Crucial update To Teachers Taking TSC Salary Advance Loan
Crucial update To Teachers Taking TSC Salary Advance Loan
New Updates on TSC Salary Advance Loan. Teachers who are employed by the Teachers Service Commission (TSC) are typically granted salary advances, which are short-term loans.
Teachers who take out this loan should be aware that the repayment terms are set out in writing and that the loan amount is determined by the teacher’s monthly pay.
In most cases the loan is repaid Within a period of 1 month to 12 months.
TSC Salary Advance normally works on the same manner to that of other salary advance loans given by Saccos or banks because it is highly determined by the following factors;
Salary Eligibility Check
One must be engaged by the Teachers Service Commission and a registered teacher in order to be eligible for this loan.
Your information is therefore linked to the bank or Sacco where your TSC salary is placed, and a qualification process is carried out to ascertain your eligibility for the funds.
Salary advance Loan Amount
It is significant to note that different teachers receive different borrowing limits.
The maximum amount of a salary advance loan is determined by your pay and the policies of the bank or Sacco.
A teacher receives a percentage of their monthly salary as an advance loan .
Mode of Repayment
In most cases , the repayment period for a TSC Salary Advance loan takes between a period of one month to 12 months.
Before taking a move to borrow, make a serious inquiry about the interest rates and any other fees applicable before applying for the advance loan .
The method of Application
Following advancement in technology,most banks and Saccos these days offers flexible application methods,among them online applications as well as using your phone or computer.
Some banks could insist on a person’s personal presence in addition to a written loan application.
Since this money is being provided as a loan with repayment obligations, it’s critical to make good use of the loan.
