China Bank Savings Corp. (CBS) and Manulife China Bank Life Assurance Corp. (MCBL) are set to provide automatic payroll deduction salary loan that comes with free life insurance.
In a statement sent to reporters on Wednesday, CBS and MCBL said they partnered with the Department of Education (DepEd) to offer Easi-Automatic Payroll Deduction Salary Loans (Easi-APDS Loan), allowing the employees of the agency to avail of loans that come with free life insurance.
Public school teachers and other staff from DepEd can borrow a minimum of P5,000 and maximum of P1 million through the Easi-APDS Loan.
The loans are payable either in one, two or three years and insurance coverage will be equivalent to the outstanding loan balance during the first three months.
The coverage will increase to 1.5 times of the outstanding loan balance from the fourth month onwards. — Karl Angelo N. Vidal