Staff Loans
STAFF LOANS OVERVIEW
Al QASR is providing Pre-Approved Short-Term Unsecured Emergency loans mainly after entering into an MOU with your employer. Once the loan is approved, you will get an SMS/ Whatsapp message from Al Qasr specifying the loan limit approved with a link to download the payment through MPESA. You will be required to activate your account first on our website by entering your ID no. and mobile no. and other details. Other than that, no questions are asked and no security is required. There is also no paper work as terms and conditions are in the online Web-App itself and the borrower is required to accept the same to avail a loan.
For young professionals who have just begun their careers, making ends meet can get difficult at times especially in today’s sky-rocketing cost of living.
While lifestyle choices can be adjusted to fit a budget, fixed rents, emergencies and special occasions such anniversaries or birthdays cannot be subject to compromises.
Al Qasr Salary Advance Loans. This is a short term loan that you can use for whatever financial need you may have to settle your bills or pay any outstanding debts before the situation gets any worse.
Maximum loan amount is kshs.500,000
What are the requirements for a staff loan?
- Duly signed application form
- Certified true copy of original ID
- Copy of KRA PIN certificate
- Three months pay slips (for salaried employees only)
- Six months certified bank statements
- Two passport photos
- Post dated cheques for the duration of loan
- Employment card (for salaried employees only)
- Employment contract (for salaried employees only)
- Memorandum Of Understanding with your employer where necessary
What is the loan term?
- Repayment period ranges from one (1) to twelve (12) months
Apply For A Staff Salary Advance Loan Now
Staff Loan FAQS
General Loans FAQS
What are the requirements for getting approved for an AL QASR loan?
Al Qasr Investments is providing Pre-Approved Short-Term Unsecured Emergency loans mainly after entering into an MOU with your employer. Once the loan is approved, you will get an email or SMS from Al Qasr Investments specifying the loan limit approved. You will be required to confirm the loan approval on your account by entering your ID no. and mobile no. There will be no other questions are asked and no security is required. There is also no paper work as terms and conditions are in the WebApp. You will need to accept the terms and conditions in order to acquire a loan.
What are the loan periods and the applicable interest rates?
Unsecured Loans
- 7 days loan — 4% flat
- 15 days loan– 6% flat
- 30 days loan– 8% flat
- Secured Loans 5% flat
What is the processing fee and any hidden charges?.
We do not charge any processing fee and there are no hidden charges. Apart from interest, we only charge Ksh 50 as MPesa charges for disbursement.
How do I receive the loan proceeds?
The loan amount minus interest and MPesa charges are credited to your MPesa account.
What are the loan limits and what is the basis of the limits?
Currently, we offer minimum loan limit of Ksh 5000 and maximum loan limit of Ksh 30,000. These limits are based on your net salary. However, you can avail a minimum loan of Ksh 1000 within your limit.
Can I have multiple loans within my loan limit?
No. Once you have availed a loan, it needs to be repaid to avail another loan.
What is the time gap for availing another loan after I have cleared my earlier loan?
The loan balance is updated immediately you repay your loan and within seconds, you become eligible for another loan within your loan limit.
Can I access the loan without a smart phone?
In addition to the Al Qasr Investments WEBApp, the loans can be accessed by calling our office line.
How do I repay my loan?
You can repay your loan by tapping Repay Loan Icon on our WEBApp’s Home screen or through our USSD by dialling *483*93#. Safaricom MPesa screen will appear in our WEBApp and USSD for you to enter your MPesa password and repay the loan.
Can I prepay my loan?
Yes. If you avail a loan for a period of 30 days and repay within 7 days or 15 days, you shall be charged interest rate for the period you have used the loan and excess interest shall be refunded to you.
Can I repay loan on behalf of another person?
Yes, you can. You need to go to your Safaricom MPesa, tap LIPA NA MPESA and then fill as under: – Paybill no. ______ Account no. Mobile no. of the person you are paying for Amount Ksh you want to pay
Can I repay the loan partially?
Yes, the loan can be repaid partially also. The minimum amount of loan repayment accepted is Kshs 500.
What happens if I am not able to repay my loan at all or able to repay partially by the due date?
If you are not able to repay the loan within the stipulated time, there is a provision for one-time automatic roll over of the outstandings with a nominal penalty of 2% over the prevailing rate for another tenure i.e. 7 days loan will be extended for another 7 days, 15 days loan will be extended for another 15 days and 30 days loan for another 30 days. If you repay the outstandings within the roll over period, you are considered a good borrower and become eligible for another loan immediately on repayment of the outstandings.
What happens if I am not able to repay the loan even within the rolled over period?
In that case, the loan is considered as a Default and appropriate recovery proceedings will be initiated by the company.
