Education and Police Department - Welcome to EsiLoan

Education and Police Department

 

Product Description

An ESILOAN is an unsecured, short term loan to employees of Education Department and the Police Department utilizing the concept pay system and must have a wage/salary deduction agreement with Kina Bank Limited to deduct the agreed repayment from the applicant’s salary and paid this amount to Kina Finance Limited.
 

Purpose

Funding is to cover short term personal finance needs.
Examples: School fees, travel or medical costs, bride price, white goods etc.
 

Term

Term to range from 5 fortnights to a maximum of 52 fortnights.
 

Amounts

K500 to K10,000 (Rising in increments of K100 to K5,000 then in increments of K500 to K10,000).
 

Fees & Interest Rates

As set from time to time by ESILOAN.

The interest rate will be fixed at the commencement of the loan and remain fixed for the period of the loan. The Establishment fee will be added to the principle requested.

All external fees applicable to the loan will be added to the repayment amount.
 

Refinancing

The refinancing of other finance companies liabilities is permitted.
 

Criteria Requirements
  • A fully completed application form signed by the applicant.
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  • Irrevocable Salary/Wage Deduction Form signed by the applicant and signed and stamped by the applicants Pay Master.
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  • If an existing client, an original of the most current payslip is to be supplied if no overtime is to be utilised for debt servicing.
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  • If a new client, two originals of the most current payslips are to be supplied if no overtime is to be utilised for debt servicing.
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  • Applicant must have been employed by the current approved employer for a minimum of 6 months and have an authorisation from the employer that they have passed probation. If less than one year then the loan is to be a maximum of 10% gross salary including benefits only (*exclude Over time).
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  • In the case of the Education Department Academic staff, a signed contract must be in place and the employee registered with the payroll system
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  • All academic staff within the Education Department are required to provide a letter of resumption by the School Principal where they are employed.
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  • A copy of the applicant’s current bank statement if the payslip does not indicate full banking details.
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  • Any pay variation advised must be signed and acknowledged by the payroll department.
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  • A satisfactory credit check must be completed using the Credit and Data Bureau.
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  • The Salary surplus must be 50% of the gross salary after all deductions, including the loan repayment to Kina Bank Limited.
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  • Net pay after any Kina Finance Limited deduction must be a minimum of K150.00 per fortnight.
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  • A clear copy of an acceptable identification must be supplied.