TSC Salary Advance Loan New Updates. The Teachers Service Commission (TSC) Salary advance is normally a short-term loan which is given to teachers who are employees of the Teachers Service Commission .
The loan given to the teacher is meant to help them meet their emergency financial demands as they wait for their next salary pay at the end of the month.
Teachers taking this loan must understand that salary advance loan amount is calculated based on the teacher’s monthly salary and the money is meant to be repaid within a specified period.
In most cases the loan is repaid Within a period of 1 month to 12 months.
Understanding how TSC Salary Advance Works
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
Inorder to be award this loan , one has to to be a registered teacher and employed under the Teachers Service Commission.
As a result ,your details are connected to bank or Sacco where your TSC salary is deposited and an assessment is done to determine your eligibility to get the money.
Salary advance Loan Amount
It is important to not that all teachers are not given same loan limits.
The salary advance loan amount one can receive will depend on your salary and the bank’s or Sacco’s policy.
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.
For purposes of clearing the loan, monthly repayment amount is normally deducted from your salary before your real earning salary fir that month deposited into your account.
TSC Salary Advance Loan New Updates
Loan Interest Rates
This is an important part where a teacher must understand that interest rates for a TSC Salary Advance normally varies depending on the bank or Sacco where they took their loan .
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.
There are other banks that may require one to make a physical appearance and make a written application for a loan.
Since this money is issued as a loan which requires repayment, it is important to use the loan productively.
TSC Salary Advance Loan New Updates