Salary Advance Loan
Parallex Salary advance Loan is an instant short tenor loan product (max 30 days) for salary earners (with or without salary domiciliation in Parallex Bank). Via the salary advance loan product, salaried customers have easy access to cash whilst awaiting payment of their salaries.
Product Features:
- Enjoy loan amounts up to 50% net monthly salary.
- Tenor is 30 days or next pay day [whichever comes first].
- Salary domiciliation is not mandatory.
- Maximum single obligor limit of N1,000,000.00
- Interest rate @ 2.5% flat for salary domiciled in Parallex and 3.5% flat for salary domiciled in other Banks collected upfront.
- Management fee @ 1% flat.
- Credit Life Insurance @ 1%.
- Repayment is taken immediately salary is received.