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There are car loan companies in Ghana that can offer you loans to purchase your dream car. While some people can afford to buy a brand new car, many others need to take out a car loan to cover for at least a portion of the cost of the car. However, understanding the conditions of your car loan is a crucial decision-making process before getting the loan. 

Sometimes, it could tempt to purchase a new car for the family or for an upgrade. Meanwhile, whatever be the need you tag to the car you want to purchase, applying for a car loan will always make it easier. Car loans are usually up to five years, even seven years in most cases. Car loans in Ghana have a competitive interest regarding the various companies that offer the loan. Information on the meaning, the process of car loans, and companies in Ghana that offer car loans in Ghana are all-inclusive in this article.

What Is a Car Loan?

A car loan is a loan that you can use to purchase any kind of vehicle while you pay back the lender later with interest. They require collateral for car loans, which is always the vehicle you want to buy. This means that if you cannot pay back as agreed, they will collect the vehicle back from you and sell it to another person to pay off the loan debt.

4 Factors to consider before getting a car loan from car loan companies in Ghana

A car loan has four factors that you need to consider before you sign on a car loan. They include loan costs, down payment, interest rate and loan terms.

1. Loan Costs

The cost of a car loan has two basic parts that include the principal and the interest. The principal is the major cost of the vehicle. However, the interest refers to the costs over the life of the loan that is on the principal amount and the interest rate stated for the loan amount.

The loan costs most times have extra charges like title cost, delivery, and taxes. 

2. Down Payment

The down payment is paying upfront at the point of purchasing a vehicle. They express down payment in terms of a percentage of the total price of the vehicle you intend to purchase. 

Note: The more your down payment, the less you need to borrow.

3. Interest Rate

Interest rate is a rate charged for the money loaned depending on the loan terms and conditions. Car loans may have annual percentage rates and interest rates. The annual percentage loan is the extra charge that comes with the loan.  

4. Terms and Conditions

These include all the items that make up a car loan agreement and documentation. Examples are; default, repossession, repayments period, insurance, and so on. Making sure you know exactly what you’re getting into before you even apply for your car loan. Understanding these terms will help you a great deal when applying for a car loan. It is always advisable to read loan terms and conditions carefully before signing them.

What is the process for a car loan in Ghana?

When considering a car loan in Ghana, it is needful to bear the following in mind before applying:

1. Determine your affordability

You need to take out time and think through what you can afford as a monthly payment. You can get this by drawing a realistic budget of all it takes to put the vehicle in order.

2. Consider your credit score

In Ghana, it is very important to know where you stand regarding your credit score before thinking about a car loan. Most car loan lenders in Ghana rely on credit reports and scores when considering loan interest rates and terms. The higher your credit score, the lower the rate and repayment duration. 

3. Inquire around for the best loan terms

Rates and terms vary most of the times between lenders. However, you need to get in contact with multiple lenders to get a quote. 

4. Make sure you are pre-approved

Being pre-approved for a car loan in Ghana means that you have already set your limits before visiting a car dealer’s shop. This gives you access to your affordability.

5. Shop for the car you like

This is when you go around to your preferred car dealer in Ghana. Find the exact car you want, and tell your lender know the year, model, make and the Vehicle Identification Number. You will also need to get car insurance because most car dealers in Ghana will always want to see a car insurance proof. 

Ways you can improve your chances of getting approved for a car loan in Ghana

Where your credit is not good enough to get you a car loan in Ghana. You can use the following to improve your chances:

1. Get a co-signer for the car loan

A co-signer is a person who input their name and credit score as a signatory on the line for your car purchase. If you delay with repayment, it will affect the co-signer’s credit as though it is their personal loan. This is a sure way to establish a good credit score, as a co-signer could be a close relative.

2. Peer-to-Peer Auto Loan

This is a website that connects buyers and lenders, but mostly individual investors and not necessarily a large corporation. They run your profile and tag high risk to you if you have low credit. Then Individuals will view your profile then decide whether to fund the loan. They can fund your loan if there is enough interest, if there’s enough interest. However, you can use this to purchase a car. 

3. Always stay away from “conditional” loans

Read through every term and conditions before signing a loan agreement with a dealer. Important items such as loan period, interest rate, down payment, which may change. It is possible to get stuck repaying more than you require.

Some car loan companies in Ghana

Ghana has many financial institutions, loan companies, and agencies that offer car loans. You can get your car loan today by contacting any of the companies below::

1. Universal Microfinance
2. Izwe savings and loans
3. Bobby Charlton loan company
4. Societe Generale Ghana
5. Stanbic bank Ghana
6. Calbank 
7. Microfinance and small loan centre
8. Ghana car trader
9. Republic Bank of Ghana
10. Odotobri Rural Bank Limited
11. Juaben Rural Bank Ltd.
12. Juaben Community Bank Ltd.
13. Nwabiagya Rural Bank Ltd.
14. Nwabiagya Rural Bank Limited (NRB)
15. Adansi Rural Bank Ltd.
16. Akim Bosome Rural Bank Ltd.
17. All-Time Capital Ltd.
18. Asokore Rural Bank
19. Dalex Finance
20. DCI Microfinance Limited
21. Leasafric Ghana Ltd.
22. Amansie West Rural Bank Ltd.
23. Bond Financial Services Limited
24. Dumpong Rural Bank Ltd
25. Bank First Atlantic 
26. Bank of Baroda

Related: Car loans in Ghana: Everything you need to know

Conclusion

Most financial institutions and loan companies now offer car loans to individuals to enable them to purchase a vehicle. Also, the process involved in getting a car loan in Ghana is now convenient, as you can now apply for most of it online. One of the key changes in Ghana finance Act is the reduction in the import levy on cars from 30% to 5%. This is a significant drop in the price of imported vehicles in Ghana. However, helping car loan companies satisfy their customers with their dream car. This is good news for loan car loan companies, motorists and car dealers.

