EMPLOYER SUPPORTED LOANS (ESL) WITHOUT MOU
INDIVIDUAL LOANS
TARGET MARKET
- Employees of the private sector, parastatals and other government agencies not on civil service payroll.
- Repayment should be directly from the source.
OBJECTIVES
- Improve economic status for employees in the private sector, parastatals and other government agencies.
CUSTOMER BENEFITS
- There is no restrictions for loan purpose.
- Requirements not restrive.
- processing period is very short.
REQUIREMENTS
- A letter of commitment from Employer to not change employee’s salary account within the loan period.
- Employee’s contract to be stamped and authenticated by a Commissioner for Oaths (applicant to bear the cost).
- Latest applicants payslip.
- Applicants salary account 3-months bank statement (to assess trend of salary deposits).
THRESHOLD
- Depends on applicants repayment capacity.
- Mwk 500,000.00 to Mwk 30,000,000.00.
TENURE
- 3 to 36 months.
- NO grace period is applicable.
RATES/TARIFFS
- Interest rate – 4.5% pm.
- Processing and admin fee– 5%.
- Insurance fee – 1.0%.
COLLATERAL REQUIREMENTS
- Institution guarantee that the repayment will be collected from the employee and remitted by the employer every month until fully repaid.
OPENING HOURS
MONDAY – FRIDAY
7:30 AM – 4:30 PM
CONTACT US
NATIONAL ECONOMIC EMPOWERMENT FUND
P.O BOX 779, LILONGWE
PHONE # : +265 999 941 333 | +265 999 938 333
EMAIL: info@neef.mw