Personal Loans

CMTech Cash Advance provides short term credit facilities to employees of Companies that enter into a Memorandum of Understanding (MOU) for payroll deduct loans with CMTech. We offer superior service with a short turnaround time. The process is simple, and funds are disbursed within 24 hours of a complete application being received. The funds are collected via monthly payroll deductions from the employer Company.

KEY FEATURES OF OUR LOANS

• Short term in nature, meant to finance short term needs that Banks typically do not finance.
• Loan repayment period is from 1 month to 60 months.
• Top-ups available after 3 months of performance on initial loan.
• No collateral required.
• Early Loan repayment allowed.
• Loan size depends on Employee’s salary and tenure of loan. Our standard affordability criteria is that the employee should not commit more than 40% of Gross pay as Take-home pay after all statutory, employer and third-party deductions.

HOW IT WORKS

1. MOU Signed Between Employer and CMTech

   • Employer agrees to facilitate CMTech loan deduction from payroll.
   • Employer agrees to remit deduction schedule and payment to CMTech.

2. Employee Application

   • NRC
   • 2 latest pay slips
   • Employment confirmation letter from HR/Finance
   • 2 months’ latest bank statements

3. CMTech Cash Advance Review of Application

   • CMTech reviews and liaises with MOU contacts.
   • CMTech advises the Employee within 24 hours.

4. Month End Repayment of Loan

   • Employer deducts loan repayment as scheduled on agreed date.
   • Employer remits to CMTech at the end of the month.
   • CMTech uploads repayments on loan and loan is fully paid off.

1. These loans are provided to individuals who are employed or have proof of regular income. The facility is designed to meet emergency needs such as school fees, medical bills, acquiring assets, building or expanding a home, and other unforeseen expenses.

   Requirements:

   1. KYC documents for applicant
   2. Proof of regular income
   3. 2 months bank statements
   4. No adverse information on CRB report

   Loan Application Process:

   1. Individual approaches CMTech for funding
   2. CMTech confirms individual KYC documentation and supporting documents
   3. Credit appraisal is conducted
   4. Management credit committee approves the facility

CMTech Cash Advance provides short term credit facilities to individuals in formal employment. We offer superior services with a short turnaround time. The procedure is simple and straightforward; in addition, funds are disbursed within the short turnaround time of 30 minutes or less upon successful completion of application forms.

HOW DO I QUALIFY? To apply for an instant salary advance, fill in a loan application form and bring the following:

• Two latest pay slips (stamped by employer)
• Two latest bank statements (stamped by bank)
• Introductory letter from the employer
• Copy of NRC/Valid passport/Valid driver’s license
• Two passport size photos

The funds are collected at the end of the month through Direct Debit and Credit Clearing (DDACC) payment system.