Salary Backed
Loan
Convenient financing for employees paid through Centenary Bank — supported by an employer Letter of Undertaking, with funds transferred within 48 hours.
Lending is subject to approval. Fees and charges are reviewed annually. Ts&Cs apply.
Funeral cover included
Key Features & Benefits
- The loan is supported by a Letter of Undertaking (LOU) by the employer to remit salary to the bank on payday
- Funds are transferred within 48 hours after receipt of all application documents from the customer
Transparent pricing
Rates & Charges
| Detail | Information |
|---|---|
| Term | 12 months |
| Amount | Depends on salary affordability threshold |
| Interest Rate | Base (25.10%) + 14.90% (up to a maximum of 40.00%) |
| Insurance | Credit Life mandatory (1yr 1.4% – 5yr 3.9%); Embedded Funeral Cover (1yr 0.6% – 5yr 1.80%) |
Am I eligible?
Eligibility
- Borrower must have had an account open for a period of 1 month with the bank
- Net take-home pay after the loan deduction should be within the approved threshold of 40% of gross pay
Required Documents
- Completed credit information request form
- Application letter
- Letter of undertaking from employer
- Three months' payslip
Locate a Branch
Find your preferred Branch easily. Just enter your location and we will show you the nearest outlet!
Plan your repayments
Loan Calculator
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Min 500,000 · Max 250,000,000
%
Indicative; the actual rate depends on your credit assessment.
Min 12 mo · Max 12 mo
Total Payment
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- Total Interest Payable
- 1,148,289
- Monthly Installment
- 512,357
- Term
- 12 months
Illustration only. Actual repayments depend on credit assessment, fees, and prevailing rates. Subject to Centenary Bank Terms & Conditions.