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Credit Plan for High Income Bracket Employees

Credit Plan for High Income Bracket Employees

Key Features

  • Minimum £15,000 with Maximum of £50,000
  • Purpose: for purchase of consumer goods/to meet personal needs other than speculation/gambling.
  • Rate of Interest: Annual Percentage Rate (APR) 8.00% (Fixed)
  • Annual Interest Rate: 8.00% Fixed.
  • Period: 12 months to 60 months.(Instalments & interest payable monthly)

Eligibility

  • Age over 18 years
  • 50% of taxable income or £50,000 whichever is low (after deduction of living cost/ascertaining affordability)
  • Individual having good credit history will only be considered.
  • Applicant should be a British Resident with National Insurance Registration with minimum stay in the country for 3 years.
  • No processing charges.
  • The net take home pay should be supported by income tax returns/salary Certificate.
  • Interest will be 0.50% lower in case where applicant’s salary is directly remitted for credit of his/her current account with the bank.
  • Irrevocable Direct Debit order for instalments/letter of authority to employer for remittances of salary to borrowers Account with bank duly acknowledged by employer.

Representative Example

  • A loan of £50,000 over 60 months at a representative 8% APR would cost £1,013.82 per month.
  • Total amount payable £60,829.18.75
  • Annual interest 8% fixed.

APR stands for Annual Percentage Rate which shows the overall cost of credit as an annual rate of charge. It takes into account the interest, charges and any other costs involved in getting credit, which makes it easy to compare across the market.

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