Financial Institutions

How to get a mortgage loan from First National Bank Ghana shouldn’t bother you anymore. First National Bank has several mortgage loan products that will serve you the deal that could suit your needs. They designed their mortgage loan products to meet their customers’ varying financial capacities. This article will put you through how to get a mortgage loan from First National Bank Ghana.

About First National Bank Ghana

After acquiring GHL Bank, First National Bank (FNB) has become Ghana’s top mortgage lender. In fact, the bank’s principal business is house finance. According to a survey by Housing Finance Africa, First National Bank is the industry’s key player and market leader, with around 50% of the market share.

What are the Mortgage Products by First National Bank?

Property insurance and about 11 different mortgage products are what First National Bank offers collectively. We break down 5 key ones:

1. Purchase Mortgages (First Time, 100% & Buy-to-Let)

The First Time Purchase mortgage product’s principle is simple: choose your dream property and FN Bank will take care of the rest. The key requirements are that the property be a residence, that you have acceptable proof of ownership, and that you can repay the entire loan amount before your 60th birthday.

With this program, you can get up to 80% of the cost of your dream home (maximum GH₵1.6 million). This entails putting down a 20% security deposit. You have up to 15 years to repay your loan, with dollar loans taking 15 years and cedi loans taking 10 years. This loan also comes with insurance coverage.

The 100% Purchase Mortgage they offer is a significantly different instrument. You don’t have to put down any money and can get complete financing for your dream home. The maximum sum is still GH₵1.6 million. The Buy-to-Let purchase mortgage is another similar product. If you currently own a home and want to buy another to rent it out to renters, then Buy-To-Let Mortgage is for you. Smart investors should take advantage of this opportunity because it’s a terrific method to pay off your mortgage quickly and without stress.

2. Land Purchase Mortgage

Buying a home is wonderful, but sometimes it’s the land that you’re after. This product is for customers who require a loan to purchase serviced residential plots. Once you have land that is served (mapping road network, water, and electricity) and allocated for residential purposes, you can apply for this financing. You have 3–5 years to repay the loan and must make monthly payments equal to no over 40% of your net income.

The maximum loan amount you can get is up to 80% of the value of the land you want to buy. For cedi loans, the minimum loan amount is GH5,000.00, while for dollar loans, the minimum loan amount is $10,000.00. Applicants must be able to repay the loan before their 60th birthday, like with all of FN Bank’s other products. They require a registered indenture or land title certificate.

3. Home Improvement & Completion Mortgages

Existing homeowners can use these products to either finish a dream home that has been stalled while building is underway. Or to renovate and/or upgrade a home that they have completed but needs some work.

They designed the Home Completion Mortgage to assist with the completion of a home that has already begun construction. First National Bank will assist in the purchase of roofing materials, windows, doors, tiles, and other finishing supplies. Debt Burden- Customers shouldn’t spend net income above 40% on debt. Repayment – Customers would make repayment on a monthly basis.

Home Improvement Mortgage, the purpose of the mortgage, however, is to repair or extend an existing home. On both options, you have between 10 and 15 years to repay the debt.They repay loan amounts on a monthly basis and limited to 40% of the beneficiary’s net income.

4. Home Construction Mortgage

The first step in creating your ideal home is to purchase land. If you’re short on cash but have land ready to build on, this loan can help. The terms of this loan are identical to those of the others. You have between 10 & 15 years to pay back; they pay loan back in fixed monthly instalments and it will not be over 40% of your net income.

5. Save-to-Own Mortgage

Mortgages are more difficult to get for self-employed Ghanaians than for salaried workers. The Save-to-Own Mortgage from First National Bank comes to the rescue in this situation. They designed this product for Ghanaians who are self-employed and do not have a consistent source of income or all of the funds required to put down a down payment on a home.

This is more of a goal-setting tool than a mortgage product. It’s like to a typical savings account, but with a clearer goal: to acquire real estate. After making consistent payments for up to 12–24 months, you will be eligible for a mortgage loan. Consider it as the non-salaried worker’s loan qualifiers. Non-salaried homebuyers can use this to take the first steps toward homeownership by addressing it one step at a time.

Equity Release Mortgage, Refinance Mortgage, and Quick Cash are some of the other mortgage products offered by FN Bank. These mortgage programs have interest rates that are around 30% per year. These are the fundamental features of a mortgage.

In order to qualify easily for these things, one must earn an average of GH5,000 each month.

What are the requirements for First National Bank mortgage loans?

There are some requirements that you must meet in order to get a mortgage loan from First National Bank Ghana. They include:

1. A copy of your valid identity document.
2. Get your latest 3 months bank statement.
3. Provide your latest 6 months bank statement if you’re not banking with First National Bank Ghana.
4. If you’re employed, get an introduction letter from your employer.
5. If applicable, get your marriage certificate.
6. The details of the property you want to buy with duly signed ‘Offer to Purchase.’
7. These requirements are for you and your co-applicant wherever it’s applicable.

How can I apply for a First National Bank mortgage loan?

You must apply to access any loan offer. There are things you must do in order to apply for this mortgage loan. They include:

1. From the list of requirements above, you can easily apply for a mortgage loan by emailing complete mortgage forms to ghanahomeloans@firstnationalbank.com.gh

2. You can visit any of their branches in your locality and request a mortgage loan. Their representative will guide you on how to apply.

What are the contact details of First National Bank Ghana?

For more enquiries about any of their products and services, you can reach them through:

1. Telephone: +23 324 243 5050, 0800 770 522
2. Fax Number: +23 324 243 5202
3. Email: info@firstnationalbank.com.gh
4. Head Office Postal Address: First National Bank Ghana Limited PO Box TU23, Accra, Ghana.
5. Physical address: 6th Floor Accra Financial Centre Cnr of Independence and Liberia Ave Ridge Ghana.
6. Digital Address: GA-107-2442.

Conclusion

There is nothing as comforting as coming back home after a tedious day’s work with a peaceful shelter over your head that’s yours. You would have fewer issues to worry about when you compare your privacy with that of people in a shared apartment. Having seen how to get a mortgage loan from First National Bank Ghana, it’s now left for you to decide. You have several mortgage products you can choose from and get your dream house. However, ensure you can always repay any form of loan before getting it as it will improve your credit score. This is because failure to repay your loan would make credit bureaus in Ghana to blacklist you.

Other related articles:

Complete list of mortgage companies in Ghana

How To Get A Home Loan Or Mortgage In Ghana

Mortgage loans – meaning, types, and how to apply

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:

1. Pictures (of passport size)

2. A valid national photo ID (Voters, driver’s license, NHIS or passport)

3. Proof of tax payment

4. 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;

1. Apply online: You can apply through their website. Put your personal details and follow the prompts.
2. 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:

1. 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.

2. 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.

3. 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.

4. 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:

1. 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.

2. Besides that, the insurance cover brings benefits for the borrowers or their beneficiaries in case of death or destruction of assets.

3. 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:

1. Address: P.O. Box AN11426, Accra North Accra, GHANA
2. Phone number: +233–26565 4771
3. Fax: +233 – +233 – 302 24 7867
4. Email: info@advansghana.com
5. 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. 

