Personal Loans
PENSIONERS LOANS
Pensioners' loans (Wastaafu Loans) are loans issued to retirees or pensioners where their future pension payments are used as collaterals.
Under this type of loan, the pensioner will receive a lump sum of money repayable by certain amount of his/her pensions and/or other reliable sources of income like rent income with valid lease agreements, viable businesses etc
This credit programs currently covers pensioners from PPF, PSPF, LAPF, HAZINA NSSF and ZSSF.
Benefits
- No tangible security is needed
- Assists retirees to increase working capital for their small and medium business projects
- Enables retirees to obtain capital funds for establishing small businesses
- Provides finance to support retirees unfinished building projects
- Enables pensioners to pay schools fees for their children and grandchildren
- Provide finance to retirees for medical treatment and other personal commitments
- Procedures for processing pensioners loan applications are very simple
- Fate of applications is provided within a shortest possible time
- Pensioners will still enjoy half of their monthly pension
- Does not require the pensioner to provide any tangible security
- The loan is insured against death or permanent disability of a pensioner thus, the liability will not bind members of his/her family
