Check Off Loans
Fast. Reliable. Secure through payroll deductions.
What is a Check-Off Loan?
Check-Off Loans are salary-based loans made available to employees whose employers have an agreement (MOU) with Elite Wallet Limited. The repayments are automatically deducted from the employee’s salary and remitted to Elite Wallet, ensuring convenience, predictability, and minimal risk of late payments.
Who Qualifies?
To be eligible for a Check-Off Loan from Elite Wallet Limited, you must meet the following criteria:
Be a permanent employee of a government, public service, or private / corporate employer that has an MOU with Elite Wallet.
Have worked at your current employer for at least 12 months, and not be under probation or disciplinary action.
Provide latest payslips (usually 1–3 months).
Provide valid identification documents (e.g. Kenyan National ID or Passport).
Employer consent or approval for payroll deductions.
Key Features & Benefits
| Benefit | Description |
|---|---|
| Convenience | No manual repayment; deductions are done via payroll. |
| Competitive Rates | Lower interest rates compared to unsecured consumer loans. |
| Transparency | Clear terms—interest rate, fees, repayment schedule—shared upfront. |
| Affordability | The “1/3 rule” applied—total deductions (loan + other statutory / contractual ones) should not exceed one-third of the net salary. |
| Flexible Loan Amounts | Amounts adjusted based on salary, employer consent, and affordability. |
| Flexible Repayment Terms | Depending on amount borrowed; periods could run from a few months up to several years. |
Loan Limits & Terms
Here’s a sample structure (subject to employer MOU, salary, risk assessment):
Loan Amount: From KES 10,000 up to KES 2,000,000 (or more depending on salary and employer agreement).
Repayment Period: 3 months – 72 months (1 to 6 years), depending on loan size.
Interest Rate: Competitive, reducing balance method. (Exact rate depends on employer risk profile and loan term.)
Processing Time: Typically 24-48 hours once all documents are submitted and employer MOU is in place.
Costs & Fees
Interest: Charged monthly on reducing balance.
Processing / Administration Fee: One-off fee to initiate the loan.
Insurance / Credit Life (optional or required depending on employer policy): Covers outstanding loan in case of death or permanent disability.
Early Repayment: Allowed without heavy penalties; you only pay interest up to the date of repayment.
Repayment & Deductions
Repayment is via automatic payroll deduction. This ensures timely payments and avoids missed dues.
Total deductions (loan repayment + other deductions) will not exceed one-third of net salary, to protect you from over-indebtedness.
Transparent statements are provided monthly, showing principal paid, interest, outstanding balance.
How to Apply
Check employer eligibility: Confirm your employer has a signed MOU with Elite Wallet.
Submit application: Fill out the online/physical application form, attach required documents (ID, payslips, employer approval).
Verification: We review your documents, confirm employer agreement, assess affordability.
Approval & disbursement: Once approved, funds are disbursed (via bank, Mpesa, or your preferred method) within 24-48 hours.
Repayment begins: Payroll deductions start in the next salary cycle.
Important Notes & Responsible Borrowing
Borrow only what you can repay; take into account other fixed deductions (tax, insurance, SACCO, etc.).
Late payments (if any issue with declaration or payroll) may attract penalties or default charges.
Keep your contact details up to date so we can reach you regarding your account.
Read and understand all terms, interest rates, fees before signing.
FAQs
Q: Can I take a Check-Off Loan if my employer does not have an MOU with Elite Wallet?
A: No. For payroll deduction to work legally and properly, an MOU with your employer is needed.
Q: What is the “one-third rule”?
A: It means that all deductions from your salary (loan repayments + statutory/contractual obligations) should not exceed one-third of your net salary, to ensure you still have enough for living expenses.
Q: What happens if I change jobs?
A: Repayment responsibilities remain. If moving to a new employer, you’ll need that employer to agree to continue deductions or arrange alternate repayment.
Q: Can I repay early?
A: Yes, you may settle your loan earlier than scheduled and save on interest; there are no steep penalties for early repayment.
Why Choose Elite Wallet Limited for Your Check-Off Loan?
We are committed to customer-friendly service and transparent pricing.
Quick turnaround—fast approvals and disbursements once everything is in order.
Strong compliance with Kenyan regulations and best practices in lending.
Supportive loan officers to guide you through application and repayment.