Have you ever thought of car loans for government workers in Ghana? This article bears the answer you need. There are many loans are available in Ghana from various financial firms. Therefore, car loans, mortgage loans, business loans, and educational loans are just a few of the loans available.
In this article, we’ll look at car loans for Ghanaian government employees. Of course, employees in the public sector are known as government workers. These government workers can get loan offers from banks in Ghana like GCB. So, some employees apply for car loans from several institutions that offer such services. Now, let’s have a look at some banks in Ghana that provide automobile loans to government employees.
What are the car loans for government workers in Ghana?
There are car loans they designed for government workers in Ghana. They are:
1. Societe Generale CAGD Loans
Who can apply for the Societe Generale CAGD loans?
They designed this loan offer for teachers, nurses, doctors, laboratory scientists and technicians, and other health care workers. Also, civil servants in various ministries, departments, agencies, local government employees, and all other government employees can apply.
How does the Societe Generale CAGD loan work?
This loan offer works specifically that’s beneficial for the people who can apply. It works in the following ways:
- The CAGD loan facility is available to any government employee with sufficient income who does not yet have a salary account.
- You can get the loan facility for 90% of the affordability.
- The loan will cover general expenses, household purchases, the start or continuation of various projects, and other personal expenses.
- The customer completes a loan application form and the CAGD loan input forms and submits them to an SG Bank Officer for processing.
- The loan is disbursed and transferred to the borrower’s personal account.
What is the loan duration of Societe Generale CAGD loans?
It’s cool to know the duration of any loan before you get it. This loan has a flexible repayment duration which is up to a maximum tenor of 5 years.
What are the benefits of the Societe Generale CAGD loans?
This loan has some benefits which include:
- An extremely low interest rate
- Repayment terms that are flexible
- The loan amount is determined by your financial situation.
- Refinancing of higher-cost loans from other lenders
- Service in the privacy of your own office.
2. UBA Flexi Loans For Government Workers
The UBA Flexi Loan offers flexible repayment terms and can be got in as little as 48 hours. All UBA account holders and non-account holders can use the service as long as they pay their salary through the Controller and Accountant General’s Department.
Individual limits for this program are GH₵140,000 for clients without provident funds and GH₵275,000 for applicants with provident funds. Flexi Loan has a 36-month repayment schedule for clients who do not have provident funds. Besides that, it also has a 60-month repayment period for customers who have provident funds and do not demand collateral.
Customers who already have loans with UBA or other financial institutions can get a takeover, top-up, or restructuring for larger loan amounts, longer repayment periods, and lower interest rates.
Note: You can use this loan to purchase a new, used car to help you attain your goal.
This article has shown you some of the car loans for government workers. So, as a government worker who needs a car loan, it’s now left for you to choose the financial institution you prefer. Also, remember that the primary aim of this loan is to help government workers access cash flow to gain cars and repay in the future. However, ensure you repay the loan to avoid being blacklisted by credit bureaus in Ghana.