Surety Loan & Salary Earners Loan

Surety loans and salary earners loans are personal loans designed to provide financial assistance to individuals. However, they differ in their requirements and terms.

Surety Loan

A surety loan is a loan where a third party (the surety) guarantees to repay the loan if the borrower defaults. This means the surety assumes financial responsibility for the loan.

Key Features:

• Guarantor: Requires a reliable individual or entity to act as a guarantor.
• Eligibility: Often based on the guarantor's financial standing.
• Loan Amounts: Can be relatively high, depending on the guarantor's creditworthiness.

Salary Earners Loan

A salary earners loan is a loan specifically tailored for individuals who have a regular income from employment. The lender typically requires proof of employment and income to assess the borrower's ability to repay.

Key Features:

• Income Requirement: Based on the borrower's regular income.
• Loan Amounts: Generally lower than surety loans.
• Repayment: Often deducted directly from the borrower's salary.

Interest Rate - 18%