For many Ghanaians, owning a home is typically a dream, and therefore, mortgage loans are usually one option they must take to make that dream come true. While for most homeowners in Ghana, getting a mortgage is just one step to get there. However, the long-term pros of home ownership make getting a mortgage worthwhile. Getting a mortgage in Ghana and repaying back is never a simple task. But with commitment, many people are now living and enjoying their own home. 

If you are still contemplating on getting homeownership and wondering how to get started. Read on to find the meaning of mortgage types, and where to get them in Ghana. 

What is a Mortgage?

A mortgage is a loan by a lender or a bank that helps an individual to purchase a property or a home. A mortgage is also a loan you can use to purchase a piece of property when you do not have the entire fund or enough fund. The home you want to purchase will act as collateral on the money the lender offers you to borrow. Mortgages are major financial commitments, locking borrowers into decades of consistent payments. 

mortgage types and payments

Types of Mortgages

Knowing mortgages types you can get in Ghana will help you know the mortgage that fits your needs. The two major types of mortgages in Ghana are fixed-rate and adjustable-rate mortgages. 

1. Fixed-Rate Mortgages

For fixed-rate mortgages in Ghana the lender provides the  borrowers with an already established interest rate over a set term of 10, 15, 20, or 30 years. However, for a fixed interest rate on mortgage, the shorter the term, the higher the monthly payment. Also, the longer the borrower takes to pay back, the smaller the monthly repayment amount he/she pays back. The longer it takes the borrower to repay the loan, the more the borrower pays the interest charges.

One of the major advantages of a fixed-rate mortgage is that the borrower can count on their monthly mortgage payments being the same every month throughout the life of their mortgage. This makes it easier to set household budgets and avoid any unexpected additional charges from one month to the next.  

2. Adjustable-Rate Mortgages

Adjustable-rate mortgages (ARMs) are mortgages that come with interest rates that usually change over time but within the loan period. Interest rate can fluctuate because of an increase in market rate, and this changes the interest the borrower pays. As the name implies, they review the interest from time to time and make some adjustment within a six months interval or a year. 

One of the well known adjustable-rate mortgages is the 5/1 ARM. This offers a fixed rate for the first five years of the repayment period. Also, the interest rate for the rest of the loan’s life is subject to change annually.

Though Adjustable-Rate Mortgages make it more difficult for the borrower to gauge spending and establish their monthly budgets. However, they are popular because they usually come with lower starting interest rates than fixed-rate mortgages. It is advisable for borrowers whose income will grow over time to seek  ARM because of the low fixed-rate in the beginning. 

Note: The major risk with an ARM is that interest rates increases over the life of the loan. It may even increase to a point where it becomes so high and difficult for the borrower to meet. This most times makes the borrower default and may lose the home via foreclosure.

Now that you know the mortgage loans available, you can also check the other types of loans in Ghana you can get.

Where to get a mortgage in Ghana?

Many financial institutions in Ghana offer mortgages, though not all. You can get your mortgage from the financial institutions below:

1. ABSA Ghana
2. Republic bank of Ghana
3. Devtraco plus Ghana
4. Stanbic bank Ghana
5. First National bank Ghana
6. Omni Bank
7. Ecobank Ghana
8. HFC Bank Ghana
9. CalBank
10. Fidelity Bank Ghana
11. Societe Generale
12. Bond Financial Service
13. Dalex Financing

Related: Complete list of mortgage companies in Ghana

What you should do before submitting mortgage application form

Key facts to note before applying for a mortgage:

1. Make sure you have a strong credit score and your credit report is free from error.
2. Know the type of mortgage you need.
3. Make thorough enquiries and compare lenders.
4. They will pre-approve you to borrow a loan amount.
5. Submit your documents
6. Get your mortgage

How to apply for a mortgage loan

If you are considering applying for a mortgage, the steps below are wonderful guide

1. Get and complete mortgage application
2. Consider the loan estimates
3. Select your preferred lender
4. They process your loan
5. You take an underwriting
6. They clear your loan to close

Read also: How To Get A Home Loan Or Mortgage In Ghana

Conclusion

Buying a home in Ghana could be a better financial decision than paying house rents. This decision depends on several factors, such as how much you spend currently on rent, where you live. Also, an available fit-for-purpose home you can afford. Moreso, this current mortgage interest rates and your aspirations. 

Taking your steps towards home ownership and getting a foot on the property ladder will be an impressive start this new year. The Executive Head of Home Loans at First National Bank Ghana, Kajor Addo- Kufuor explained that apart from the financial aspect. It is also important that they arm you with right information before commencing your journey to homeownership.

In addition, he further explained you could do with all the help to make an outright purchase. Example  getting a loan to buy a land, buy or build that house you have in mind for years.

Contrary to what you may know, getting a mortgage in Ghana does not require a large down payment or perfect credit. It is however advisable to get your finances in order before you hunt or talk to lenders on mortgage. 

There are type of loans in Ghana you should know, but first you must know which one best suits your needs. Also, think about the purpose of the money and the amount involved before you apply for a loan. In addition, you also have to compare interest rates, terms and loan amount before deciding the type of loan that is best for you.

