Banks give discounts, perks for salary loans
Banks give discounts, perks for salary loans
Banks are offering preferential rates of interest, lower processing fees and other perks and discounts for those with salary accounts with them. Banks say that there is also minimal documentation involved as they have all the KYC (know-your-customer) details with them.
Wing Bank said that its payroll service goes beyond mere salary processing and offers collateral-free digital loans. The bank also said that its rates are competitive for salary loans.
With its Wingbiz+ payroll solution, both employers or company owners can also benefit from free local fund transfers, zero fees for international transfers using Wing Bank’s inward Telegraphic Transfer via Swift, and no processing fees for corporate loans and overdrafts. Payment of utilities and bills is also charge-free while using the app.
“At Wing Bank, we believe in empowering businesses with seamless financial solutions that are convenient, promote growth and prosperity. Our zero-charge payroll service allows employers in Cambodia to process the payroll easily, while our comprehensive range of financial products and services for the employees will ensure that they can manage their finances optimally,” Han Peng Kwang, CEO of Wing Bank, told Khmer Times.
CIMB Bank CEO Bun Yin told Khmer Times, “With a CIMB salary account, it is easier for our team to provide our loan facility, which illustrates mutual support between our bank and the customer. The borrower may get a preferential rate of interest and processing fee, speedy processing and minimal documentation if they have a salary account with CIMB Bank.”
In an email interaction with Khmer Times, Wing Bank said it is now using “cutting-edge AI” to assess loan applications. “In 2023, using AI we processed a groundbreaking record of nearly one million digital loan applications. Through the Wing Bank App, customers can now apply for instant loans of up to $50,000 without the need for collateral or guarantor,” said Wing Bank CEO Kwang.
ABA Bank also said that its salary loans are convenient for borrowing during emergencies. The bank said it charges no collateral or processing fees and allows salaried professionals to borrow up to 50 percent of their monthly salary for a 1-12 month loan tenure period.
“We understand that everyone may face situations where they urgently need money. For example, medical expenses, bill payments or daily living costs. With ABA Bank’s Salary Loan, customers can request funds digitally through ABA Mobile. The money is disbursed to their account within a few seconds. This is a very smooth digital process that is extremely convenient for customers,” Vichet Chhun, Chief Retail Banking Officer, ABA Bank told Khmer Times.
“Our Salary Loan offers a flexible repayment schedule with interest calculated only for the days borrowed. Additionally, there are no processing fees and no penalties for early repayment,” said ABA Bank’s Chhun, adding, “For employers, this also offers benefits. They can reduce their expenses by avoiding the need to provide salary advances to their employees. Additionally, employers can retain their staff by offering this salary loan benefit. If an employee were to stop working for the company, they would no longer be eligible for this loan.”
ALCEDA Bank said that payroll management is one of the key services it offers. It says that its payroll processing helps reduce costs and increases confidence and transparency in salary payments to employees. “Salary withdrawals are free of charge at any ALCEDA branch. And we also offer competitive interest rates to those already banking with us,” said an ACLEDA Bank representative.
