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Rhodes > Finance > Sub Divisions > Staff Loans > Car Scheme Loans

Car Scheme Loans

Car Loans are available to permanent staff members. Qualification is dependent on a number of criteria including, but not limited to, period of employment, minimum take-home pay and periods of repayment. The interest rate is linked to prime. The maximum loan is R 125 000. Vehicles are registered with Rhodes University as the title holder. As funds are limited there are periods where the loan book is ‘closed’ and no loans are considered. Forms can be collected from Neil Smuts.

Criteria: Car Scheme

  • Availability: All permanent staff employed for longer than one year
  • Net take home pay: R1,000 per month after deduction of car payment
  • Instalment: Must not exceed 40% of net salary, or 25% of gross salary.
  • Loan amount:Maximum R125 000
  • Period:Not longer than 6 years (72 months)
  • Interest rate:Fluctuating, linked to prime
  • Instalment:Fixed instalment
  • Vehicle:Must not be older than 11 years by the time the vehicle has been paid in full
  • Title:Registration papers must reflect Rhodes University as the Title Holder.
  • Insurance:Proof of insurance must be on hand prior to payment being made.
  • General:No garnishee’s permitted and must have a valid S.A recognized driver’s licence.

Last Modified: Fri, 15 Jul 2011 14:58:15 SAST