Other related articles:

How to get a loan from Absa Bank Ghana

ABii National Savings and Loans are some of the financial products ABii National offers its customers. The reality is that many start-up businesses keep springing up. Even individual businesses are not backing off. Because of this, there are slimmer chances of commercial banks meeting the financial needs of these businesses. Consequently, individuals and business owners therefore seek financial help from other financial service providers (other than banks) in Ghana. ABii National Savings and Loans offers many financial services they offer their customers.

As you read along, you’ll learn more about ABii National Savings and Loans, their products, and so on.

About ABii National

They founded ABii National in 2011. It is a savings and Loans Company in Ghana. They licensed them under the Non-Bank Financial Institutions Law, 2008, (Act 774). This law allows them to provide financial services to the public. Therefore, they carry out various financial services, such as; loan disbursement, taking of deposits, etc under the watch of the Bank of Ghana. Besides that, they undertake clearing, direct foreign transfers, and other forms of international trade through their partnering banks.

What are ABii National savings and loan products?

ABii offers various products to its customers. They are:

1. Salary Loan

This loan is available to workers of reputable companies. It has competitive monthly interest rates. Also, it has 1-24 monthly repayments which depend on the salary.

2. ABii Salary Advance

The ABii salary advance is available to salaried workers. So, customers should have a current account. In order to qualify, the salary must pass through the account for at least 3 months. It has competitive monthly interest rates. Also, it has an availability of up to 80% of salary. Borrowers can repay it with one lump sum or spread it over three (3) months.

They can process this product for you within 24 hours upon request.

3. ABii Personal Loan

ABii personal loan is available to non-salaried workers with competitive monthly interest rates. It has a maximum tenure of 24 months. Besides that, they process it within 48 hours upon request. However, it is a collateralized loan.

4. ABii Clearing Advance

It is available to importers with competitive interest rates. It has a 1-6 months tenure and they process it within 48 hours upon request.

5. Working Capital Support Loan

They created this product to support the working capital of businesses. It has competitive interest rates with a tenure of 1-12 months. They process this loan within 48 hours upon request.

6. ABii Church Account

This is a competitive interest-bearing current account for churches. And it is payable on a balance of GH₵20,000 and above. It also bears free cash pick-up for specific volumes on every Sunday and special events.

7. Revolving Loan

This is a collateralized loan. It is available to SMEs with a high stock turnover. It has competitive monthly interest rates with 12 months’ tenure.

Read also: Loans without collateral

8. ABii SME Loan

This is a business loan for SMEs with a high turnover of a minimum of GH₵2million annually. It also has competitive monthly interest rates with 1-12 months tenure. Besides that, they can process the loan within 48 hours upon request.

9. Overdraft

This is a working capital support with competitive interest rates. Specially designed for accounts with good credit turnovers and tenure of 1-12 months.

10.  Asetenapa Account (Personal & Business)

This account accepts a minimum contribution of GH₵5 for individuals and GH₵10 for businesses. It also comes with unlimited withdrawals per month. Besides that, it attracts competitive monthly interest rates. It also has an optional use of a passbook.

11. Call Account

Sweeping account for corporate businesses/SMEs. Very competitive interest rates.

12. Save Account

This account has an initial deposit of GH₵10 with competitive interest rates on account balances. They also calculate their monthly interest payments daily. It has unlimited withdrawals per month.

And optional access to SMS alerts, E-banking, and ATM services.

13. Kiddie Save

They offer savings accounts for children with complimentary benefits for insurance against the death of parents. It has an initial deposit of GH₵20 with a competitive interest rate on account balances, which they calculate daily. 

They target these savings towards the future of the child with one withdrawal per month. It comes with an insurance premium of 1% per month on account balance. And also has optional access to SMS alerts, E-banking, and ATM cards.

14.  Personal Easy Save

This product has a one-year investment tenure which is open to individuals. It has a minimum competitive interest for deposits between GH₵1,000 to GH₵4,999. And it is highly competitive for GH₵5,000 and above.

Moreso, there is an option to roll over the investment at maturity, which allows monthly contributions to the investment. It equally helps to save towards specific projects as the investment must get to its full term of one (1) year. However, you can use the investment to secure loans in ABii.

15.  Work And Pay

With this product, you can access new vehicles for commercial purposes. You’ll have a 20% initial deposit for it with competitive monthly interest rates. It has a tenure of 1-36 months and they can process the loan within 48 hours of request.

16. CAGD Loan

They designed this product for government employees on the Controller and Accountant General Department (CAGD) Payroll. It has a maximum repayment period of 48 months with a competitive interest rate. Besides that, it also has same-day disbursement.

What are the contact details of ABii National

For more inquiries on their products or any other issues, you can contact them through:

1. ABii National Head Office Address: Adjacent Dan’s bar opposite Samsung office, Adabraka.

2. P. O. Box CT 10067, Cantonments, Accra.

3. Telephone number: 233 302-241050 or their Hotline: 233 577-709-000.

Conclusions

The current economic situation the world over makes individuals and businesses face financial needs more often. And taking a loan or any other form of debt in order to keep their businesses up and running makes much sense. Especially when you pick a loan offer from the one ABii National Savings And Loans offer Ghanaians. However, prompt repayment of any loan you get is paramount. This is because late repayment of loans will affect your credit score. Therefore, try as much as possible to improve your credit score. Besides that, your poor credit record from credit bureaus could make lenders deny you a loan in the future.

If you wonder how to get a loan from Consolidated Bank Ghana, this article will put you through it. Consolidated Bank Ghana offers some loan products to its customers. This is because it is typical for people to have financial responsibilities that they must meet. Therefore, offering these loan products is a way of serving the best interest of its customers.

As you read along, you’ll learn more about the loan products they offer, benefits, features and requirements.

About CBG Bank

The Bank of Ghana has licensed Consolidated Bank Ghana Limited (CBG) as a Ghanaian Universal Bank under the Specialized Deposit-Taking Institutions Act of 2016. (Act 930). So, on August 1, 2018, the Bank began operations. The Bank has 114 branches spread across Ghana’s 13 districts, with its corporate headquarters in Accra.

What are the loan products of Consolidated Bank Ghana?

It offers several loans/ credit services to its customers. They include:

1. Dreamlife (Consumer Asset Finance)

You can get what you need from any of their partner suppliers at the showroom pricing and pay over 12 months with Dreamlife. There are no hidden fees or levies, and there is no interest! Customers who get their salary through a CBG current account are only eligible.

What are the benefits of Dreamlife loans?

The following are the benefits of Dreamlife loans:

1. It has a 0% interest rate.
2. There’re no fees or charges for early payoff.
3. It has easy access to loans for qualifying applications.

What are the features of Dreamlife loans?

It comes with the following features:

1. It has a 45% monthly salary repayment amount.
2. Has up to 12 months’ repayment period.
3. You can access up to GH₵100,000.00

What are the requirements for Dreamlife loans?

