Salary Backed Loans
The EFC Personal Loan caters for individuals in the formal Sector. The Loan is available to employees of Non-Governmental Organizations and private sector organisations where the organisation enters into a memorandum of understanding with us to offer employees Personal Loans. The MOU allows for convenient, easy and completely hassle-free access to Personal Loans.
Eligibility Criteria
Who is eligible?
- Atleast 18 years of age and maximum of 55years for civil servants and 60 years for professionals (Lawyers, Judges, Doctors, Lecturers).
- Salaried employees for employers who have signed an MOU with EFC
What are the fees?
- A single facility fee is charged upon approval of the loan.
Is there insurance cover?
- Salary backed loan carries credit life insurance cover against death and permanent disability.
How to apply?
- Applications may be done through the organisation’s Human Resource Department or any EFC branch.
What documents are needed?
- Proof of identity (National Registration Card, valid Passport or valid Driver’s Licence)
- Filled in application form
- 2 passport size photos
- Certified copies of 3 months latest payslips
- Proof of employment
- Contract of employment, where applicable
- Valid work/residency permit for expatriates, where applicable
What do you get?
- Quick approval process
- Loan amounts ranging from K3, 000.00 to K150,000.00
- Flexible repayment period ranging from 3 months up to 36 months
- Competitive interest rates
- Deduction through payroll
- every month – repayment is on payroll
- Easy and convenient application process.
