The MOU Loans product offered by Tamika Credit is a Salary Advance check-off product designed for employees of private companies and the public service. The loan is secured against the employee’s net monthly salary and is processed in partnership with their employer. This means that the employer is involved in the loan repayment process by deducting the loan amount from the employee’s salary and remitting it to Tamika Credit.
The Salary Advance loan is a short-term loan designed to cater to the financial needs of employees who require quick access to cash. This product offers affordable interest rates and flexible repayment terms. The loan amount is determined based on the employee’s net monthly salary and the repayment period is usually between one to three months.
To access the Salary Advance loan, the employer and Tamika Credit sign an MOU which outlines the terms and conditions of the loan. The employee then submits a loan application along with the required documents, which are then processed within a few hours. Once the loan is approved, the funds are disbursed to the employee’s account, and repayment is made through a check-off system. Tamika Credit also offers loan restructuring and interest waivers on early settlement to ensure customer satisfaction.
MOU Loan Requirements
- MOU with Employer
- Copy of national ID
- KRA PIN
- Employment Contract
- Three latest Pay slips
- Passport photo
- Six Months Bank Statement
- Twelve months Bank Statement.
Benefits of our MOU Loans
- Affordable Interest Rates
- We offer interest waiver if you offset earlier
- No hidden charges
MOU Loan Processing Period
- Minimum duration 3 months
- Maximum duration 6 months
MOU Loan Interest Rate
- Interest rates 7.5 % PM
- Processing fees of 5% on the principle
- Registration fee of Ksh 2,000
