Private Sector Employee Loan
The Private Employee Loan is specifically designed for private sector employees. This aims to provide affordable loans with accessible financial support to employees of private companies in Papua New Guinea. By facilitating repayments through direct payroll deductions, this product enhances financial security for employees while ensuring steady repayment for lenders.
Private Employee Loan Product Specification
| Product Name | Private Sector Employee Loan |
| Interest Rate | 2% at 13, (above 13 fortnights we do it on application) |
| Loan Term | K200 – K5,000 - Fixed at 13 fortnights |
| Fees and Charges | Loan Processing fees from K200 – K5,000 is K20. |
| Requirements | Please attach the following essential requirements for our loan assessment: 1. Completed Loan Application Form 2. Two recent pay slips, including the last pay. 3. Valid employment ID (Passport, NID, or Driver's License). 4. Bank statement showing salary deposits for the last month. 5. Confirmation letter from HR verifying employment status and salary |
| 6. MOST IMPORTANT: To be eligible, the client must have access of 50% of debt service deductible of net pay. If 50% is used up, then we proceed with refinancing. 7. Refinancing purposes – provide the loan statement UpToDate. |