LAGAWE, Ifugao -- The Lagawe Highlands Rural Bank is now offering salary loans to government employees, Fidel Dincog, manager of the LHRB said the bank decided to pursue its plan to offer salary loans to employees of local government units and other institutions.
‘The frequent requests for salary loans among employees from different offices prompted the bank to open a window for salaried clients without the need of hard collateral,” Dincog said. Dincog said a memorandum of agreement will be executed between the bank and the institution or employer for the purpose.
He also said that employees who are permanent, 60 years old and below and must have a take home pay of not less than P3,000 after deductions can avail of the said loan. Also known as Banco Lagawe, the bank aims to provide alternative source of loans with low interest.
With an interest rate of 15 percent and a service fee of 5 percent, Dincog said loans need the endorsement of the accountant and treasurer. “The term of loan is 12 months to 24 months and the maximum loan amount is 1/5 or 20 percent of basic salary times the number of months to pay. -- Vency D. Bulayungan
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