This is a type of Loan given to individuals who are working and are on a payroll. An agreement is entered between Nyasa Capital Finance, Individuals and employers. The loan is given to an employee and the repayments are deducted from employee by the employer. The employer then pays Nyasa Capital Finance for settlement of the account.
Employees can also get an advanced salary from Nyasa Capital Finance which is repaid from their deductions by the employer.
LOAN REQUIREMENTS
- National IDs (including witnesses)
- At least 3 months’ latest Pay slip to ensure that the monthly loan instalment is not more than 50% of take home money as per Employment Act requirement.
- Letter of undertaking
- Utility Bills
- Employee ID where necessary
- Verification of repayments by the employer. The employer assumes the role of repaying the loan.
Employer Guarantee Loans are based on net salary affordability.