Last Updated on July 27, 2024 by admin
As an employee we’re all often guilty of running out of cash on our finances from time to time regardless of income. We often search for how to get quick credit to meet our emergency till the next payday
Land bank of the Philippines has unveil electronic Salary Loan (eSL) an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC).The loan is offers to eligible employees of government agencies and private institutions with a facility to apply for salary advance.
READ: How to apply for Security bank Philippines Salary advance loan and requirements
Though before you can apply for this facility,your salary account must domicile with the bank and active for at least for some months. Borrowers may avail of loans of up to P1 million with a fixed competitive interest rate per month, which is much less than that offered by other lending institutions.
The loan can be use for urgent needs like, Wedding, Travel tour, medical bills and other emergency. The amortization is on monthly basic for the tenor of the loan
Borrower can carry out loan application via electronic banking channels such as the Mobile Banking Application (MBA) and receive notifications through SMS or email.
Land bank also offers Business Loans for business owners as additional capital, production increase, or operational expansion. Their housing loans is second to None when compare to other financial institution in Philippines and Loans to Farmers & Fishers.
Key Features of eSL:
- The entire loan application and management process is done online or through the mobile app, eliminating the need for physical paperwork and branch visits.
- Available to eligible employees of government agencies and private companies with a payroll account in LANDBANK.
- The online application and approval process is typically faster than traditional loan applications.
- You’ll receive updates on your application status and other relevant information via SMS or email.
Eligibility:
- You must be a permanent employee of a government agency or private company with an existing payroll account in LANDBANK.
- Your employer must have a Memorandum of Agreement (MOA) with LANDBANK for the eSL program.
Application Process:
-
Mobile Banking App (MBA):
- Download and install the LANDBANK Mobile Banking App on your smartphone.
- Log in and select “Loans.”
- Choose “e-Salary Loan” and follow the instructions to complete the application.
- You will receive an SMS or email notification regarding the status of your application.
-
LANDBANK iAccess (Internet Banking):
- Log in to your LANDBANK iAccess account.
- Go to the “Loans” section and select “Salary Loan.”
- Follow the instructions to complete the application.
- You will receive an SMS or email notification about your application status.
Verification:
- Once your loan application is approved, you will receive a Loan Reference Number.
- Visit the eSL Application Verification page:
- Enter your birthdate and the Loan Reference Number to verify your application.
Loan Release:
- The loan amount will be credited directly to your nominated LANDBANK account.
- You will receive notifications via SMS or email once the loan has been released.