The following are the requirements you will provide:

1. The loan application form you have completed.
2. A valid identification card they accept nationally. Such as a driver’s license, voter ID, national ID or passport.
3. Last 3 months payslips (proof of income)
4. Passport photograph.
5. Your proof of employment also gets a letter of undertaking from your employer.
6. Get 3 months’ salary credit from the Consolidated Bank Ghana bank statement.
7. Show 6 months’ bank statements from the other bank. For customers who wish to apply after getting their first salary payment through the CBG salary account.
8. Provide an invoice from your vendor.

2. Persa loans (Personal salary loans

Individual salary workers who get their income in the CBG current account can use the persa loans to get funding for their immediate needs.

What are the benefits of persa loans?

The benefits that come with this loan offer include:

1. For qualifying applications, there’s easy access to loans.
2. It has competitive interest rates
3. There’s no charge for an early payoff

What are the features of persa loans?

The features it comes with include:

1. Access to loans of up to GH₵250,000.00
2. You’ll have up to a 48-month repayment period.
3. It has a 45% monthly salary repayment amount.

What are the requirements for persa loans?

To get this loan, you must meet the following requirements:

1. The loan application form you have completed.
2. A valid identification card they accept nationally. Such as a driver’s license, voter ID, national ID or passport.
3. Last 3 months payslips (proof of income)
4. Passport photograph.
5. Your proof of employment also gets a letter of undertaking from your employer.
6. Get 3 months’ salary credit from the Consolidated Bank Ghana bank statement.
7. Show 6 months’ bank statements from the other bank. For customers who wish to apply after getting their first salary payment through the CBG salary account.

3. Corporate Employee Scheme Loan

This type of loan offers employees of reputable organisations the opportunity to finance their dreams.

What are the benefits of corporate scheme loans?

The following are the benefits of corporate scheme loans:

1. It has competitive interest rates
2. It has a 0% interest rate for Dreamlife loans.
3. There’s no charge for an early payoff.
4. It has easy access to loans for qualifying applications.

What are the features of corporate scheme loans?

The features of corporate scheme loans include:

1. You’ll have up to a 48-month repayment period.
2. It has a 45% monthly salary repayment amount.
3. Has up to 12 months repayment period for Dreamlife loans.
4. Access to loans of up to GH₵250,000.00
5. You can access up to GH₵100,000.00 for Dreamlife loans.

What are the requirements for corporate scheme loans?

For any loan type, you must meet some requirements. However, corporate scheme loans are not an exception. The requirements include:

1. The loan application form you have completed.
2. A valid identification card they accept nationally. Such as a driver’s license, voter ID, national ID or passport.
3. Last 3 months payslips (proof of income)
4. Passport photograph.
5. Get a complete company profile.
6. Get a complete agreement document between the bank and the employer.

4. Cash-Backed Facilities

With CBG, you can secure your loan with cash or near-cash assets. However, the credit facilities available under this product are term loans and overdrafts for individuals.

What are the benefits of Cash-Backed Facilities?

The following are the benefits it comes with:

1. It has competitive interest rates
2. There’s no charge for an early payoff.
3. It has easy access to loans for qualifying applications.

What are the features of Cash-Backed Facilities?

Cash-Backed Facilities have some features which include:

1. It covers near cash or cash as security.
2. It has a flexible repayment term.
3. The maximum loan duration is 48 months for term loans and 12 months for overdrafts.

What are the requirements of Cash-Backed Facilities?

The following are the requirements you must meet to get it:

1. The loan application form you have completed.
2. Successful performance of customer due diligence. Verification of the source of the funds.
3. Lien letter with a right of set-off.
4. Signed accepted facilities letter.

What are the deposit accounts Consolidated Bank Ghana offer?

Besides the loan products Consolidated Bank Ghana offers, there are various deposit accounts they offer. They are:

1. Classic Current Account
2. Flex Plus Account (F-Plus)
3. Flex Current (classic and gold) 
4. Priority Current 
5. Priority Black 
6. Classic Savings Account 
7. 1st Account 
8. Yolo Account 
9. Mane Me Account
10. Platinum Investment Account

What are the contact details of Consolidated Bank Ghana?

For more enquiries, you can contact them at their:

1. Street address: South Liberation Link Manet Tower 3, Airport.
2. Postal Address: P.O. Box CT 363, Cantonment Accra, Ghana.
3. Telephone: 0302216000
4. Toll-Free Lines: Vodafone 0800110055
5. Email Address: talktous@cbg.com.gh

Read also: How to get a loan from Stanbic IBTC bank

Conclusion

Consolidated Bank Ghana offers the loan products above to help its customers meet their financial obligations. Besides that, they also provided the features and requirements for those loan products. Therefore, you can easily apply for those loans once you meet their loan requirements. However, as a borrower, before accepting any loan offer, ensure you can easily repay them. Otherwise, your financial situation (credit score) could become worse than it was. Also remember to consider other loan alternatives, such as getting financial support from credit unions. Besides that, financial help from your family and friends could come in handy.

CalBank offers different loan products that Ghanaians can apply for. To get a loan from CalBank, you must be eligible and apply.

Discover how to apply for CalBank loans, the requirements, and the application steps

How to get a Loan from CalBank

To get a loan from CalBank, you must ensure that you meet the various requirements for the loan.

You can call CalBank on 0800500500 for guidance on obtaining a loan from them.

CalBank Loan Products and Requirements

Calbank offers several loan products to its customers. They include:

1. CalBank Auto Loan

This loan allows CalBank’s customers to get any automobile they choose. Purchasing a dream car may be both time-consuming and difficult.

People who have a job can buy a Vehicle with Auto Loan.

What is the eligibility for CalBank Auto Loan?

The eligibility for a CalBank Auto loan includes:

1. Minimum Salary: GHS 500.00.
2. Age: 18 to 53 years.
3. Employment Records: they have employed you for about 6 months or at the discretion of the credit manager.
4. Account History: They will need six (6) months of Bank statements from clients with account relationships with other Banks.
5. They shall update clients on monthly loan repayment via our CalBank Alert.

Related: Car loans in Ghana

What are the requirements of CalBank Auto Loan?

The following are the requirements of CalBank Auto loan:

1. Get a valid National ID; Passport, Drivers’ License, voter’s ID card, ECOWAS card, SSNIT card.
2. One (1) recent passport-size picture.
3. Proof of Residential Address; introduction by a current A/C holder of any bank, location verification, or utility bill.
4. You must make an initial deposit of GH₵500.00.
5. To earn interest, you should have a minimum balance of GH₵500.00.

2. Government Employee Loan

This loan package was created to meet the financing needs of government employees. It is simple and convenient, and it is unnecessary to have an account to use it.

What is the eligibility for the Government Employee Loan?

The following is the eligibility criteria for the Government Employee Loan:

1. You must have a minimum facility limit of GH₵2,000.00
2. Also, it has a maximum facility limit of GH₵100,000.00
3. The target market is government employees on Accountant General’s payroll
4. Source of repayment: Client’s salary

What are the requirements for the Government Employee Loan?