When comparing loans, you will discover credit score is very crucial regarding the type of loan. As it helps determine whether the lender will approve your request in terms of loan terms and interest rate.

What is a loan?

A loan is a sum of money you can borrow from a lender or a financial institution to help manage unplanned and planned events. This makes the borrower incur a debt with the lenders, which he will pay by installment with interest. 

The lender and the borrower agree on the loan terms before approval and exchange of money. Many times, they will require an asset as collateral, which will still be part of the agreement. The idea behind taking a loan is to manage financial necessities and also to grow one’s money supply in terms of business loan. While the lender uses the interest on the loan to generate revenue.

Types of loan in Ghana

There are many types of loan you can get in Ghana. These loans help you manage your financial needs depending on the purpose of the loan. Some type of loans in Ghana you should know include:

1. Secured personal loans

To apply for a secured personal loan, you will offer an asset as a collateral. The asset could be a certificate of deposit, a landed property, or even a car.

Secured personal loans sometimes come with lower interest rates than unsecured personal loans. This is because the financial institution/lender usually considers a secured loan to be less risky. In cases of default with a loan, you can lose your asset that serves as collateral to the lender.  Most Ghanaians apply for secured loans when they want to borrow sizable sums of money, as lenders always require collateral for enormous amounts. Some features of a secured loan include strict borrowing limits, interest rate and long repayment periods. Examples of secured borrowings are an auto loan, mortgage, and boat loan..

2. Unsecured personal loans

We use personal loans for a variety of reasons, from paying for rent, for wedding expenses, to holiday trips. Personal loans are usually unsecured loans, this means you are not bringing any collateral in case you default.

Unsecured loan is best for debt consolidation and other major purchases. A personal loan can help you pay off debt when you have a high interest credit card debt. Meanwhile, a high credit score helps you get better loan terms. Eligibility for an unsecured loan is very easy, even with a bad or fair credit. Examples of unsecured loan include education loan,  personal loan and credit card purchase loan.

Read also: Personal Loans – How to apply for personal loans in Ghana

3. Payday loans

These are short term, but high-cost loans in Ghana that are due on your next payday. To pay back the loan, you will need to write a post-dated check. You can also allow the financial institution/lender to withdraw the amount you are owing. Including the interest and extra charges from your bank account. Payday loans in Ghana are best for an emergency when you have no other option.

4. Pawn shop loans

This is another fast cash borrowing option in Ghana. You apply for this loan when you purchase an item of value, like a piece of jewelry, into a pawnshop, then borrow money based on the item’s value. Pawn shop loans are best for small loan amounts with no credit check, though it comes with a high interest rate.

5. Open-End and Closed-End Loans

An open-end and closed-end loan is a loan that you have the liberty to borrow money over and over. Lines of credit and credit cards are examples of open-ended loans, though both have credit restrictions. A credit limit is the highest money you can borrow at any point.

Depending on your financial need, you can use all or just a portion of your credit limit. Examples of this type of loan include student loan and mortgage loan. 

6. Payday alternative loans

This is a short-term loan some federal credit unions offer their customers. This type of loan has longer repayment terms with lower interest rates.

7. Home equity loans

A home equity loan is a type of secured loan where you use your home as collateral to borrow money. The amount you can borrow depends on the equity you have in your home.  Meanwhile. the difference between how much you owe in your home’s market value and how much you owe on your home. 

8. Credit card cash advances

This is best for paying cash, and it is a short-term loan you borrow against the balance on a prime interest and extra charges. However, before you think about borrowing money with a credit card cash advance, always set your budget. This helps you know the much you can afford to pay back on a monthly basis. 

Considerations before applying for a loan

For individuals considering applying for loans, there are a few things you need to have in mind before applying for a loan.

1. Credit score and history

Having a good credit score and history shows the lender that you can pay back the loan on time. However, the higher the credit score, the higher the chances of getting approval for a loan and favourable terms. 

2. Income

It is very necessary to test your income before applying for any kind of loan as this helps you to know whether you can pay back without default.This also requires an employee in Ghana to submit a salary letter from the employer. Meanwhile, if the individual is self-employed, they will require you to invoices and tax returns for two to three years. 

3. Monthly Obligations

Besides your income, evaluation of monthly obligations is very important. This is very essential because most lenders in Ghana may not be willing to offer loan to you if your monthly obligations are almost equal to your monthly income. This is part of the reasons most lenders in Ghana add monthly obligation lists as part of their requirements. 

Related: Loans in Ghana – Meaning and types of loans you can get

Conclusion

A loan is a sum of money that you borrow from a lender or financial institution to enable you to manage your needs. Loans in Ghana have so many classifications and types based on the purpose of the loan. However, regardless of the loan that you choose to apply for in Ghana, always consider your monthly income, credit score, and obligations before applying. As this helps you discover the right loan, you need at any point in time.

Speaking of type of loans in Ghana you should know, there is also have alternatives in credit union loans. Besides that, you could consider peer-to-peer lending Ghana if you do not want to get a loan from any financial institution.

With a personal loans, you don’t have to worry about how to scale through your financial commitments. There are many of our lifestyle aspirations that need the right financing to achieve. Also, our daily activities require financial help and support. They are flexible loans, though short or medium-term loans available for financing your needs. These needs include renovation, purchasing of household or electronic appliances, rent advance, education expenses, car maintenance, rent advance and other personal expenses.

What is a Personal Loan?

