This loan scheme is designed to assist all salaried workers; these loans are provided to employees in different formal sector for a duration from12-24 months.
Conditions and Requirements for Salary Based Loans:
• Identity card supported by introduction letter from employer
• Open account with the bank.
• Guarantee from Employer.
• Channel the salary to the Bank for at least 3 to 6 months before applying for the loan.
• One third of gross salary will be deducted.
• Presentation of three current salary slips.
• Monthly loan repayment
• Freedom to select loan term
• Simple requirements
• Low interest rate
• Easy access of cash
• Short processing time
GENERAL REQUIREMENT TO OBTAIN A CREDIT FACILITY
A KCBL customer who has a desire to apply for a loan in the institution must fulfill the below requirements before writing application letter.
• Must have at least 3months well serviced saving account according to his or her business operations.
• Must have a continued/existing registered business/economic project.
• Must have a collateral (registered immovable property /house with deed) to secure his/her loan.
• Must have good history in other Financial Institutions.
• Visit to his /her business site and collateral.
Coupled with the above requirements later the client will need to submit the following documents:
• Audited accounts of his business
• Valid insurance for his/her collateral /property.
• Land rent for his/her collateral
• Fill the Spouse/Owner’s Consent form
• Register his /her collateral in favor of KCBL.
Without delay ,a client will get the loan as soon as possible after he/she completed the above requirements and documentation.