There are some requirements you must meet before you can access this loan. They include:

1. A completed Application Form
2. One Passport Size Picture
3. Proof of Address
4. Get your personal identification; passport, driver’s license, voter’s ID card
5. An introductory letter from your employer
6. A copy of your 3 previous months’ pay slips.

3. CalBank Mortgage Loan

CalBank Mortgage assists people in purchasing homes. Because of this, eligible consumers can get loans to buy the homes of their dreams. Clients can also use it to complete a home, improve a home, or release equity.

What are the eligibility criteria for CalBank Mortgage Loan?

The eligibility for CalBank Mortgage Loan includes:

1. As an income earner, you must be 21 to 55 years old.

What are the requirements for CalBank Mortgage Loan?

The following are the requirements for CalBank Mortgage Loan:

1. Get a CalBank Mortgage Application that is complete and signed.
2. Get an offer letter from a real estate developer or vendor for a home purchase mortgage.
3. Identification:
   • 1 Passport Size Photograph i.e. 1 each for joint Applicants.
   • A power of attorney for non-resident Ghanaians, NRG. A notary public must witness it.
   • Provide a valid national identification card which could be; a voter’s card, national ID, International passport, or driver’s licence.
4. Income verification:
   • Get a confirmation of your income and employment from your employers.
   • Provide the latest six (6) months’ salary slips/pay, which shows all deductions.
   • For self-employed applicants: Recent 3 years certified audited accounts or recent 3 years copies of your income tax returns for NRG.
   • For self-employed applicants: Provide your business profile, registration and certificate to start a business. 
   • Your bank statements.

Related: How To Get A Home Loan Or Mortgage In Ghana

Other requirements include:

1. Credit History:
   • Your credit report from a recognized credit bureau or credit reporting agency for NRG.
   • Your bank statements for at least six months.
2. Down Payment:
   • Make a minimum deposit or down payment for the Home Purchase Mortgage Loan.
3. Other Documents:
   • The Valuers CalBank recommends will create a valuation report for Home Equity Release Mortgage, Home Completion Mortgage, or if buying from a private vendor.
   • Proof that a developer has registered title to the property.
   • Show evidence that the developer has taken insurance for work in progress.
   • You will clear land title documents with copies of the site plan.
   • If you are a foreigner, attach a contract, work permit, and resident permit.
4. Pre-Disbursement Conditions:
   • The developer will get cheques directly.
   • The bank will write to the developer and arrange for a document swap on the spot with direct payment.
   • Proof of a life insurance policy with the bank as the loss payee.
5. Post Disbursement Conditions:
   • Insure the property with a bank they noted as a loss payee.
   • Provide ground rent and property rate
6. Security:
   • Place a mortgage on the property you will purchase.
   • Personal guarantee of the applicant.
7. CalBank’s designated valuers include:
   • Valuation and Appraisal Consult
   • Assenta Properties
   • Valuation and Investment Associates

Read also: Complete list of mortgage companies in Ghana

4. CalBank Salary Advance

CalBank Salary Advance Credit (Salary Advance) is a rapid service that allows salaried workers who get their paychecks from CalBank. Besides that, it helps them to fulfill their immediate needs by borrowing up to 80% of their next net monthly salary before they receive them. Permanent employees of reputable organizations who have CalBank PLC paid for over three (3) months are eligible to use the service.

What are the features of CalBank Salary Advance?

The following are the features of CalBank Salary Advance:

1. Repayment period: Up to 30 days.
2. Security: Assignment of salary and allowances with the applicant’s personal guarantee.
3. Pricing: 2.00% per month
4. They disburse funds timely.
5. There are flexible terms of repayment.
6. They update clients on monthly loan repayment through their CalBank Alert.

What is the eligibility for CalBank Salary Advance?

The following is the eligibility for CalBank Salary Advance:

1. You must be a salaried worker receiving your salary at the bank for three (3) months or beyond.
2. The age limit is 18 to 59 years.
3. Employment Records: Your employer should endorse your request.

What are the requirements for CalBank Salary Advance?

Requirements you need to meet in order to get this offer include:

1. Account Relationship: To access the facility, you must be an account holder.
2. You must complete and submit the Salary Advance Application form.
3. Come along with one (1) current passport-size photograph.
4. Get a copy of a valid national photo ID card.

5. CalBank Universal Motors Auto Loan

This product helps to allow both existing and new clients to get cash. Besides that, they can top up their funds for the purchase of brand-new VW vehicles built locally. Permanent employees of respected organizations who have worked for at least three (3) months are eligible to use the facility.

What is the eligibility for a CalBank Universal Motors Auto Loan?

The following is the eligibility for the CalBank Universal Motors Auto Loan:

1. You should be a salaried worker who has been in employment for three (3) months or beyond.
2. Age Limit: 18 to 59 years.
3. Employment Records: Your employer should endorse your request.

What are the requirements for CalBank Universal Motors Auto Loan?

The requirements to meet in order to access this offer include:

1. One Passport Picture
2. Proof of Address- Utility Bill/Tenancy Agreement
3. Personal Identification-Passport/Voter’s ID Card/Driver’s License
4. Introductory Letter from Employers
5. Current Pay Slip (3 months most recent)
6. For non-CalBank customers: Get your six-month bank statements highlighting your monthly salaries.
7. As a CalBank customer, get a company undertaking to channel salaries through the account.
8. For non-CalBank customers: As an employee, when you resign or they end your work. The company will deduct repayment at the source and notify the Bank.
9. There should be a pro forma invoice from the vendor.
10. The bank will provide a personal disclosure form of the individual/ client.
11. Provide the ID cards of your referees.

6. CalBank Ecofridges Consumer Loan

They created this program to allow salaried people to purchase household appliances from recognized vendors. This typically includes air conditioners and refrigerators. Besides that, it also involves payment on a flexible timetable. They would make funds available to the public under the ECOFRIDGES Ghana program. However, this typically focuses on salaried workers, to purchase energy-efficient air conditioners and refrigerators.

What is the eligibility for CalBank Ecofridges Consumer Loan?

The following is the eligibility for CalBank Ecofridges Consumer Loan:

1. Except for professions who retire beyond 60 years. The age to qualify is 18 to 59.
2. Employment type- you must be a salaried worker.
3. Business- you should be a bank account holder who has maintained an acceptable bank account for the previous 12 months.

What are the requirements for CalBank Ecofridges Consumer Loan?

In order to access this loan you must the following requirements:

1. You must submit a complete application from the bank
2. Get a copy of your national ID card.
3. Provide one (1) passport-size photograph
4. Submit a proforma invoice from a vendor they accredited.

Apart from the loan products above, CalBank still offers several business financing services to its customers. They include:

1. CalBank Auto Loan
2. CalBank School Scheme
3. GHACEM Distributor’s Scheme
4. CalBank Import Finance Scheme
5. Fuel Dealer’s Scheme
6. CalBank Retail Overdraft Facility
7. CalBank Church Scheme
8. Working Capital Loan
9. LPO Financing Scheme
10. Pharma Scheme
11. CalBank Sunref Financing Programme

Note: You can visit their website below(in their contact details) to know more about these business financing services they offer their clients.

