Loan Product Details

Loan Product Details

Individual Loan Product
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.
  • Contribute to socio-economic development.
  • Promote job creation.
  • Entrench entrepreneurship spirit
Requirements
  • With Employer’s MOU with NEEF
  • Company profile
  • Memorandum and Articles of Association for employer
  • Minimum of 10 member staff compliment
  • Financial Statements for the employer
  • Employee’s National ID.
  • Employer’s letter of confirmation of status of employment
  • Duly Authenticated Bank Standing Order in favour of NEEF.
  • Without MOU with NEEF
  • A Letter of Commitment from Employer to not change employee 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 applicant’s payslip.
  • Applicant’s salary account 3-months Bank statement (to assess trend of salary deposits).
Thresholds
  • Minimum K500,000 to Maximum of applicant’s repayment capacity.
Collateral Requirements
  • Institutional guarantee that the repayment will be collected from the employee and remitted by the employer every month until fully repaid.
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