A payroll loan is an advance to an employee who is pre-qualified by an employer.
Features
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Loan size from K1, 000 up to 4 million kwacha.
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The Loan can be repaid within a period of four years.
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Purpose; Loan can be used for anything
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Has credit life
Benefit
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Loans are under Credit Life Protection; therefore full terminal benefits are paid to the beneficiaries in case of death.
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Satisfies a financial need which may not be fulfilled by a salary
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Allows borrower to use un received terminal benefits
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Helps in improving liquidity management for employer
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Flexible repayment period of up to 4 years.
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Helps in retaining key staff by an employer