What are the contact details of CalBank?

For more enquiries you can contact CalBank with:

1. Address:23 Independence Avenue, P.O.Box 14596 Accra, Ghana.
2. Phone: +233302680062, +233302680063, +233302680065, +233302680079 +233800500500
3. Website: https://calbank.net/
4. customercare@calbank.net

Conclusion

Having seen the loan products that CalBank offers its clients. You can now choose the loan product that will best help you meet your financial obligations. Prompt repayment of loans normally improves your credit score. Consequently, credit bureaus in Ghana will have you in their excellent books.

Absa bank Ghana offers a wide range of loan options for various purposes. However, depending on your type of loan, you must meet a variety of features and requirements. Therefore, we would discuss this and every other thing you need to know about Absa bank loans in this article.

About Absa bank Ghana

Absa Group owns the Absa bank, and Absa loans are one service Absa banks offer. The Absa Group owns most of the stakes in banks in Kenya, Ghana, Botswana, Mauritius, Tanzania, the Seychelles, South Africa, Mozambique (Absa and National Bank of Commerce), Uganda and Zambia. Besides that, they also have offices in Namibia, Nigeria, the United Kingdom and the United States. Moreso, the group has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia.

What are the loan products of Absa bank Ghana?

Absa bank Ghana has some loan products it offers to its customers. They include:

1. Absa Direct Personal Loan

This is the loan for you if you’ve had an Absa account for at least 6 months and need an unsecured loan for personal reasons. Therefore, whether you need money for a vacation, education, a car, or even a house, a Direct Loan can help you finance it quickly and easily.

What are the features of Absa direct personal loan?

The following are the features of Absa Direct Personal loan:

1. Employees may borrow up to GH₵220,000.
2. It has a flexible repayment of 12-60 months.
3. It comes with competitive interest rates and fees.
4. They do not require collateral or security to apply for a loan.
5. It has a hassle-free application process and quick approval time
6. With an Absa Direct Loan, you may get affordable loan insurance.
7. Fixed interest rates prevent any rapid hikes.
8. Repayment alternatives that are flexible dependent on your other financial obligations
9. Advanced support to help you better manage your loan.
10. For 6 months, you can get affordable credit life insurance that protects you against death, severe disability, and retrenchment.

What are the requirements of Absa Direct Personal loan?

The following are the requirements for Absa direct personal loan:

1. Provide your national ID card (or passport for non-Ghanaians)
2. Get your latest payslip
3. Get a completed loan application form
4. 6 months’ bank statements (for new customers)

2. Scheme Loan

The Scheme Loan is available to both government and private enterprises, and it allows you to enter an arrangement with Absa to provide company loans to your employees. Besides that, bring banking to an employee’s doorstep, making it handy, simple to schedule, and completely hassle-free.

What are the features of Scheme loan?

The features of this scheme loan include:

1. Employees who have worked for their employer for at least 6 months and receive salary through Absa or another bank are eligible.
2. Employees are eligible for a loan of up to GH₵220,000.
3. Repayment terms range from 6 to 60 months.
4. It provides credit insurance for free.
5. It deducts repayments from employees’ salaries.
6. The loan offers a competitive interest rate and fee.
7. It has an easy approval.
8. You can access the money quickly.
9. You can use the funds for virtually any purpose.
10. They do not need any collateral or security to apply for a loan.
11. The application processes are hassle-free and it also has quick approval times.
12. Fixed interest rates prevent any rapid hikes.
13. Repayment choices that are flexible dependent on other financial obligations.
14. It provides credit life insurance to protect you against death and permanent incapacity.
15. For 6 months, you can get affordable credit life insurance against death, permanent disability, and retrenchment.

What are the requirements for the Scheme loan?

The following are the requirements for Scheme loan:

For Absa account holders:

1. Get your national photo ID card (or passport for non-Ghanaians)
2. Come with a completed loan application form
3. Provide your latest payslip

For Non-Absa account holders:

1. Get your national ID card (or passport for non-Ghanaians)
2. Bring a completed loan application form
3. Provide your most recent bank statements for the last 6 months (certified)

3. Employee Salary Overdraft

Allow the Employee Salary Overdraft to provide you with the security you require. They’ll set a credit limit on your salary account so you may take out additional funds if you need to.

What are the features of Employee Salary Overdraft?

1. You can borrow from GH₵500–GH₵20,000.
2. It has a revolving credit facility with a minimum repayment period of 12 months.
3. It has the flexibility to overdraw up to a set limit.
4. This overdraft can cover cheques which would otherwise bounce.
5. This overdraft limit is available for a year and you’ll repay it on a monthly basis.
6. They refresh the limit after a year, and it becomes available for reuse.
7. It has a fixed interest rate.
8. It has easy approval.
9. You can access your money instantly.
10. There are no waiting times.
11. Quick approval times and no-hassle application processes.
12. Advanced assistance to help you better manage your loan.
13. They provide you with credit life insurance to protect you against death and permanent incapacity.

What are the requirements for Employee Salary Overdraft?

The following are the requirements for Employee Salary Overdraft:

1. Get your national ID card (or passport for non-Ghanaians)
2. Come with a completed overdraft application form
3. Present your latest payslip
4. Provide your bank statements for 6 months (for new-to-bank customers)

4. School Plan

This loan assists parents, guardians, and students at all levels of education in paying their school expenses. Existing and new salaried customers who have been banking with us for at least a month are eligible.

What are the features of the School Plan loan?

The following are the features of the school plan loan:

1. Employees can borrow up to GH₵220,000.
2. It has a monthly repayment over a period of 6 – 60 months.
3. Competitive pricing of 23.5% per annum.
4. Flexible repayments.
5. Fee payments for your dependents or yourself over a period of up to 5 years.
6. Maximum of 72-hour turnaround time to avoid undue delays.
7. Free credit life insurance cover against retrenchment, death and permanent disability.
8. Caps, school sets, Android tablets, and other exciting gifts for children on the School Plan.

What are the requirements for the school plan loan?

For Absa account holders:

1. Get a national photo ID card (or passport for non-Ghanaians)
2. Provide a completed loan application form
3. Show your latest payslip

For Non-Absa account holders:

1. Get your national ID card (or passport for non-Ghanaians)
2. Provide a completed loan application form
3. Come with your most recent bank statements for the last 6 months (certified)

Note: These Absa loan products above are under Absa Personal loans. However, for all these loan products, terms and conditions apply.

5. Home loan

It’s never been quicker, faster, or more convenient to own your ideal house. Whether you’re buying a property, borrowing against one you already own, or upgrading your current home, Absa can assist you.

What are the features of the Home loan?

The following are the features of the Home loan:

1. They provide up to 90% financing for house purchases and up to 70% financing for equity release and home repair projects.
2. The maximum debt service they offer is a maximum ratio of 50%.
3. Depending on your income and the value of the house you are buying, we can lend you up to GH₵5,000,000.
4. They offer a tenor of 5 to 20 years.
5. They provide property and credit life insurance, which covers death, permanent disability, and retrenchment.

