Salary Deduction Loans
This is where the employer makes the deduction on the employee’s behalf and remits the fund to the lender’s account. This type of loan is an unsecured facility and has the flexibility of being access using a guarantor or no guarantor, depending on the amount the customer is seeking and the employee’s years of service. In addition to this, the guarantor must be employed at the same institution. All amounts above $400,000 - $600,000 must be secured with collateral or additional guarantors.
Minimum/Maximum is $5000-$400,000 and the average interest is 3%-5% per month.
About Salary Deduction Loan
A salary deduction loan is an unsecured loan that can be used for whatever purpose you so desire. Whether it's family or household expenses, whether it is to pay down on higher credit card debts, whether it is a payday loan or clear your medical expenses, it is your choice. Nothing can prevent you from getting this loan once your employer is willing to do the deduction and they are creditworthy.
3-5% Per Month Interest Rate
Loan Eligibility
You must meet the following requirements to be eligible for a Loan:
| Age Limit | The applicant should be min 18 years or older. |
| Income | Applicant must be able to show their proof of income via payslip or bank statement. |
| Residence | Applicant must be a resident of Jamaica and must be able to provide proof of address |
| Bank Account | Customer must have an active bank account, that their salary or income is paid to. |
| Guarantor | The customer may or may not require a guarantor, this is dependent on the type of loan. Speak to your credit officer |
Documentation
Requirement for Salary Deduction Loans
- 2 Passport sized photographs of all applicants / co-applicants.
- 3 Last Pay Slips
- Job Letter - Benefits, years of service, salary to date, week in the back
- Valid identification: (National ID, Driver’s License, Passport, Jamaica ID Card
- Tax Registration Number (TRN)
- Proof of address (Light bill, Water bill or Internet bill)
- Guarantor (person to sign) Needs TRN, ID, 1 Passport size picture, 1 Last payslip & Job Letter
FAQ
E-Loan Micro Financing Limited provides emergency, easy and economical loans, to satisfy the financial wants and needs of our customers. If you are considering applying for a loan from E-Loan MF Limited we offer custom-made packages to suit your needs. Start here if you have any questions.
The average interest is 3%-5% per month.
Minimum is $5000.
Maximum is $600,000.
Loan approval and funding can occur on the same day.
Guarantors are optional depending on the loan amount you are accessing. Speak to your representative.
Apply Now
Applying for a salary deduction loan is quick and easy with E-Loan MF Limited. We Don't Just Grant Loans We Satisfy Financial Appetites. Get started on your online loan application today.