Glory Salary Advance Scheme is designed to address the temporary cash inadequacies experienced by employees of several organizations as a result of unseen contingencies. This product will act as a temporary stopgap for up to 75% of the beneficiaries’ monthly salary. Two variants have been designed to give beneficiary a choice.
Variant A - Direct Salary Advance
Direct facility – An overdraft line is automatically set up in the salary account of the beneficiary as the salary account is opened. The credit advance will be available to the beneficiary whenever he desires to draw down up to a maximum of 50% of his monthly salary with a monthly clean up cycle. An annual registration fee of N5, 000 must be paid to become a beneficiary of this product.
Variant B -Extended Salary Advance
Extended Salary Advance – the beneficiary is availed up to a maximum of 75% of his monthly salary which can be repaid up to 3 installments over 3 months salary. To qualify for this variant, the beneficiary is required to apply by completing the required application form through his account officer.
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