A personal loan is any specific amount of money you borrow from a lender or financial institution, like a credit union or a bank. While money from a mortgage loan is for the purchase of a house, and an auto loan from a car purchase. However, this loan has a variety of purposes and needs it can cover, ranging from holiday trip even to hospital bill. You may also apply for this loan to help pay tuition fee or purchase a major household item such as a new furnace. In addition, you can use it to merge debt.

A personal loan is ideal when you need funds to buy a car, house, or even further your education.

What is the maximum amount you can borrow for a personal loan?

Loans usually have the maximum amount available for borrowers to get and personal loans are not in exclusion. You can borrow as much as GHC350,000 to GHC500,000.

What is the interest rate on personal loans?

Interest rates vary with financial institutions or lenders, however, personal loans typically come with competitive interest.

What is the interest rate on personal loans?

Lenders always set a repayment period for every loan they offer borrowers. Therefore, the repayment period for most personal loans is 12months to 72 months.

How personal loans work

Personal loan is a credit that helps you make a huge purchase or merge high-interest debts. Personal loans have lower interest rates than credit cards. They can merge multiple credit card debts into a single, lower-cost monthly payment.

Repaying this loan is usually different from repaying credit card debt. With Period until you fully clear the debt.

Meanwhile, before applying for a personal loan, you need to know some common loan terms, including:

1. Principal 

This is the main amount you borrow from a lender or financial institution. For instance, if you apply for a personal loan of GHC280,000, that amount is the principal. Then the lender calculates the interest you will pay and they base this on the principal. The more you repay it, the principal amount decreases.

2. Interest

Interest is the charge the lender attaches to the principal for allowing you to use their money. They always express interest rate in percentage. Annual Percentage Rate: This is the total interest rate in a year.

Related: What are interest rates: Everything you should know

3. Terms

This is the number of months, or years, to repay the loan. As soon as a lender approves your personal loan application and informs you of the interest rate, also the term they are offering.

4. Monthly payment

This includes paying a specific amount on a monthly basis until the loan payment is complete.  

5. Unsecured loan

Any loan you do not use collateral to get, we regard it as an unsecured loan. Personal loans are usually unsecured loans, but for a home or auto loan, the real property you are buying serves as collateral to the lender. 

Note: The excellent credit history of the borrower or cosigner helps to get this loan. However, some lenders/ financial institutions offer secured loans of this type, which will require collateral.

How to Apply for a Personal Loan

It is important to consider your credit score and history before applying for a personal loan. After this, you can then apply for it through any lender or financial institution. Every lender you apply to will review your credit history and scores before approving your application. 

To apply for this loan

1. Research on financial institutions in Ghana that offers it.
2. Choose your preferred financial institution/lender.
3. Fill the application form.
4. Upload your document
5. Submit your application.

Pros and Cons of Personal Loans

Just like every other loan, this type of loan in Ghana has benefits and downsides, depending on your specific financial need. 

Some pros of this loan in Ghana are:

1. You can use this loan to make a big purchase.
2. They typically have lower interest rates.
3. You can use this loan to merge multiple high-interest. 
4. They are easy to get
5. Usually flexible terms
6. Sometimes it does not require collateral

Some cons of this loan in Ghana include:

1. Not repaying on time is detrimental to your credit score.
2. Some financial institutions in Ghana require extra fees for personal loans.
3. The repayment period can be short most times.

Read also: Long term personal loan in Ghana – Everything you should know

Conclusion

Personal loans are unsecured loans, this means it does not have the backing of any asset as collateral. It is just like spending or getting your tomorrow’s income today, just like loan advance. While it is easy to get it, as the offer is for instant gratification. Though it has a lower interest rate depending on the loan. Always find the option that works best for you and use it appropriately. Unfortunately for so many people in Ghana cannot apply for the financial help they need. This is because of a bad or no credit score of the applicant. However, if that is the case, you can stand a better chance of getting a loan when you improve your credit score.

Regarding the world that is now digital in every aspect, Best loan apps in Ghana 2021 help with access to loans hasslefree. Right from the comfort of your home, office, or business areas in Ghana, you can borrow money. Basically, this is possible with mobile apps designed by money lending companies and financial institutions in Ghana.

In Ghana, these loan lending apps only give you access to the cash range. Also, they based these cash ranges on the amount you need to start with.

Once you need a loan without collateral in this new year. You can apply and get a loan from these apps we will review in this article.

Some Best loan apps in Ghana 2021

Loan application and processing in Ghana is now very quick and easier with apps. However, these are apps that you can download from google playstore with your smartphone. Some of these apps include:

1. Aella Credit loan app

They introduce Aella Credit loan app to provide company employees in their interest to source and access loans anywhere. Meanwhile, they offer these loans at the most affordable rates, with no collateral or guarantors involved.

How to apply for loan using Aella Credit loan app

You can apply for Aella Credit loan by:

1. Download Aella Credit app from google playstore or IOS app store.
2. Create your account with your details.
3. Update your profile by providing quick answers to questions about you.
4. Click the eligibility button to know the loan amount you are eligible to borrow.
5. They disburse loan to your account in five minutes or fewer.

Aella Credit loan app has grown overtime into becoming one of Ghana’s fastest and finest mobile money lending apps. Currently, people in Ghana turn to Aella Credit to seek fast loans to meet their emergency needs.

2. Branch Loans App

The Branch Loan app is one of Ghana’s best loan apps. This app allows you to apply for a credit loan without collateral. You can complete your application in seconds. They disburse money directly into your account immediately after application. It is always available for access 24/7 and reliable.

