Do you need to borrow money from the bank yet you cannot offer any collateral? A micro loan may be the solution. For a micro loan, Nedbank will not require any collateral - only that the loan is linked to your salary together with a Letter of Guarantee from your employer and/or a Letter of Comfort.
A micro loan can be used for any major financial commitments.
Features & Benefits
- Get a budget based on equal installments
- Interest rates are linked to Prime
- The facility may be allowed to revolve after at least 50% of the initial loan has been repaid without default.
- Loans range from E5 000.00 (minimum) to E15 000.00 (maximum)
- The total repayments of all your loans cannot exceed 35% of your gross monthly salary
- The facility must be secured by a Letter of Comfort and/or Guarantee from the your company
- Level Term Insurance must be taken
- Micro loans are repayable over a period of up to 36 months
- Repayments may be deducted directly at source by your employer, or via a stop order