This is one (1) month overdraft facility granted to an employee who collects his/her salary through the bank.
A commission of 12% shall be charged on amount granted.
Repayment shall be made within or at the end of the month upon receipt of applicant’s salary.
A customer can enjoy this facility even if the customer has been granted a loan facility which is being repaid.
Salaried Workers’ Loan
Wamfie Rural Bank Limited Loans to salaried workers shall be granted where the employee collects his/her salary through the Bank.
Employee is to operate with the Bank for at least three (3) months to qualify for salaried worker’s loan.
Employer shall undertake to pay employee’s salaries direct to the Bank while he/she remains in employment.
At least two (2) salaried workers who collect their salaries through the Bank shall guarantee the loan.
Loan shall be repaid on monthly installment basis.
An interest per annum shall be charged on straight line method.