Security Bank Salary Advance Calculator

EMI Formula:

\[ EMI = P \times \frac{r \times (1+r)^n}{(1+r)^n - 1} \]

Monthly Payment (EMI):

Total Payment:

Total Interest:

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1. What is Security Bank Salary Advance?

Security Bank Salary Advance is a personal loan product offered to employees with salary accounts in Security Bank, providing quick access to funds with flexible repayment terms.

2. How Does the EMI Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = P \times \frac{r \times (1+r)^n}{(1+r)^n - 1} \]

Where:

\( P \) — Principal loan amount (₱)
\( r \) — Monthly interest rate (annual rate ÷ 12)
\( n \) — Loan term in months

Explanation: The formula calculates the fixed monthly payment (EMI) that includes both principal and interest components.

3. Importance of EMI Calculation

Details: Knowing your EMI helps in financial planning, ensuring the loan repayment fits within your monthly budget without strain.

4. Using the Calculator

Tips: Enter the loan amount in pesos, annual interest rate (%), and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Security Bank Salary Advance?
A: Interest rates vary but typically range between 1% to 1.5% per month (12% to 18% per annum).

Q2: What is the maximum loan term available?
A: Salary advance loans typically have terms from 6 months up to 36 months, depending on the amount and borrower's profile.

Q3: Are there any processing fees?
A: Security Bank may charge a processing fee, typically 1-3% of the loan amount. Check with the bank for current charges.

Q4: Can I prepay my salary advance loan?
A: Yes, but there may be prepayment charges. Check the terms and conditions of your specific loan agreement.

Q5: How does salary deduction work?
A: For salary advance loans, repayments are typically automatically deducted from your salary account each month.