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Credit Products Offered
- Salary Advance Facility:
Credit Terms and Conditions
- Eligibility Criteria
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What is a Salary Advance?
Another type of Personal credit we offer is the Salary Advance Facility which is a revolving credit facility (annually renewed overdraft) with a maximum ceiling of $500 or equivalent currency. Any personal customer that has been in continuous employment for a period of 2 years and who has their salary paid directly into their account at Phongsavanh Bank can apply for this facility. |
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Who can apply?
Personal Customers such as government employees and those in the private sector that have been in continuous employment for a period of not less than 2 years and who have lived at the one address for a similar period can apply for a Personal Loan or Salary Advance Facility.
How much can I borrow?
There is no ceiling to a Personal Secured Loan. Borrowers have the freedom to choose the amount – no matter how big or small. The amount that can be borrowed depends entirely on the ability of the borrower to meet the repayments such that these do not exceed 30% of his or her disposable income.The maximum amount the customer can borrow are 8 times of the salary for Lao kip currency, and 9 times of the salary for Thai Baht and US Dollar currency.
What is the Current interest rate?(Rates are variable)
LAK : 28%,
USD: 18%,
THB: 18% |
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| Credit Terms and Conditions |
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Only borrowers and enterprises that satisfy the eligibility criteria shall qualify to apply for loans. Satisfaction of the eligibility criteria by a loan applicant shall not obligate the Bank to make a loan. |
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| Eligibility Criteria |
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Eligibility Criteria for private individuals
Borrowers must satisfy the following criteria: |
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Has permanent job (either government, state or private company)
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Have your salary directly credited to your personal or checking account at Phongsavanh Bank Ltd.
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