Teachers & Tourism Workers Loan
This package is targeting persons employed in the teaching profession in the ministry of education school system and persons employed in the hotel and tourism industry wherein they can repay their loans by way of salary deduction.
- Borrow up to 10% of Annual salary
- Make monthly repayments by way of established salary deductions.
- Or benefit from a relaxed Security/Collateral requirement (floating charge on fixed and future assets and or agreement for a second mortgage on property with a first mortgage already in place)
- Enjoy low interest rates of 1%* approx.
- If the loan application cannot be secured by way of Salary Deduction or a Bank Standing Order then treat as if it was for a regular personal loan (or other fitting one of the OBF loan packages) and process as such.
- If salary deduction is the security option a letter from employer stating;
- Confirming personal particulars of the employee
- How long the person has been employed there
- Whether temporary or permanent employment
- Proof of weekly/monthly/yearly salary
- Maximum loan is 10% of gross salary
- The employer must be a stable entity of the Government and approval for deduction firstly in place ahead of any grant of funds over to the applicant.
- The monthly payments must be by way of salary deductions or by a bank standing order.
- The monthly payback must be forty (40%) percent of the monthly gross salary*
All necessary checks to affirm the truth of all matters stated before a grant of a loan is necessary (see imperatives for other as the packaging and follow)