Progress Savings & Loans

SHIREPURCHASE LOAN

This loan facility enables employees of the same institutio to purchase consumer durable goods from our Merchant through making installment payments over time.

Individual applicant must have worked for a minimum of one year with the institution and must be at least 18 years old as at the date of application.
Non Blacklisted individuals
Institution must be well known. Such as a Government institution, reputable private companies, multinational companies, etc
Customer's account must be KYC compliant
The employer/institution must provide Irrevocable Letter of Undertaking.
Applicant must not have any past due accounts with PSL, other banks, and other creditors/suppliers, whether as a principal borrower or as a guarantor.

Completion of a Hire Purchase loan application form duly signed by the applicant.
Copies of Current 2 months' Pay slips/salary advice and Employer's Certification of applicant's monthly Income.
Employer's Irrevocable Letter of Undertaking by the applicant's employer.
Duly signed Offer letter (Acceptance of offer)
Passport Pictures, Photo Identification e.g. Driver's License, Passport, Voter ID etc

Deduction by the organization at source and a single cheque is issued for repayment.

A maximum tenor of 6 months for Private Companies and 12 months Government Institutions.
Monthly repayment amount must not exceed 40% of monthly net salary

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HIREPURCHASE LOAN

SHIREPURCHASE LOAN

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