Terms and Conditions

1. Loan Amount and Terms

• Loan Term options: 3 months (8% total interest), 6 months (15% total interest), 9 months (23% total interest)
• Processing Fee: 2% of the loan amount

2. Payment

• Payments must be made to Skylake's official bank or digital account.
• Proof of payment (transaction slip/screenshot) must be submitted to Finance.
• Finance will validate payments within 1–2 business days.

3. Default Handling

• Employee borrowers: repayment may be deducted directly from payroll.
• Relatives/friends: repayment may be deducted from guarantor's payroll.

4. Penalties

• A penalty rate of 1% will be applied based on the monthly balance.
• The penalty is an additional charge imposed when payment is not made on or before the agreed due date.
• Borrowers are granted a grace period of five (5) calendar days from the due date.
• Beginning on the 6th day, any outstanding balance will automatically incur a late payment fee.

5. Guarantor Responsibility

• The guarantor is liable if the borrower fails to pay.
• If the guarantor resigns, the borrower must settle or transfer the guarantee.
• If the borrower resigns without settling, the guarantor covers 50% of the remaining balance.

6. Privacy and Security

All personal, financial, and employment details will be treated as strictly confidential and used solely for loan evaluation, processing, and administration. See the full Privacy Policy for details.

7. Agreement

Both borrower and guarantor (if applicable) agree to the terms above. This contract is witnessed and signed by HR.