Cheque Exchange, as a type of loan facility, is for full time employees of blue chip companies such as banks, telecoms, oil & gas. It is tailored towards meeting/bridging short-term financial gap. There is no limit to the amount obtainable, but repayment installment must not exceed 30% of the employee’s salary after all deductions has been made.
The borrower will issue cheques corresponding to repayment installment already agreed by the credit officer. The cheques must be issued from salary account of the employee. Whilst he/she would have provided pay slips, bank statement and copies of employment and confirmation letter respectively.
The credit officer may wish to obtain collateral so as to have a good fall back position in the event of the borrower losing his job.