How to apply for Branch loan

You can apply for Branch loan Ghana by:

1. First, download the app on google playstore.
2. Create your account with your details for quick review.
3. Apply for your preferred loan option.
4. They disburse the loan into your preferred bank account.

3. FairMoney Loan app

In Ghana, one of the easy money lending apps is Fairmoney Loan. They offer quick loans which you can use for various purposes ranging from health emergencies, rental payments, to other personal needs. We know them for their creditworthiness.

How to apply for a FairMoney loan?

For you to apply for a loan with FairMoney loan app, you have to:

1. Download the FairMoney app on google playstore
2. Sign up with a phone number linked to your BVN.
3. Answer a few questions and authenticate your identity before receiving a loan offer.
4. Once you accept, you will get your loan instantly in your preferred bank account.

Read also: How to apply for Mobile Money loans in Ghana

4. KiaKia Loan App

Kiakia loan app is among the recent mobile money lending apps in Ghana. The loan platform provides Ghana residents with short-term loans that do not require collateral. However, this loan app helps cater for urgent cash needs and emergencies.

Kiakia loan app is always available for you to access. For a fast loan with few processes, Kiakia loan app is very reliable.

How Kiakia loan works

For you to apply for Kiakia loan successfully, you have to:

1. Create an account by providing required details.
2. Start an application chat with a Kiakia agent.
3. Upload your ID
4. Select the desired loan amount.
5. Choose the repayment period.
6. Upload screenshots of three previous salaries or income.
7. Accept loan terms and conditions.
8. Confirm your submitted bank account.
9. Get credited into your bank account.

5. Paylater Loan App

One of the leading loan apps in Ghana is Paylater loan app that gives you money in minutes. This app is simple to use and has many interesting features that make borrowing with it very convenient. These features include referring your friends and getting a discount on loan. Also, it offers you money from 5% up to 15.5% interest.

How to get Paylater loan

You can get Paylater loan by:

1. Download Paylater mobile app from playstore.
2. Install and launch the app.
3. Create an account using your correct details.
4. Fill the loan form on the app.
5. Submit the form and wait for review.

Note: Once they approve it, they will send your money into your bank account.

6. Fido money lending app in Ghana

Fido is a financial institution that offers loans in Ghana. This company has a license to operate in Ghana, focusing on short-term loans to its users. Loan with Fido requires no collateral, guarantor, and application fees. To access a loan from this app as a Ghana resident, you need to be a money subscriber to any network.

How to borrow from Fido Mobile App

If you are in Ghana and you need a quick fund to sort unforeseen circumstances. The below list will guide you on how to go about it:

1. First, download the Fido Mobile App from Play store.
2. Install the app and register using your accurate details..
3. Fill the loan form in the mobile app with correct details.
4.  Once they approve your loan, you will get the money you applied for into your bank account.

Read also: Money lending apps in Ghana you should know

Conclusion

Best loan apps in Ghana 2021 are worth trying out. However, the major deal lies with loan repayment, as you may need to get fast loans. Make sure you can repay the loan within the agreed time before applying. Loan apps are currently making financial services like loans in Ghana very convenient for people. Hence, reducing the trauma with financial frustration and the long process of going to a loan company to apply for loans.

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 Consolidated Bank Ghana

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. Loan application form you have completed.
2. A valid identification card they accept nationally. Such as 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 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. Loan application form you have completed.
2. A valid identification card they accept nationally. Such as 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 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. Loan application form you have completed.
2. A valid identification card they accept nationally. Such as 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 overdraft 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 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 overdraft.

What are the requirements of Cash-Backed Facilities?

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

1. 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 with 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 relay 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.

The recent increase in the number of enterprises has resulted in a significant demand for business loans in Ghana to help them grow. Having the correct financial backing can help a company grow, especially if it relies on working capital to stay afloat.

Whatever your business needs, whether it is new equipment, cash, or a lease deposit. With a loan for your company’s future, you can always find solutions. In Ghana, there are many loan organizations that provide business loans to meet your various business demands.

This article will help you know how to access a business loan along with loan companies that offer business loans here in Ghana. 

What is the meaning of a business loan?

A business loan is a loan, or financial aid intended for any kind of business purposes. Just as with all loans, it involves the creation of a debt that you will pay back with added interest.

A business loan is also a kind of financing you can use in Ghana to meet the urgent needs of your growing business and expand your business as well. For instance, if you are currently in need of funding to grow and expand your existing business, buy machinery, or boost production. You can source for business loans to help you actualize that.

Some loan companies in Ghana that offer business loan

There are many loan companies, loan agencies, and financial institutions in Ghana that offer various forms of business loan. Loan terms, conditions, interest rate, repayment option and eligibility vary with financial institutions in Ghana.

Some loan companies in Ghana include:

1. Ghana Commercial Bank Ltd. GCB Bank Accra
2. Bank Ecobank Ghana
3. Bank of Ghana (Head Office)
4. Electronic Gateway consult
5. First Havila Investment Group Limited
6. Franco Estate Kwabenya, Accra
7. Access Bank (Head Office)
8. Bailey Finance
9. Broadview Consult ltd
10. Micro Finance Service
11. UT Bank Gh. Ltd.
12. Kruger Financial Loan Services
13. Stanford trust
14. First Allied Savings & Loans Ltd
15. GT Bank Ghana
16. Sinapi Aba Savings and Loans Company Limited
17. Stable Capital Ltd
18. UT Bank Limited
19. Express Savings & Loans Co. Ltd.
20. Izwe savings and loan

Read also: Loan companies in Ghana

What are the requirements for a business loan in Ghana?

