Insufficient funds typically make individuals apply for one loan or another. As such, getting a loan for your needs makes perfect sense. That is why people go for a personal loan, business loan, or even a consolidation loan. Customers can get loans from Advans Ghana in different forms. However, they limit these loans to Ghanaian businesses, such as; individual entrepreneurs, sole proprietors, partnerships, and limited liability companies. About Advans Savings and Loans, their general requirements, eligibility, how to apply, etc are all-inclusive in this article.
About Advans Savings and Loans
The Advans Group is an international microfinance group. Currently, they are serving clients in nine countries including Cambodia, Cameroon, Ghana, the Democratic Republic of Congo, Côte d’Ivoire, Pakistan, Nigeria, Tunisia and Myanmar. They established Advans in 2005.
Thereafter, they founded Advans Ghana Savings and Loans Ltd in 2007. They also know Advans Savings and Loans as “Advans Ghana.” They provide financial services to micro, small, and medium enterprises (MSMEs) which have limited or no access to formal banking services.
What are the General loan requirements for Advans Ghana loans?
There are loan requirements borrowers must provide the lenders before they can get a loan. These requirements provide the lenders with important information about the borrowers, and Advans Ghana also requires that from clients.
The following are their general loan requirements:
- Pictures (of passport size)
- A valid national photo ID (Voters, driver’s license, NHIS or passport)
- Proof of tax payment
- They could also need your business registration documents.
Who is eligible for the Advans Ghana loans?
Only the individuals who are eligible for a loan package can apply. The Advans Ghana loans are not an exception. Ghanaian businesses such as individual entrepreneurs, sole proprietors, partnerships and limited liability companies are eligible for the Advans Ghana loans.
How can I apply for Advans loans?
To qualify for a loan, you must apply for it. Especially if you think the loan is adequate to meet your needs.
To get the Advans Ghana loans, you can;
- Apply online: You can apply through their website. Put your personal details and follow the prompts.
- Visit their nearby office: you can visit any Advans Ghana office near you and request a loan.
How fast can I get Advans Savings and loans?
Your need for the loan could be urgent, and how quickly you receive it becomes a top priority. You can get the Advans loans within 7 days if you provide all the documents timely.
What is the repayment term for Advans Savings and Loans Ghana?
With the flexible repayment plan, you can repay the loans within 12-36 months. With this term, you can also enjoy comprehensive insurance coverage.
What Loan products do Advans Ghana offer?
Advans Group in Ghana offers various loan products to borrowers. They offer a wide range of loan products to suit various purposes and people with various personal needs.
The following are their loan products:
- Individual loans
They designed this loan type to assist small and micro-business owners in financing their asset acquisitions and business expansion.
The individual loans have some key characteristics and they are:
- Competitive interest rate
- Monthly repayment plan
- No compulsory deposit before loan application
- Flexible collateral requirement.
- SME Loans
This type of loan helps to finance the asset acquisition and expansion needs of medium-sized businesses.
The characteristics of SME loans are:
- The interest rate is competitive
- There are no prior savings
- They tailor the repayment plan
- It has lower processing fees
- The loan duration is from 4 to 24 months.
- Group Loans
A group of three (3) to six (6) members can get this type of loan. Especially if they are micro-business owners and want to expand the scale of their activities.
The group loans have the following characteristics:
- Competitive interest rate
- No prior savings before the loan application
- Monthly repayment plan
- The loan duration is from 3 to 12 months.
- Guarantor Smart Loans
This loan is available specifically for entrepreneurs who are guarantors to a current facility (which must be in good standing). They also consider the guarantors’ overall level of indebtedness, which must remain under the limit they allow.
What are the benefits of Advans Savings and Loans Ghana?
Advans Savings and Loans Ghana has some benefits borrowers can get for using their services.
The following are their benefits:
- All their loan clients or borrowers benefit from Obrapa Insurance coverage. This depends on the outstanding loan balance, just in case of death. Or permanent disability, hospitalization, or destruction of productive assets through fire, or natural disaster.
- Besides that, the insurance cover brings benefits for the borrowers or their beneficiaries in case of death or destruction of assets.
- If the borrower’s spouse registers, they give a benefit to the borrower. Just in case of the spouse’s death.
What are the contact details of Advans Savings and Loans Ghana
The contact details of financial institutions will help you make complaints and get further inquiries regarding any of their packages.
The following are the contact details of Advans Savings and Loans Ghana:
- Address: P.O. Box AN11426, Accra North Accra, GHANA
- Phone number: +233–26565 4771
- Fax: +233 – +233 – 302 24 7867
- Email: info@advansghana.com
- Website address: https://www.advansghana.com
Conclusions
It is important to consider the overall benefits of each lender before you make your choice. With these benefits, you can choose the best lender for you. Advans Savings and Loans benefits borrowers through Obrapa Insurance. With the above information, you can clearly see that there are few or no other lenders offering such in Ghana. Although offering various loan packages for their borrowers (individual, group, etc) is top-notch, the bank still meets their needs to the fullest.