Personal Loans
Forms can be collected from Neil Smuts.
Criteria: Personal loans
- Availability : all permanent staff employed for longer than one year
- Net take home pay : a minimum of R1,000 per month after loan deduction
- Instalment : must not exceed 40 % of net salary, or 25 % of gross salary
- Loan amount : minimum R2,000 maximum R13,000
- Maximum loan : monthly gross salary x completed year’s service
- Loan Period : 6 to 48 months (4 years)
- Note: Longer term loans considered in certain circumstances
- Interest rate : prime plus, fixed instalment
- General : no garnishee’s permitted, only one personal loan permitted at a time
- Note: Reason for loan must be specified in application
