1.1 High Ratio Personal Loan

High Ratio Loan

Meeting your diverse financial needs is our priority to ensure we provide you with suitable alternatives with less stress.

Our higher ratio loan is a compatible ratio ensuring you meet your obligations and still have extra to spare.

1.1     High Ratio Personal Loan

This loan type is accessible to borrowers whose employers have agreed to KESS’s terms of conditions under a Commitment Letter. The high ratio enables a borrower to borrow above 60% of his or her pay multiplied by 6 fortnights or 3 months and loan terms exceeding 6 fortnights or 3 months but subjected to assessment by our Lending Team.

Example: (1) FORTNIGHTLY:  If you earn K600 a fortnight you can borrow above the maximum of K2,160.00.  (6/10 x K600.00 x 6 fortnights = K2,160.00)

Example: (2) MONTHLY: If you earn K2,500.00 a month you can borrow above the maximum of K4,500.00. (6/10 x K2500.00 x 3 months = K4,500.00)

Features

•  K500.00 minimum loan

• Unsecured loan

• Maximum loan is dependent on annual salary, Employment Contract,  Nasfund Savings, Entitlements, Properties, etc

• Loan interest charged is 17% per annum at Reducing Balance Equal Installment rate

• Minimum loan repayment term is 1 fortnight or 1 month

• Maximum loan repayment terms are 130 fortnights or 60 months or 5 years

• All loans must strictly adhere to the approved loan repayment schedule and through payroll deduction

• The security against this lending is a written undertaking produced by a borrower’s employer to pay to KESS the borrower’s entitlements if the member leaves employment or is not able to repay the loan

• Your employment contract is used as the security, assuring source of repayment

Benefits

Borrowing above 60% pay limit or loan term exceeding six(6) fortnights or 3 months

• Easily accessible

• Instant processing

• Instant access to funds

• Flexible repayment terms

Timeframe

• 24 hours to 1 week excluding weekends and public holidays

Fees & Charges

• Loan Establishment Fee (Deductable) – 2% of Principal amount (Example: K1,500.00 Loan; the fee will be K30.00; amount to be credited to borrower’s account K1,470.00)

• Loan Processing Fee – K250 

• Late repayment penalty charges – 6% on overdue repayment and 8% After the maturity date

• Statement Print requests – K10.00; will be added to the available loan balance

How to Apply

Some requirements

• 3 recent pay slips

• Bank statement (if first-time applicant or new bank account)

• Copy of identification card (if first-time applicant)

• Irrevocable order (depends on the amount requested)

• Employer confirmation letter (depends on the amount requested)

• Signed Credit Data Bureau search form (depends on the amount requested)

• Statement of financial position if the total loan amount exceeds K10,000.00 (applicable to new and additional loans)

Simple Process to follow

• If you are an existing borrower and have access to your client portal, you do not need to complete the Loan Request Form. Simply log in to your portal and apply by completing the online application form and submitting it.

• If you are new, then send your Loan Request by completing the Loan Request Form on this site.

• Once your request is registered in our system an automatic invitation to Activate your Online Portal will be sent to you via email. Click the Activation Link in the email to create your login credentials. If you have an issue creating your login credentials, we can always assist in creating a temporary one for you which you can change once you log in. 

• Once you are in, this is your private room where all your dealings with KESS will take place and are kept for your consumption. Feel free to browse around and explore every angle and try to grasp what is accessible to you on this site. Use the Online Loan Application Form there to complete it with your loan application details and click submit. If you see a Thank you message then it means your application is successfully submitted.

• You will receive notifications on the status of your loan every step of the way in the processing pipeline or channel via email and mobile text message.

• KESS encourages borrowers to submit online applications through their client portal only. Approved loans are deposited into the borrower’s specified bank account.

FAQ

• What is a personal high-ratio loan?
  A personal loan product that allows KESS Borrowers to borrow above their 60% multiplied by 6 fortnights or 3 months ratio as set in 1.0 low ratio personal loan and subjected to KESS lending terms & conditions

• How can I apply for a 1.1 high ratio personal loan?
  You can apply for a 1.1 high ratio personal loan by completing a loan
  request form through this link:  Loan Request Form. then use the login credentials that will be supplied to you to complete the online loan application on your client portal.

• What is the turnaround time?
  The loan is processed instantly, and once KESS approves it, funds are credited to your Specified Account. Depending on the amount requested, it will take 24 hours to 1 week.

• Where can I go to get more information?
  You can browse our website www.kaiaess.com to get more information on our loan products. You can also contact our lending team.

Resources

Loan Request Form