What are the requirements for the Home loan?

When applying for a mortgage as a salaried worker or a professional (lawyers, doctors, etc. ), you’ll need the following documents:

1. Current payslip
2. Identity proof (national identification card, valid passport, or valid driver’s license)

They require the following documents when purchasing a home:

1. An offer of sale from a vendor
2. Land title certificate
3. Indenture
4. Deed of assignment
5. Site plan
6. Building permit
7. Ground rent
8. Consent to mortgage for leasehold (if applicable)
9. Sale and purchase agreement

The following documents are necessary for equity release and home improvement:

1. The customer’s land title certificate
2. Indenture
3. Site plan
4. Building permit
5. They do not require a bill of quantity for a loan amount GH₵400,000 and below.

Related article: How To Get A Home Loan Or Mortgage In Ghana

What are the contact details of Absa bank Ghana?

For more enquiries, you can contact Absa bank with the following details:

1. TELEPHONE: +233 (30) 2429150 (network charges apply)
2. Toll free: 0800 222 333 (this is for MTN and Vodafone customers only)
3. EMAIL ADDRESS: service.excellence.GH@absa.africa
4. WHATSAPP: Abby: +233 501 644644

Conclusion

Having seen the loan products, Absa bank offers its customers. Also, having seen their respective features and requirements, you’ll now know how to get a loan from Absa bank Ghana. However, ensure you can repay the loan before you get it. This is because credit bureaus in Ghana will penalize your financial behaviour of non-repayment of loan. Therefore, repay your loan promptly to improve your credit score.

This article contains a list of licensed Commercial Banks in Ghana in 2024. There are various competent banks in Ghana from which you can carry out your financial transactions. Besides that, in your financial downtimes, you can seek financial support as loans from these banks. Some of these loans could be guarantor loans, SME loans, or even start-up loans to start a business. 

In the rest of this article, you’ll see the list of commercial banks in Ghana 2024 and learn a lot more about them.

How many banks are in Ghana?

There are 23 commercial banks in Ghana registered and licensed by the Bank of Ghana to offer banking and financial services. The Bank of Ghana is Ghana’s central monetary authority.

What is the biggest bank in Ghana?

With 14.2 percent of total industry deposits. They used to know GCB Bank Limited as Ghana Commercial Bank. It is the largest bank in Ghana in terms of total operating assets and share of industry deposits. There are also GCB loans for government workers

Which bank has the lowest loan interest rate in Ghana?

Among all the banks in Ghana, you could wonder if there are any of them that have the lowest interest rate. Your thought is not bad because GCB Bank Limited’s base rate is the lowest amongst banks in Ghana.

Which bank in Ghana is good for savings?

Several banks in Ghana are good for savings. However, determining which is best for you could depend on the criteria that are unique to you. Zenith Bank is one of Ghana’s top banks. Also, it does practically all of its business in the country, making it one of the safest places to put your money.

Is there a bank that gives the highest interest in agriculture in Ghana?

NIB and Republic Bank gave the highest interest rates for agriculture, at 34.8 percent and 33.5–34.2 percent, respectively. In the agriculture and industry sectors, NIB and CAL Bank supplied the most expensive loans at rates of 29.5–34.3 percent and 29 percent, respectively.

Which bank gives the highest interest based on fixed account comparison?

Every customer would prefer a bank that offers a higher interest rate than others. Capitec has the best interest-earning potential at 9.25% based on the fixed account comparison. Absa closely follows them with an interest rate of 9%. Nedbank’s rate of 8.16 percent, and FNB’s rate of 8.70%.

The List of Commercial Banks in Ghana 2024

The list of commercial banks in Ghana includes:

1. Absa Bank Ghana Limited
2. Access Bank Ghana Plc
3. Agricultural Development Bank of Ghana
4. Bank of Africa Ghana Limited
5. CalBank Limited
6. Consolidated Bank Ghana Limited
7. Ecobank (Ghana) Limited
8. FBN Bank Ghana Limited
9. Fidelity Bank Ghana Limited
10. First Atlantic Bank Limited
11. First National Bank Ghana
12. GCB Bank Limited
13. Guaranty Trust Bank Ghana Limited
14. National Investment Bank Limited
15. OmniBSIC Bank Ghana Limited
16. Prudential Bank
17. Republic Bank Ghana Limited
18. Société Générale Ghana Limited
19. Stanbic Bank Ghana Limited
20. Standard Chartered Bank Ghana Limited
21. United Bank for Africa Ghana Limited
22. Universal Merchant Bank Limited
23. Zenith Bank (Ghana) Limited.

Banks with Representative Offices Only

The following banks only have representative offices here in Ghana:

1. Bank of Beirut
2. Citibank N.A. Ghana
3. Exim Bank of Korea
4. Ghana International Bank Plc

Conclusion

You will have the idea or probably decide on the bank you could try out for yourself from the above list of commercial banks in Ghana and information about some of them. This list of banks in Ghana is a helpful guide on where to start. Because of this, you could benefit from the interest rate you have always wanted. Alternatively, you could try out Loans in Ghana without collateral and see which works best for you.

How to get a loan from Ecobank in Ghana 2022 should not bother you at all. Ecobank is one of the Ghana banks that provides a diverse range of loans to help people meet their immediate financial needs. Note that with an Ecobank loan, you may get up to 90% of your money. There’s no need for collateral as you can pay it back over 10 years. Besides that, you can get long- and short-term loans.

You can apply for this Ecobank Loan by visiting any of their branches or using the Ecobank Loan USSD code. However, before we go over how, let’s go over the secret of getting Ecobank loans. In the rest of the article, you will know the requirements and types of loans Ecobank offers their customers.

What are the requirements for getting a loan from Ecobank?

You can get a loan quickly, but for those who don’t know how, it’s simple once you know what you need.

Below are the requirements for Ecobank loan:

1. Applicants must have already been banking with Ecobank for up to six months
2. Applicants must provide either a National ID card, international passport, driving License
3. Provide a utility bill

How can I apply for an Ecobank loan?

You can apply for an Ecobank loan in a variety of methods, but to get begin, you must first:

1. Request a loan at any of their locations near you. You can also use the Ecobank branch locator to discover the closest Ecobank branch to your location.
2. You can access Ecobank’s banking system by dialing *326#, which is the Ecobank’s immediate rapid loan code. For other banks, you can check the USSD loan codes in Ghana.

What types of Ecobank Loans can I apply for?

You can apply for a variety of Ecobank loans to help you meet your financial obligations. They are:

1. The Ecobank Auto Loan

Ecobank plc offers an Auto Loan or Asset Acquisition program to their customers. This loan will help you achieve your ambition of owning a new vehicle or generator. They organized this loan to finance up to 90% of the total cost of the asset.

2. The Ecobank Advance Facility Loan

Ecobank can assist you if you find yourself with unforeseen financial needs. This Ecobank Advance Facility loan would allow you to borrow up to 50% of your net monthly pay in a matter of days.

