TMCnet News
Philippines : MOBILE loan saver service launched by Smart and LandBank [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Philippine mobile services provider Smart Communications, in association with the LandBank of the Philippines, has launched LandBank Mobile Loan Saver (LMLS), a mobile-based savings, loan, and insurance product, The service was mutually developed by the Land Bank of the Philippines, and Smart e-Money, the digital financial solutions provider arm of Smart Communications. The facility is created to offer borrowers with a loan that can be sanctioned as fast as an SMS and loan proceeds credited to the borrower s ATM cash card within three banking days. The service mostly aims users in times of emergency, when borrowers need access to cash fast. The borrower can get a loan from the bank by sending an SMS at any time of the day. The LMLS provides an interest rate of 0.83 percent per month, or approximately 10 percent effective interest rate yearly. The loan is payable in 3 years. From its launch a month ago, LMLS has by now attracted more than 260 government agencies representing 120,000 employees. The LMLS to government employees is the first phase of the rollout. The same facility will be in addition made available to workers from private companies in October, even without an present payroll with LandBank. Only employees of government agencies whose payroll systems are being managed by LandBank are qualified to avail of the loan for the first phase,. An agency must submit a white list to the bank containing the names of employees that are entitled to get of the loan. An employee that is comprised in the list can borrow 6 times his/her monthly gross salary or a maximum loanable amount of PHP 1 million. Any employee from a qualified agency is eligible for the loan for as long as his take-home pay would not fall below PHP 3,000 after taking out the loan. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |