Consumer Finance Loans are a type of personal loans to salaried employees for purchase of cars, house renovations and improvements, school fees, medical costs, setting up informal business ventures for the aim of formalizing them as they grow, emergencies, etc., the difference here being that such a credit facility is secured by the respective employer through a Collective Guarantee Agreement between the employer and the Bank.
The employer undertakes to remit to the Bank the employee’s salaries or, to make deductions from the salary of the employee and remit the respective installments to the Bank on the due dates.
All potential Consumer Loan borrowers will apply the Consumer Loan by completing the consumer loan application;
- The information provided in the application form shall form the basis of approval. The application form will include, among other things:
- Passport size photograph of the borrower stamped by the employer
- Personal details
- Loan details ( purpose of the loan)
- Citizenship details
- Work details
- Spouse details
- Next of kin details
- Borrowers’ declaration and irrevocable instructions to the employer by the applicant
- Employers’ declarations and authorisations
- The borrowing employee and thumb print ( RH )
- The employer’s appointed signatories under the employer’s official stamp confirming the particulars of the employee and recommending the employee for the loan requested.
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