You will need the following to apply for the business loan. They include:

1. One passport photo
2. Residential address and business address
3. National ID card or passport for non-Ghanaian
4. Certificate of business registration
5. Business registration documents
6. Six months’ statements from another bank
7. Proof of ownership
8.  Financial statements and cash flows of three years
9. Accepted collateral includes; cash or investments, landed property, and Bank Guarantee of a reputable bank
10. Your business plan

How to apply for a business loan in Ghana

You can apply for a business loan in Ghana either online or visiting one of their branch offices. Meanwhile, applying for business loans varies with financial institutions, although most of the financial institutions have common application methods.

For you to apply for a business loan to grow and expand your business, you need to follow the guidelines below

1. Choose your preferred financial institution in Ghana
2. You can apply online or visit their branch office.
3. Fill the form with accurate details
4. Attach documents
5. Submit and wait for approval, also disbursement of funds.

Related:

1. Business Start-up Loans
2. Start-up loan in Ghana
3. Long-term business loan in Ghana
4. Business start-up loan: Everything you need to know

What are the things to watchout for while applying for this loan?

As much as you want your business to grow, there are some things you really need to watchout for. This is to help you conveniently repay the loan without default. They include:

1. Avoid borrowing too much money than you can repay.
2. Don’t accept the documentation if you cannot maintain strict documentation.
3. Make sure you avoid triggering default.
4. Follow the agreement strictly.

Conclusion

There are more businesses available today than ever before because of the high rate of unemployment. However, this increase is also causing an increase in loan options available today. The technology associated with online applications for business loans in Ghana also makes it easier to research and apply for a loan with no stress. 

Qualifying for a business loan requires few criteria. However, while you might think you need a high income and a perfect credit score to get a business loan in Ghana. Most of the financial institutions/lenders consider several factors. However, you may secure a loan through the strength of other areas, like a collateral or low-level debt. 

Lenders offer instant loans in Ghana online to help you out with that financial challenge that requires urgent attention. There are loans in Ghana these lenders have designed to suit people with different financial obligations to meet. Time matters a lot when you are short of cash. What you need is fast access to a loan, not minding your bad credit.

While many banks in Ghana are available to lend you some cash, the procedure for obtaining financing can frustrate most times and lengthy. However, there are no guarantees you will get the loan. Good enough, instant loans in Ghana are here to save the day. Many financial institutions in Ghana have developed instant loans to help customers borrow some money to stay afloat until payday. 

What is an instant loan?

Instant loans are short-term unsecured loans that you can apply without a credit check and you get your money disbursed instantly. 

What are the features of instant loans in Ghana?

They characterise instant loans in Ghana by:

1. They last between 62 days to one year.

2. The loan amount can vary with credit score.

3. Process is faster compared to the loans banks offer.

4. Instant loans online get approved on the same day you apply for it.

5. You can apply for instant loans at your own convenient

6. It does not require collateral.

How do instant loans work?

You can either apply for instant loans in Ghana online or in person. The application includes the amount you want to borrow, the interest rate and the repayment option. Depending on the lender, you are most likely to provide your personal details, income, email, debts, Social Security number, and bank account information. The lender basically promises to respond within minutes and disburse funds into your bank account instantly if they approve you.

What is the minimum and maximum amount for instant loans?

The amount of money you can borrow with instant loans in Ghana is usually low, as it is an emergency loan with no collateral.

How long does it take to disburse an instant loan in Ghana?

Most times, the loan application process may be quicker, but sometimes it usually takes time between a few hours to a few days. This is because the lender may need to decide about your online application before depositing money into your bank account. There will only be a delay with disbursement of money when the lender requires more information from you.

For example, if you apply after a certain time of day, you might not get the funds until the next business day. You might wait longer if the lender needs more information from you before giving out the loan.

What is the interest rate for instant loans in Ghana?

Majority of the instant loans in Ghana are cash advances or payday loans, which are mostly coming with high interest rates. In Ghana, they charge interest rates on instant loans depending on loan amount and financial institution. The interest rate ranges from 5% to 10%.

Can someone get an instant loan with bad credit?

Instant loans are mostly attractive to people with low credit because many of these financial institutions that offer loans do not always check your credit history or credit scores.

What is the repayment for instant loans?

Most instant loans, if not all, are basically short terms loans. You might have to pay back your loan as soon as possible. Example, your next payday, or within two to three weeks. However, this does not give you enough time to get the money together for repayment.

What are the alternatives to instant loans in Ghana?

Regarding instant loans in Ghana with high interest rates and short terms, it is advisable and wise to use them only as a last resort. Considering the below alternatives can help you with your urgent needs that require financial support.

1. A personal loan for bad credit

Most lenders in Ghana specialize in personal loans for people who do not have good credit. Personal loans may also be a better alternative. If you need a loan, you can pay back for a long period.

2. Payday alternative loan:

They offer these small loans at federal credit unions, and it is a sure way to borrow.

3. A credit card cash advance

If you already have a credit card, you may take out a loan against your available balance. But you’ll want to check your card’s terms: A cash advance might have a higher interest rate when compare to instant loan.

