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.

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