Target Group
- Employed people in the private sector
Qualification Criteria
- Be in employment for over 1 year
- Permanently employed
- Meets the 3rd rule
- Employer is in agreement with the company to deduct and remit on behalf of the bank
Loan Tenure
- 1st borrowing at 6 months
- Subsequent borrowing at 12 months
Interest rate
- 3% -10%PM on a risk based model
Loan amount
- To a max of 200,000 based on the 1/3 rule
- 1st borrowing to be capped at a max of 50,000
- Any amount above 200,000 to be fully secured with tangible assets
Security
- Check off system
- Company /scheme to enter into agreement to remit deduction
