Employee Loan Scheme.

The employee loan scheme product is a financial product that Meanwood finance offers for people that are in employment and are in need of a financial service.
 

They are two categories in this segment:

1.1 Payroll deductable loans:
This is a financial product targeted at people who are in full time employment and the institution has signed a memorandum of understanding with Meanwood Finance Corporation Ltd.
For this product when an employee gets a loan from Meanwood, deductions are done via the payroll.

The requirements are as follows:

  • Minimum K500.00 – with the maximum dependent on an individual’s net pay
  • Monthly installment should be within 40% of an individual’s monthly net pay; this means that the principal installment should not exceed 40% of their net take home pay.
  • Tenor 1 to 24 months
  • Latest 3 months pay slips
  • Copy of contract or confirmation of contract duration by employer
  • Employee must have finished their probation and confirmed by the employer.
  • Turn round period; ideally same day
  • Security; employee benefits