Salary Secured Loan “SSL”
The SSL is a multi-purpose loan used by employees of approved companies with repayments designed to be accommodated by salary payments, so as to present a minimal burden for the employee.
SSL is used by employees for various purposes including:
- Lifestyle (Transport, Home Improvement, Education)
- Events (Engagements, Weddings, Child Birth, Funerals)
- Financial Management (Bill Consolidation, Temporary Cash flow Necessities)
RHM also has the capacity to assume management control of existing employee loan programs in collaboration with the Human Resource Department, creating better services to customers.
Salary Secured Loans Applicant – Myanmar nationals with formal, stable employment of at least one (1) year or more.
Loan Amount – The minimum SSL program Loan Amount is MMK 400,000 - and the maximum SSL program Loan Amount is MMK 10,000,000- depending on the declared Purpose, Loan Tenor and employee salary.
Mandatory Saving Deposit – Inclusive within a SSL program Loan Amount is a 5% Mandatory Deposit required by Myanmar microfinance regulations.
Loan Tenor - SSL repayment periods are flexible depending on the declared loan Purpose, Loan Amount and employee salary, with monthly fixed repayment amount (principal + interest).
Current Interest Rate – The current SSL interest rate is 2.3% per month on reducing balances (Effective Rate 1.4%). The Mandatory Deposit interest is 14% per annum as mandated by the Financial Regulatory Department (FRD) of the Ministry of Planning & Finance (MOPF) of Myanmar.
Ruby Hill Microfinance Company Limited.
- No.117, Warden Street, Lanmadaw Township,
Yangon, Myanmar. - Email : [email protected]
- Tel : +95 1 231 7281, +95 9 421956349