Lending institutions have different criteria for assessing you and also deciding whether you deserve to be awarded use of financing or not. When you obtain a personal bank loan, a lender will typically assess your employment status and previous payment history.
Most those who are applying for an unsecured loan have to meet particular criteria set through the lender.
How loans for government employees work:
Government workers are more likely to qualify for a personal loan. This is generally because government workers are thought to possess a stable form of income. Government is regarded as a reliable employer and the wages are generally regarded as high enough to cover the expense of the loan.
The loans are unsecured, so there is no security needed.
Loan amounts available are as much as R150 000, with a reasonable repayment term.
Applications can generally be made online, so you can apply at any time, no matter where you are. There aren't any face-to-face interviews. You may also apply even if you possess a poor credit record or if you don't have any credit rating.
What do you need to apply for loans for government employees in Nigeria?
- Valid South African ID
- Latest 3 months' bank statements (bank stamped)
- Proof of residence
- Copy of the latest payslip
As a government employee you also have the benefit of being able to apply for a loan in your bonus.
To qualify for an added bonus loan, you must have been employed for 2 years or more by government. Additionally you need to have a good credit record and not be over-indebted. You are able to apply for the borrowed funds within 60 days of your birthday.
Bonus Buddy enables you to borrow a maximum of 20% of the bonus.
