE portion in the application form
Other documents that may be further required by Credit.
Read: Banks and online lenders that offer Salary loan in Philippines
Eligibility & Requirements
For employees of accredited companies:
1. Filipino / Foreigners/Expats provided term of loan will be co-terminus with contract and/or period of visa’s validity.
2. At least 21 years old and must not be more than 65 years old upon loan maturity.
3. Regular and permanent with current employer accredited by the Bank; with at least 6 months
tenure and with total employment tenure of at least 1 year with a maximum of 2 employers.
4. Must have an office landline and mobile number
5. Minimum Gross Monthly Income, excluding overtime and bonuses:
. P9,000 for Metro Manila
. P8,000 for non-Metro Manila
