Personal Loan Against Salary (PLAS)
Personal Loan Against Salary
The product is designed to assist customers meet personal financial needs without the requirement of tangible collateral security. Such facilities are granted against the irrevocable domiciliation of the obligor’s salary allowances and terminal benefits as well as credit life insurance to serve as a fall back security in the event of termination, resignation from the organization or death.
More Information
Who Can Apply
How to Apply
FAQs
More Information
Features
- Up to 36 months repayment option subject to retirement age of 60 years
- No security/guarantor
- Faster Processing
- No equity contribution
- Minimum documentation
- Irrevocable domiciliation of salary for the period the facility is in place.
Benefits
- Quick access to cash to meet personal needs
- Competitive pricing/Rate
Required Documents
- Application letter
- PLAS Loan Form
- Pay slip
- Statement of Account (If customer is new to the bank)
- Letter of undertaking
- Confirmation of applicant’s employer on FBN approved list
Who Can Apply
- Beneficiary should not be more than 57 years because the retirement age of workers in Sierra Leone is 60.
- Applicants should be an employee of a company on the bank’s list of approved employers.
How to Apply
To apply for PLAS
- Visit the nearest First Bank branch.
FAQs
1) Is credit insurance premium mandatory for this product?
- Yes, it is.
2) Is personal loan against salary to salary account holders in other banks?
- Applicants must have their salary account with First Bank.