Affordability Wahala: Your Loan Could be Cancelled if This Happens
Affordability Wahala: Your Loan Could be Cancelled if This Happens
Before taking any loan or making deductions from your salary, it’s important to know the rules. According to policy, loans or deductions from your salary must not exceed 40% of your total earnings. This 40% limit is called affordability.
However, some workers have found a way to bypass this limit. They first present a clean salary slip to the bank to take out a loan. Immediately after, they head to their union or institution for another loan, effectively increasing deductions to 80%. If the process backfires, they find themselves in a financial mess.
Unfortunately, recent changes in the Controller and Accountant General’s Department (CAGD) portal have created some complications. Affordability figures, which were stable in the past, now fluctuate without prior notice. This could significantly affect your loan application.
If you check your affordability at the beginning of the month and it looks high enough to qualify for a loan, it’s important to reconfirm later in the month. Even pray it remains stable by the time your loan application is processed!
Loan applications are now facing delays, and here’s why:
- If your institution notices a low affordability figure, they might push your loan processing to the next month to reassess your affordability before approving or rejecting the request.
- In some cases, loan requests are immediately cancelled due to affordability issues, forcing workers to reapply.
While some of these discrepancies are beyond your control, it’s crucial to double-check your affordability status on the day you plan to apply for a loan to ensure you’re within the limit.
Institutions and unions should also verify the actual affordability from the relevant authorities before cancelling or processing loans.
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