To provide loan packages with affordable interest rates for employees of private companies that will be supported by their senior management.
To maximize PFL’s revenue from employees of private companies.
To provide the Credit personnel with a ready package for dealing with private companies.
Permanent employees of private companies who are accredited for raising Irrevocable Salary Deductions Authority (ISDA).
Existing salary is being credited into their bank account.
With net pay of K200- after PFL’s deduction.
Clients cleared from black list.
Clients cleared from Credit Data Bureau.
Unemployed persons.
Persons not employed with private companies on Board.
Any “blacklisted” customer unless the customer can be cleared from black list.
Casual/Part-time/Probationary employees.
Employees on retrenchment list.
Employees under suspension.
Clients found to be listed at Credit & Data Bureau as bad borrowers unless if the debts have been cleared.
Minimum K300
Maximum K20,000
Minimum Five (5) fortnights
Maximum Thirty (30) fortnights
Late payment fees of K20.00 per fortnight after two fortnights in arrears, as a result of missed and reduced deductions, until arrears have been cleared.
All outstanding balances must be fully paid before giving top up loans. Outstanding balance can be paid in cash or deducted from the proceeds of the top up loans.
Direct credit to the account of borrower unless for some genuine reason, client requests cheque disbursement. Whether disbursement is by cheque or direct credit, K20.00 disbursement fee must be deducted for every disbursement.
All repayments shall be through salary deductions only. Exceptions shall only be authorized by MD or members of the Board of Directors.
Final pay/ Long Service Leave entitlements.
Nasfund Superannuation Savings
All private companies wishing to make available to their employees, PFL’s financial services, must arrange to repay such services by salary deductions. Approval from the Company’s Senior Management must be secured to ensure full support on all matters relative to PFL’s transactions. As such, it is very important to maintain very close working relationship with the key personnel of the company particularly the Personnel and Finance Department.
Before making recommendations to put a new private company on board, the following initial requirements must be present:
Payroll system is able to allocate a deduction code.
Company has been in operation for more than two years.
Employees are receiving an average of at least K400 net pay per fortnight.
Company has been operating legally.
With at least 10 permanent employees.
Credible relationship with the bank.
Not experiencing cash flow problems based on bank opinion, newspaper reports or other credible media.
Salary Deductions Agreement must be signed by the Senior Management.
Company must be able to raise cheque or do direct bank credit for the fortnightly repayments deducted from its employees’ salaries.
