Salary Loans

 
Loans available to the salaried staff of different organizations.

PURPOSE
- Salary earners who need money for personal development using their salaries.

TERMS AND CONDITIONS
1. MAXIMUM AMOUNT: SHS 50,000,000(Fifty million shillings)
MAXIMUM OF 10MILLION UNSECURED LOAN IF MEMORANDUM OF UNDERTAKING IS SIGNED BY THE EMPLOYER.
2. MAXIMUM PERIOD: 36 months
3. INTEREST RATE: 3% reducing balance
4. TYPE OF COLLATERAL NEEDED:
i. Memorandum of Understanding between Glotrans and clients’ employers
ii. Guarantor and recommendation letter from the employer
iii. Home chattels must be attached
5. CLIENTELE CATEGORY: confirmed salary earners from a reputable organization
6. GUARANTORS NEEDED: 3 guarantors including spouse must have M.O.U with employer and the employer must commit to deposit monthly loan repayments at Glotrans account until the loan is completed.
7. SECURITY EVALUATION:
i. Only confirmed staff with running employment contracts qualify.
ii. Loan installment must not exceed half of the net salary of the borrower- salary earner.