Stanbic Salary Advance (SALAD)
A Stanbic Salary Advance is a personal overdraft tailored to meet the cash flow needs of customers who earn a salary. It is a cash bridging facility against your next pay cheque or salary credit. It is designed to help cover small but urgent unexpected expenses between pay days.
What does it offer you:
- An advance of up to 60% of your disposable net monthly salary (after all monthly loan deductions and commitments have been paid)
- Minimum overdraft limit of GHS100
- Facility limit renewal subject to satisfactory account performance
- Monthly pay back of used limit or a clean-up cycle of 30 days
- Facility fee of 2% (minimum GHS50) charged on approved limit and at each renewal
- No maximum overdraft limit
- Credit Life insurance premium of 0.84% on approved limit against death and permanent disability
- Interest applies only on portion of overdraft used each month.
What do you need to apply:
- Work for any Stanbic profiled organisation
- Earn a minimum salary of GHS400 a month
- Minimum salaried account relationship of:
- One month - Workplace Banking Scheme companies/organisations
- Three months – non-Workplace Banking Scheme companies/organisations
- Customers with salaried Stanbic Current Account
- Fill in a Personal Overdraft/Salary Advance application form and attach the following documents:
- Statement of account from previous bank (new to bank applicants only)
- Past three months’ payslips
- Overdraft will be approved subject to a positive reference from credit bureau.