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Thread: Multi-purpose employee's loan

  1. #1
    Diamond Member Corzhens's Avatar
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    Default Multi-purpose employee's loan

    Most big companies in the Philippines have the multi-purpose loan for employees. In our company, I was able to borrow from the multi-purpose loan to buy my car that is payable in 3 years. The first time I borrowed from that loan was when we had our house renovated, extending the kitchen by 14 square meters. After paying that loan in full, that's the time I bought the car. Now the car is only 1 year to go and I probably would avail of the multi-purpose loan again.

    Having that benefit of multi-purpose loan for employees is a big help since the interest rate is very low.

  2. #2
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    Default Re: Multi-purpose employee's loan

    Here in the United States, that is not a common practice for employers. We do have 401K retirement plans in which you are able to borrow funds that you have invested from your paycheck, but the interest is not that great. Plus, it can also greatly reduce the amount of money that you earn from interest, which can mean less money you will have at retirement. I think that this program that you are talking about is a great idea, especially since the money you have to pay back can just come directly from your paycheck. Even if you pay it yourself and it is not deducted, people are way more likely to pay their employers since they are responsible for their livelihood.

  3. #3
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    Default Re: Multi-purpose employee's loan

    Quote Originally Posted by Corzhens View Post
    Most big companies in the Philippines have the multi-purpose loan for employees. In our company, I was able to borrow from the multi-purpose loan to buy my car that is payable in 3 years. The first time I borrowed from that loan was when we had our house renovated, extending the kitchen by 14 square meters. After paying that loan in full, that's the time I bought the car. Now the car is only 1 year to go and I probably would avail of the multi-purpose loan again.

    Having that benefit of multi-purpose loan for employees is a big help since the interest rate is very low.
    If you had already settled your first loan in the company, then probably you can reloan with the same amount or higher than that. I think most companies offers a higher rate loan if you had already a previous loan and you already settled it. However, if you have still an obligation to pay with your first loan in that company and you are wanting to loan again on the said company knowing that you did not still settle with your first loan, I think that can't happen. I don't think if there is a company allows you that. I hope so. But if you will process your loan to different company, I think, there is a possibility that you can get your loan. That all my understanding in this matter. I'll give you some idea here https://www.ecomparemo.com/info/a-co...n-application/

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    Default Re: Multi-purpose employee's loan

    That's great. If moving to Dubai has put a financial burden on you, a personal loan can provide immediate relief and enable you to settle in with less stress. Personal loans are flexible and can be used for multiple purposes. Many expats use personal loans to pay their children’s school fees or annual rent, but it can also be used for other purposes like home renovations or weddings.

    According to the Central Bank of UAE’s recent Credit Sentiment Survey, there was an increase in demand for personal loans in Dubai this quarter. However, many people find it challenging to understand the process.

  5. #5
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    Default Re: Multi-purpose employee's loan

    HSBC is offering personal loans as high as AED 600,000 to expats. You should have a minimum salary of AED 7,500 to apply for a personal loan. To make it convenient for you, HSBC allows you to apply online from the comfort of your home. Find out how much you can borrow by using the HSBC’s personal loan calculator.

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