Read also: Instant mobile money loans in Ghana

Conclusion

Instant loans are usually short-term loans you can apply for, especially when you are looking for a convenient and easy financing option. You must know how they note whether you are eligible before they offer you this loan. However, know their repayment option, before applying for one. Instant loans in Ghana have a limited amount you can borrow, and they may sometimes come with higher interest rates. It is good to note that these instant loans are not like guarantor loans, where they will ask you to get a guarantor before giving you the loan.

With no emergency saving to rely on, when an unexpected issue occurs, you can always source for instant loans. 

If you wonder how to get a loan from CalBank, this article will put you through it. CalBank offers some loan products to its customers. And 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, features, eligibility and requirements.

About CalBank

CalBank began operations in July 1990 as Continental Acceptances Ltd. Thereafter, they renamed it Cal Merchant Bank. Since then, it has provided world-class financial solutions to Ghanaian businesses and corporations. In 2004 CalBank received its Universal Banking License. Thereafter, they started offering specialized retail banking services.

What are the loan products of Calbank Ghana?

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

1. CalBank Auto Loan

This is a credit facility that allows their customers to get any automobile they choose. Purchasing a dream car may be both time-consuming and difficult. Because vehicle ownership is essential to their everyday activities, we assist our valued clients with the cash to realize this lifestyle desire. Individuals, professionals, consultants, and salaried workers with recognized institutions can use our Auto Loan program to purchase a vehicle for personal or business usage.

What are the features of CalBank Auto loan?

The features of CalBank Auto Loan are:

1. Loan Repayment: Annuity payment Method in which they pay monthly the same amount
2. Age of Vehicle: The vehicle must be below five (5) years
3. Tenure: 60 months or fewer
4. Security: Charge over vehicle to be purchased
5. Personal Guarantee of applicant
6. Provident Fund, if any
7. They will register and insure the vehicle in the joint names of CalBank and the client
8. Debt Burden: Not over 45% of income
9. Pricing: GRR + Agreed Risk Premium
10. Arrangement and processing fees: 3% (to be paid upfront)
11. Maximum Loan: The Bank finances up to 80% of the value of the vehicle
12. Insurance: they will comprehensively insure the vehicle
13. Readily available credit timely
14. Flexible terms of repayment
15. A team of professional account managers will provide prompt consulting services.

What is the eligibility of CalBank Auto Loan?

The eligibility of CalBank Auto loan include:

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 Statement 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 is a unique loan package they created to meet the short- to medium-term financing needs of government employees. It is simple and convenient, and it is unnecessary to have an account to use it.

What are the features of the Government Employee Loan?

The following are the features of the Government Employee Loan:

1. It has a repayment period with a minimum of 6 months to 36 months, maximum.
2. Debt burden ratio is 45% (maximum) of net monthly income
3. Pricing: GRR + Agreed Risk Premium.
4. During the term of the loan, personal insurance protects you against death and permanent incapacity.
5. Repayment method: Annuity
6. Affordable: Customers can get more loans than the ones they already have if they don’t go over their maximum debt burden ratio.
7. They charge interest monthly
8. Early repayment without penalty
9. No Monthly account keeping service charges.

What is the eligibility for the Government Employee Loan?

The following is the eligibility for the Government Employee Loan:

1. You must have a minimum facility limit of GH₵2,000.00
2. Also have a maximum facility limit of GH₵100,000.00
3. 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

They designed CalBank Mortgage to assist people in purchasing homes. Because of this, eligible consumers can get loans to purchase the homes of their dreams. CalBank Mortgage is a retail product that helps to fulfill their clients’ mortgage needs. Clients can also use it to complete a home, improve a home, or release equity.

What are the features of CalBank Mortgage Loan?

The features of CalBank Mortgage Loan are:

1. For them to consider it for Home completion. The property must be at lintel level and you must support it by a land title certificate. Besides that, you must complete it within a 5 to 15-year period.
2. Debt Burden: Not over 45% of net income.
3. Maximum Facility Limit: 85% of the value of property.
4. Repayment: Annuity payment
5. Access to dedicated relation officers to handle all activities in relation to the mortgage facility.
6. Funding for the purchase or completion of your dream home.
7. It has customizable terms and conditions.
8. You can easily access qualified and professional valuers.
9. You will have the flexibility to purchase your building from a real estate company you prefer.
10. The insurance policies are easy to access to secure the facility.
11. There are competitive charges and so on.

What is the eligibility 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; voters, national ID, passport, 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 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 property you will purchase.
   • Personal guarantee of 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’re 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 are the features of CalBank Universal Motors Auto Loan?

Features of CalBank Universal Motors Auto Loan include:

1. Loan Repayment: Method of payment for annuities in which they make the same amount of payment monthly.
2. Repayment period: There’s a minimum of six (6) months and a maximum of forty-eight (48) months’ repayment.
3. Security: They’ll charge security over the vehicle the client will purchase. Vehicle registration will be in the joint names of the client and the bank.
4. The borrower will guarantee the loan.
5. Assignment of proceeds from the vehicle’s insurance:
   • Pricing: Attractive Pricing
   • They disburse facilities timely.
   • It has negotiable terms of repayment.
   • They shall update clients on monthly loan repayment through their CalBank alert.

What is the eligibility for CalBank Universal Motors Auto Loan?

The following is the eligibility for 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 months 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 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 are the features of CalBank Ecofridges Consumer Loan?

The following are the features of CalBank Ecofridges Consumer Loan:

1. Allows you to own energy-efficient household appliances and pay for them afterwards.
2. Without facility fees, interest, or insurance, you can get a great deal.
3. They guarantee flexible terms of payment.
4. They disburse facilities timely.
5. It’s easily accessible.

