Personal Loan

personal loan

This is a financial product that cannot fall in either the formal sector (employee loan scheme) or the informal sector (business people). This is a financial products targeted at people needing an immediate financial product for personal consumption (private use).

The institution provides such a service based on the personal relationship of the client with the institution( past record), recommendation, public perception of the individual, future benefits to the individual if a loan is given to the individual, reputation, etc. Collateral & income power of such an individual acts as criteria for lending. People needing this financial service will not normally disclose the actual use of the needed finance.

The requirements are as follows:

  • Minimum K500 – K20,000.00
  • Tenor 1 to 3
  • Monthly installments should not exceed 33.3% of an individual’s monthly net take home pay.
  • Delivery period; ideally 24 hrs.
  • Should have an active bank account
  • Security; loans above K3,000 are fully secured by either landed property or vehicle

Despite not having a specific description applicants should be in formal employment and no self