The amount you may borrow from your BB&T Corporation 401(k) Savings Plan (Plan) as a loan is limited by rules under the tax law. In general, all loans will be limited to the lesser of:
$50,000 reduced by your highest outstanding balance of loans from the Plan during the 1-year period ending on the day before the loan is made (for example, if you take a $30,000 loan this year and pay it off, next year your maximum would be a $20,000 loan)
50% of your account balance
The minimum loan amount is $1,000, and the interest rate will be BB&T prime rate plus 1%. Your account will be charged a $100 administrative fee per loan. You may only take one loan per plan year and may only have one outstanding loan at a time. Generally, loans must be repaid through payroll deductions with after-tax dollars over a period of 1 to 5 years.
Loan requests are paperless, so you do not need to complete any forms. Loans are processed by using either:
PlanTrac, the BB&T Corporation 401(k) Savings Plan website
The automated phone system 800-228-8076