3. Ecobank Cash Backed Loan

Ecobank’s Cash Backed Loan is a pre-approved, low-interest loan that will enable you to access cash without depleting your assets if you have an existing deposit or investments with them.

4. The Ecobank Mortgage Loan 

Whether you’re buying a new house, renovating an existing one, or refinancing your current one. This Ecobank Mortgage Loan is a great way to get started.

5. Ecobank Personal Loan 

The Ecobank Personal Loan is a multi-purpose loan with various repayment options and the ability to access additional cash once you repay the loan.

6. The Ecobank Salary Advance Loan 

This is one of the most popular loans because it allows you to get money quickly in an emergency. Employees of an approved company can borrow up to 40% of their net monthly salary with this loan type. Consequently, as it is a 30-day overdraft loan.

7. The Ecobank Travel Loan 

The Ecobank plc Travel Loan makes it easier to budget for your holiday by providing discounts on airline tickets and hotel accommodations.

What are the contact details of Ecobank?

You can contact Ecobank for more enquiries or report on any problem through:

1. Twitter: @groupecobank.
2. Facebook: drop comments or messages to the Ecobank page.
3. WhatsApp: +234808760 3717.
4. For email complaints: engcontactcentre@ecobank
5. Phone numbers: +2347005000000, +2348003262265.

Read also: How to get an Access Bank PayDay loan in Ghana

Conclusion

Ecobank offers a variety of loan products for individuals and small businesses seeking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Because of this, you can apply for the loan of your choice at any of their locations near you. Having seen the details in this article, how to get a loan from Ecobank in Ghana 2021 should not bother you anymore. However, remember that repayment of your loan is essential to improve your credit score. With that being said, it will also keep you in the good books of credit bureaus in Ghana. Ultimately, it will keep you in a better position to access a loan in the future.

Direct Savings and Loans is a financial institution in Ghana that majors in giving loans to individuals. Financial obligations normally require funds and individuals need funds to meet their financial obligations. Also, this situation doesn’t consider whether an individual is financially buoyant. All it demands is rapt attention to whoever is at its receiving end. But as an individual who needs funds to get things done. What else could you do when you don’t have any other means of getting funds immediately? In this situation, many people get a personal loan, business loan, or travel loan from a notable financial institution. Also, Direct Savings and Loans is at the forefront of providing loan offers to its customers. In the rest of this article, you’ll see all about Direct Savings and Loans, the products and services they offer, etc.

About Direct Savings and Loans

Direct Savings and Loans Ltd is a banking institution in Ghana. Bank of Ghana licensed them to operate in Ghana. They operated as Express Capital Microfinance Ltd until 6th June 2017. Thereafter, on 19th June 2012, they incorporated it and they have been operating since July 2012. Their major duty is to provide banking services to micro, small, and medium enterprises (MSMEs). Besides that, traders, market women, salaried workers and the self-employed have access to their banking services.

What are the products and services of Direct Savings and Loans?

Direct Savings and Loans offer various products and services to their customers. This offers loan options and other services to a distinct individual’s financial capability.

The following products they offer their customers:

1. Savings Accounts

They provide an interest-earning account for savings and limited transactions.

Features:

1. Target Clients are all customers
2. Minimum Amount of loan is GHS 20
3. You have an initial deposit of GHS 50
4. The interest rate is 5% per annum
5. The loan maturity is N/A
6. Withdrawal frequency is a maximum of 4 times a month
7. They calculate your interest, and payments daily and pay you monthly.

2. Susu Account

This account helps customers to earn interest. It helps customers to save regularly for personal or business purposes. Besides that, it has the benefit of taking Susu loans.

Features:

1. Their target client is all customers
2. The minimum loan amount is GHS 20
3. It has an initial deposit of GHS 20
4. With an interest rate of 5% per annum
5. It has the maturity of N/A
6. The account has a withdrawal frequency maximum of 1 withdrawal per month
7. They have other features such as; using deposit balances as cash collateral. You can also use it to qualify for a loan of up to 2 times the value of cash collateral.

3. Current Account

They offer both personal and business current accounts for their customers.

1. Personal current account: It is a current account for personal transactions, and it has zero maintenance fees.

Features:

1. It is for all customers
2. Minimum amount–N/A
3. Initial Balance–N/A
4. Interest Rate–N/A
5. Maturity–N/A
6. Withdrawal frequency–N/A
7.  Maintenance/service fees–N/A

2. Business current account: This is a current account for business and operational transactions.

Features:

1. The target client is all customers
2. Minimum amount–N/A
3. Initial Balance–N/A
4. Interest Rate–N/A
5. Maturity–N/A
6. Withdrawal frequency–N/A
7. It has a maintenance or service fee of GHS 12 per month.

4. Lending

Direct Savings and Loans offer various forms of loans to borrowers. And they include individuals and Small and Medium Enterprises (SMEs). Under this loan product, they have:

Direct SME Loan

They designed SME business loans to meet the needs of businesses. Also, businesses are growing and need working capital to support development. They process their loans quickly (usually in three days) once the documentation is right.

Features:

1. The loan tenor is a maximum of 12 months
2. Repayments take place usually weekly, bi-weekly, and monthly.
3. The minimum loan amount is GHS 20,000.

Direct Anidasoo Plus Loan

This is a hybrid of their SME and Anidasoo Loan products. They designed it for customers who may require some mixability.

Features:

1. The loan tenure exists for a maximum of 6 months.
2. Repayments of the loan occur bi-weekly or monthly.
3. The minimum loan amount is GHS 10,000.
4. The maximum loan amount is GHS 30,000.

Direct Anidasoo Business Loan

They designed this loan product for micro and small businesses to meet their credit needs. Especially for stock, expansion of business, etc.

Features:

1. It has a loan tenure maximum of 3 months
2. The repayments are strictly 12 weekly installments
3. Its minimum loan amount is GHS 1,000
4. Its maximum loan amount is GHS 20,000.

Direct nkabiom Business Loan

This is a loan product they designed for micro and small business customers. Typically, for those who may not meet the requirement of independent guarantors for their loan applications. It allows group members to operate in the same geographic location and trade in similar or the same products.

Features:

1. The group should comprise 3 to 5 members.
2. The members of the group serve as guarantors for each other. There is a share of risk over the group.
3. Repayments for the loan are strictly 12 weekly installments. The group appoints a leader and an assistant. And they should be responsible for the weekly mobilization of the loan payments for the group.
4. The loan tenure is 3 months.
5. It has a minimum loan amount of GHS 1,000 per group member.
6. The maximum loan amount is GHS 5,000 per group member.

Direct Bullet Loan

They designed their bullet loan to cater to emergencies or quick turnaround situations. However, this loan product is more suitable for business customers with seasonal activities and it shows irregular inflows. Therefore, this product allows flexibility.

Features:

1. It has a loan tenure of 6 months maximum. After which you repay the loan amount they gave you with interest.
2. The minimum loan amount is GHS 1,000.

Direct Overdraft

They designed this loan product to support the short-term working capital gaps in the operations of their customers.

