Salary Based Loans

Available to Individual Account holders who receive their salaries through POSB. 

Loan Application Requirements

  • Applicant must receive their salary through their Individual Account for at least 3 months.
  • Proof of permanent employment i.e an original payslip and a clear photocopy of the same.
  • Original Identity Document such as National ID, Passport or Driver’s License and a clear photocopy of the same.
  • Current proof of residence.
  • Permanently employed guarantor whose salary is sufficient to cover loan repayments..

Benefits

  • Low interest rates.
  • Long repayment period.
  • Direct deduction from salary.
  • Higher affordability.
  • Shorter turnaround time for processing loan applications.
Salary Based Overdrafts

Individual Account holders with existing loans can also access the POSB Salary Based Overdraft facility. 

Overdraft Application Requirements

  • Original Identity Document such as National ID, Passport or Driver’s License and a clear photocopy of the same.
  • Current proof of residence.
  • Applicants must receive their salary through their Individual Account for at least 3 months.
  • Proof of permanent employment.
  • Applicant must meet the minimum net salary requirement.
  • Original and clear copy of current payslip.

Benefits

  • Low interest rate.
  • Favorable repayment terms.
  • Direct deduction from salary.
  • Higher affordability
  • Shorter turnaround time for processing loan applications.
Company Guaranteed Loans

These are loans available to salaried individuals who do not bank with POSB. 

Company Guaranteed Loan Application Requirements

  • Submission of application letter by employer.
  • Current financial statements from employer (If they are not a listed company).
  • Submission of schedule of eligible employees by the employer.
  • Original and copy of ID of applicant (National ID, Passport or Driver’s license).
  • Proof of residence of applicant (Utility Bills, Letter from Employer, Village Chief, District Council, Headmaster).

Benefits

  • Low interest rate.
  • Long repayment periods.
Mutually Guaranteed Loans– Civil Service

Civil Service Employees who are paid through Salary Services Bureau (SSB) and do not receive salaries through POSB are eligible for Mutually Guaranteed Loans. In groups of 3 who all cross guarantee each other, the group will collectively apply for individual loans. 

Mutually Guaranteed Loan Application Requirements

  • Applicant must be employed in the civil service and being paid through SSB.
  • Applicants must arrange themselves into groups of 3 who and be willing to cross guarantee each other.
  • Original and copy of IDs for all applicants. (National ID, Passport or Driver’s license).
  • Proof of residence for all applicants (Utility Bills, Letter from Employer, Village Chief, District Council, Headmaster).
  • Pay slips for consecutive past 3 months.
  • Bank Statement for the last 3 months.
  • Recommendation letter from employer.

Benefits

  • Low interest rate.
  • Long repayment periods.
University Education Loan Support Facility

The University Education Loan Support Facility is designed to assist current and prospective students who do not have the requisite financial resources to support their University or tertiary education. 

University education Loan Support Facility Application Requirements

  • Letter from the university or tertiary institution confirming beneficiary is an enrolled student, level of completion and certified fees invoices.
  • Original and copy of IDs for student, parent/guardian and guarantor (National ID, (valid Passport or Driver’s license)
  • Current proof of residence (Utility Bills, council bills, copies of title deeds/lodgers card, current account statements).
  • Proof of income (pay slip /income statement for parent or guardian/guarantor)
  • Confirmation letter from employer for parent or guardian/guarantor
  • Trade references for farmers (proof of 2 previous seasonal sales and agents that were involved e.g. TIMB or GMB and ownership of land, i.e. A1 or A2 lease agreement.)

Benefits

  • Low interest rate.
  • Long repayment periods.
Microfinance

Personal Loans – Are available to civil servants earning and not earning their salaries through POSB to cater for emergencies, small asset acquisition and general living expenses.

School Fees Loans – Can be accessed by individuals who require quick financial assistance to cover school fees and other school related expenses.

Benevolent/ Emergency Medical Services Loans – Accessible to individuals or groups of up to 3 people to help meet funeral expenses or unforeseen medical expenses.

Cash flow/ Group Backed Loans Available to individuals or groups running small/ informal projects which require working capital funding. 

Express Loans Microfinance Loan Application Requirements

  • Original Identity Document such as National ID, Passport or Driver’s License and a clear photocopy of the same.
  • Current proof of residence.
  • Current proof of permanent employment.
  • Applicant must meet the minimum net salary/income requirement.
  • Original and clear copy of current payslip.

Benefits

  • Low interest rate.
  • Long repayment periods
  • Short turnaround time for processing loan applications (24hours).
Pensioners Loan

Pensioners and pension beneficiaries aged between 18 and 68 are eligible for this loan. 

Benefits

  • Low interest rate.
  • Comes with an affordable Pensioner Guarantor Plan