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This package is targeting persons employed in the teaching profession in the ministry of education school system and persons employed in the hotel and tourism industry wherein they can repay their loans by way of salary deduction.
1. If the loan application cannot be secured by way of Salary Deduction or a Bank Standing Order then treat as if it was for a regular personal loan (or other fitting one of the OBF loan packages) and process as such.
2. If salary deduction is the security option a letter from employer stating;
.a Confirming personal particulars of the employee
.b How long the person has been employed there
.c Whether temporary or permanent employment
.d Proof of weekly/monthly/yearly salary
.e Maximum loan is 10% of gross salary
.f The employer must be a stable entity of the Government and approval for
deduction firstly in place ahead of any grant of funds over to the applicant.
.h The monthly payments must be by way of salary deductions or by a bank
.i The monthly payback must be forty (40%) percent of the monthly gross
All necessary checks to affirm the truth of all matters stated before a grant of a loan is necessary (see imperatives for Pay-Day Loans and other as the packaging appears to be and follow)