NedLoans is a leading provider of loans to Namibians working for government and for employers with a payroll deduction agreement. NedLoans promotes responsible borrowing and offers personal loans from N$1 500 to N$100 000 for a variety of purposes - home improvements, study or school fees, emergency medical expenses or other unexpected costs, or purchase of furniture or other expensive household items.
Repayments, by salary deduction over 12 to 60 months, are limited to one-third of net salary, or as agreed with the employer, but in line with the Labour Act. NedLoans can consolidate a client’s debt and settle it directly with the debtor. To protect the interests of borrowers and their next of kin, NedLoans offers insurance to cover death, disability or retrenchment.
Features & Benefits
- Loans from N$1 500.00 to N$100 000.00 over repayment period of between 12 and 60 months.
- Insurance in the event of death, disability or retrenchment
- Nedloans can consolidate the client’s debt and settle it directly with the debtor
- Monthly payments by salary deduction
- Repayments and deductions limited to one third of net salary
- If repayments are done successfully over a term of 6 consecutive months, the client automatically qualifies for a repeat loan
How do I qualify?
- The Borrower must be permanently employed by an approved employer.
- The Borrower must be permanently employed for at least one year of service at his/her present employer.
- The Borrower must be at least 21 years of age.
- The Borrower must be a Namibian Citizen
- Remaining period of service before retirement must be at least 3 months longer than the period of the loan applied for.
- No insolvent or person under garnishee orders or Administration order may apply. The nett salary after deduction of the instalment may not be less than N$1000.00
What do I need?
- Original Namibian ID Document/Valid Namibian Passport/Valid Namibian Driver’s License with Birth Certificate.
- Your most recent original salary advice.
- Your latest official original bank statement indicating your latest salary deposit, which corresponds with your latest salary advice and your own personal particulars.
- Spouse’s consent – if you are married in community of property.