The Public Service Pensions Fund Board(PSPFB) established a Micro Finance lending scheme to provide loans to serving members of the Fund. The Micro Finance lending scheme is in addition to the current Home ownership Scheme which provides serving members with loans to purchase or build houses.
The scheme provides loans to civil servants who have contributed to PSPFB for a minimum of five years. The scheme grants loans ranging from K1,000.00 to K50,000.00. What makes this scheme more attractive is the competitive interest rate of 30% per annum and the loan repayment period which ranges from six months to 48 months. This is in contrast to the exorbitant interest rates by other Micro-Fin lending institutions in the country which range from 80 % to 300% per annum.
Loan Application Documentation
The Loan applicant shall submit the following documents to the responsible officer:
- Introductory letter from Ministry or Department. The officer should check for the following on the letter of introduction:
[i] That it is on headed paper
[ii] It indicates Employee Service Number
[iii] Has employee engagement date
[iv] Signed by an Authorized Officer, preferable from Human Resource
[v] That the letter supports the employee to obtain a loan
- Duly completed Application Form
- Copy of two latest pay slips
- Copy of NRC
- Copy of confirmation in service, Attestation or enlistment list (zns)
- Bank statement.