Features:

1. The loan tenure is a maximum of 6 months
2. The minimum loan amount is GHS 5,000
3. It has a maximum loan amount of GHS 100,000.

Direct Personal/ Salary loan

They designed this loan product to support the short-term financial needs of their customers.

Features:

1. The loan tenure is a maximum of 12 months
2. It has a minimum loan amount of GHS 5,000
3. It has a maximum loan amount of GHS 20,000

Direct Service Loan

This is a scheme loan facility they designed for National Service Personnel (NSP) in the public sector.

Features:

1. It has a minimum loan amount of GHS 100
2. With maturity of 1 to 10 months
3. Its repayment frequency is usually in monthly installments
4. The interest rate is 6.50% pm
5. Fees – NIL

Investment

They offer two major investment products to their customers. They are:

Direct Fixed Deposit

This investment account is lucrative, starting from GHS 1,000. It also has fixed maturities customers can choose from and they can top-up at maturity only.

Features:

1. Their target client are all their customers
2. Its minimum amount is GHS 1,000
3. It has a maturity of 3 months, 6 months & 12 months
4. With interest rates depending on your amount and duration
5. You can only pay your interest in maturity and they also have rollover options.

Direct Invest Account

This is a short to medium-term savings booster with higher interest rates for balances. You can start this investment account with GHS 100 and they allow regular deposits.

Features:

1. Their target client is all their customers
2. It has a minimum amount of GHS 100
3. With an interest rate of up to 10% per annum. And it depends on your savings balance.
4. They calculate your interest payment daily, and they pay you monthly
5. They also allow another feature, such as periodic deposits.

Financial Advisory

Direct Savings and Loans have financial advisory services they offer their customers. This service comes in two ways namely; investment and lending. 

Investment

They have a team of financial advisors whose mission is to spend time with their clients. Also, they ensure that they clearly understand the various savings and investment products they offer. They encourage their customers to understand their products before deciding on their investment path.

Lending

They also help organize the financials of their clients. They do this without proper accounting documents. This is to aid in granting loans that would only set their clients to succeed and grow.

You can also read up on Fido Lending Services.

Remittance Service

With this remittance service, you can receive money easily from any part of the world.

What are the features and benefits of Direct Savings and Loans remittance service?

There are some benefits you can get through the remittance service of Direct Savings and Loans. They are:

1. It is a reliable, fast, and convenient way to receive funds from overseas.
2. It is available at all Direct Savings and Loans branches.
3. Direct Savings and Loans customers and non-customers can use it too.
4. The service is fast.
5. Their environment is serene and safe.

What are the requirements for Direct Savings and Loans remittance services?

1. Have a money transfer reference number.
2. A national ID such as; a passport, voter ID, or driver’s license that is valid.
3. Provide your mobile phone number.
4. They would require you to answer test questions (where applicable).

What are the contact details of Direct Savings and Loans Ghana?

If you need further inquiries on Direct Savings Savings and Loans Ghana. You can use any of the following details:

1. Address: 42A, Asafoanye A. OpekuAvenue, North Dzorwulu, Accra. Off the Fiesta Royal Hotel and GIMPA Road.
2.  Phone number: +233 303 969 550
3. Email address: info@directgh.com

Conclusion

Most times, uncertainties could make you seek cash flow or funds in personal or business situations. And getting a loan can be a reliable financial backup you could use to pull yourself out of such terrible situations. However, Direct Savings and Loans understand the need to financially advising their customers about their products. Also, this helps the customers to make the best financial decisions for themselves. Besides that, they help advise their customers to invest their money wisely. However, repayment of the loan after getting it improves your credit score. This is because avoiding repaying your loans will ultimately reduce your chances of getting a loan in the future.

WohiaSika Loan is one of the loan offers you can try out in Ghana. Also, financial institutions (both online and offline) have embraced a paperless system to reach more clients in this modern time. The Vodafone Cash Loan, Fido Loan, and MTN Qwik Loan are examples of such loans. However, in this article, we will examine the requirements, how to apply, and the interest rates of the WohiaSika Loan.

About WohiaSika Loan

In Ghana, WohiaSika is a new Fintech platform or mobile lending application. WohiaSika is an application in Ghana that can quickly provide loan services based on users’ credit value with simple steps. To acquire the loan limit from them, simply complete our online loan application. No collateral is needed.

What are the requirements for WohiaSika Loans?

In order to determine whether they are qualified for a loan from them. Therefore, applicants must first review the requirements listed below:

1. You must be a Ghana Resident.
2. Be between 18-60 years old.
3. You must have a good credit score.

How do I apply for a Loan from WohiaSika?

Their loan application is easy to complete. You should follow the steps listed below to get a loan. Installing the WohiaSika Loan mobile app is required before the loan can be instantly deposited to your account.

1. Start the WohiaSika mobile app on your smartphone.
2. On the Wohiasika app, create an account.
3. Click the “request for funds” button on the WohiaSika Loan mobile app.
4. Fill out the loan application in the APP with the information from your personal and mobile money accounts to apply.
5. After providing the necessary details, receive your money immediately.
6. Get a bigger loan amount by making on-time repayments.

Wohiasika Loan Contact numbers

For more information, content or suggestions:

1. Email：wohiasika@gmail.com
2. Tel: + 233 20 163 3088.
3. Address: No54 Fanofa Street Kokomlemle, Accra.

What is the maximum and minimum amount of WohiaSika Loans?

Before applying for any loan type, you should know the minimum and maximum loan amount the lender is offering. This will help you know whether such a loan will meet your financial needs. For WohiaSika Loans, you can get a minimum loan amount of GH₵100 and a maximum amount of GH₵5,000. However, on initial application by new borrowers, they are only eligible for 100–200 cedis.

WohiaSika Loans Interest Rates

The interest rate on their loan is from 10.95% to 22.31% per annum, with a service rate from 0 to 1%.

For a better understanding, the following example will show you how they calculate your interest rates on their loans:

A loan of GH₵5,000 with a duration of 100 days, will accrue an annual interest rate of 10.95%, and a 0 service rate. Therefore, the daily interest rate = 10.95 % /365 = 0.03%, the interest for 100 days = 5,000 × 10.95 % /365 × 100 = 150.

The total repayment = 5,000 + 150 = 5,150.

What is their Loan term?

Every loan comes with a loan term. Because of this, you should know the terms of the loan you are applying for. The WohiaSika Loan term is Loan 91-365 days.

What are the benefits of WohiaSika Loans?

As a borrower, there are some benefits you will gain in getting funds from them. They include:

• To get the loan limit from WohiaSika, simply complete their online loan application.
• Your private information is secure. No disclosure to third parties.
• WohiaSika does not require collateral.
• Simply completing their online loan application will provide you with the loan limit.
• No paper contracts or agreements are required; everything may be done through their smartphone app.
• If you meet all of their requirements, you can have a loan approved right away.

Conclusion

There are many online money lenders here in Ghana and WohiaSika is one of them. Of course, lack of cash flow often makes people seek financial backup from lenders as loans. However, beware of loan sharks who would offer you loans without wanting to know your capability of repaying them.