General Purpose Loan (GPL)


GPL is a loan product for permanent employees of government and non government organizations that borrowed for any personal affairs through presenting equivalent salary guarantee. 

Targets

Permanent employees, appointees and police forces of the Regional Government of Oromia who are working at Bureau, Zonal offices, Districts/Anaas and town administrations

General Purpose Loan Purposes

General purpose loan would be delivered for any personal purpose of employees like,

 Medication

 Education

 Purchase of household equipments

 To cover expenses related to marriage

 To run personal businesses and etc.

 

Eligibility Criteria of General Purpose Loan

  • The customer should be permanent employee and should serve his/her current office at least for 24 months
  • The prospective client should have good credit history that to be confirmed by his/her employer
  • Able to present confirmation letter from his/her current employer that confirm he/she is free from any loan/debt
  • Able to present confirmation letter that states his/her current salary, terms of employment, years left for retirement etc
  • Able to present letter that states his/her organization’s willingness to deduct monthly payment and deposit to OCSSCO‟s lending branch.
  • The borrower should at least left with three (3) years for retirement.
  • Able to present one government employee as guarantor or his/her own house or third party house as collateral. The salary of the guarantor should at least equivalent with the borrower otherwise, the size of the loan is determined by one of the two salary whichever is lower or the borrower can submit two guarantor whose salary sum is equal or higher than the borrowers‟
  • The guarantor should also at least left with three (3) years for retirement and should serve his/her current organization for at least 2 years (if the loan is backed by salary guarantee).

 

Required documents

  • Credit application
  • ID card and two latest passport size photographs
  • Employment contract stating salary of the applicant, terms of employment, and years left for retirement etc
  • Credit information from other lending institution, if any
  • Collateral
  • Application of the guarantee if the loan is backed by salary guarantee or third party house
  • Marital certificate of the borrower from concerned body
  • Letter of commitment from employer of the guarantee stating salary, terms of employment, years left for retirement, free from any commitment and etc (if the loan is backed by salary guarantee)
  • Letter of commitment from employer of the borrower
  • Certificate of marital status of the guarantee
  • Insurance policy, if applicable

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