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 is CalBank Mobile Banking?

CalBank Mobile Banking is a convenient method to access your CalBank accounts from anywhere through your smartphone. However, you may securely examine your account balances and activities and transfer money between accounts. Besides that, you can also pay bills using their USSD Code (*771#). If you have a roaming package with your network operator, you can use the service outside of Ghana.

Note: There is NO fee to use the service.

How secure is CalBank Mobile Banking?

There are four (4) digit PIN protects all transactions on the CalBank Mobile Banking Service and it’s only the subscriber that knows it. A subscriber has the option to update his or her PIN. However, CalBank’s Mobile Banking Platform is secure, and they keep your personal information private.

What is the maximum amount I can transact with CalBank Mobile Banking Service?

The minimum default limit for subscribers is GH₵1,000. Subscribers can, however, request the restrictions they prefer by filling out the paperwork at a bank office.

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. However, after getting the loans, ensure you use them appropriately to ease your financial burden. Besides that, ensure you comply with the terms of the loan because your lender will be eager to lend you more in the future. Again, prompt repayment of loans normally improves your credit score. Consequently, credit bureaus in Ghana will have you in their excellent books.

If you wonder how to get a loan from Bank of Africa Ghana, this article will put you through it. Bank of Africa Ghana offers some loan products to its customers. This is because it is common for people to have some financial obligations they would need to solve. 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, features and requirements.

About Bank of Africa Ghana

Bank of Africa Ghana is a subsidiary of the Bank of Africa Group. It is a pan-African banking group with operations in 18 countries. These countries include; Benin, Burkina Faso, Ghana, Ivory Coast, Mali, Niger, Togo, Senegal, Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Tanzania, Rwanda, Uganda, Democratic Republic of Congo, and France. So it started operations in Bamako, Mali, in 1982. This was after receiving its Banking License from the Central Bank on November 11th. There are currently 26 branches in Ghana, split over six districts.

What are the loan products of the Bank of Africa Ghana?

Bank of Africa Ghana offers some loan products to its customers. Some of the loan products Bank of Africa Ghana offer include:

1. Personal loan

This is a lending program that offers monthly payback plans to normal salaried employees and self-employed individuals to help them meet their personal needs.

What are the benefits and features of the Personal loan?

The following are the benefits and features of the personal loan:

1. It enables salaried workers and the self-employed to access funds easily to suit their personal needs.
2. It offers monthly payback plans that go up to 24 months.

2. Educational loan

The Educational Loan is a product that allows people in the workforce who want to enhance their education to get personal loans to do so.

What are the features of the Educational loan?

The following are the features of the Educational loan:

1. It has a one year tenure
2. The user can pay off the facility before it expires, incurring no penalties.
3. They will deposit the funds into the applicant’s BOA account.
4. The Insurance Company and the Bank of Africa will arrange the insurance premium. Ghana.
5. The applicant will be eligible for up to four times his net earnings.
6. Bank contributes 100% towards financing the loan
7. Applicant must be 21–58 years old at time of the loan request
8. As an employee, they must have employed you for over 6 months
9. They will accept the application if the customer has been unemployed for less than six months. Or has recently started a new job, but has previously successfully completed a loan.
10. Method of Repayment: They determine your loan payback date by the date on which they credit your salary to your account. Bank of Africa Ghana issues direct debit/standing instructions for monthly principal and interest loan repayments.
11. Minimum Net Salary GH₵500
12. Minimum Loan Limit  GH₵1,000
13. A maximum Loan Limit GH₵20,000.

What are the benefits of the Educational loan?

The benefits of the Educational loan include:

1. Access to funds to support education
2. Fast tracking processing
3. Affordable pricing

Who is eligible to access this Educational loan?

The following are eligible for the loan:

1. Individuals between 21 and 58 years already in employment are eligible
2. It’s for both customers and Non- customers.
3. Non blacklisted individuals.

What are the requirements for the Educational loan?

There are some requirements you must provide in order to get the Educational loan. They include:

1. Filled application form
2. 2 recent photos
3. Certified copy of identity card
4. Bill from an educational institution
5. Proof of employment
6. Proof of salary–Confirmed latest salary/Pay slip
7. To confirm pay credits and consistency, check your bank statement every six months.
8. Show your proof of address with your utility bill, and so on. You must support their copies by originals for verification.
9. For Customer – Letter of undertaking from employer stating that the salary of the applicant would be paid to the bank during the tenure of the facility.
10. For Non Customer – Letter of undertaking from employer stating that the employer will make the loan deduction. Also, forward the same to the bank throughout the tenor of the facility.

3. Asset/ Vehicle Financing

Bank of Africa will assist you with finance to purchase your ideal car from CFAO in less than 10 days at an annual interest rate of 18 percent. However, terms and conditions apply.

What are the features of their Asset/ Vehicle Financing?

The following are the features of this loan:

1. Open for salaried workers who are still in full employment.
2. You must be a customer of Bank of Africa.
3. They do not need collateral.
4. You will have up to 60 months to clear the car debt.
5. It has an overwhelming interest rate of 18% per annum.
6. They fully insure the vehicle.
7. It comes with a 3 years /100,000km warranty.

What are the requirements for their Asset/ Vehicle Financing?

The following are their requirements for Asset/ Vehicle Financing:

For Individuals:

1. Filled Application Form
2. 1 recent Passport size picture
3. A certified copy of your identification card, preferably they’d require a Ghana National ID Card.
4. Bring the proof of your salary by showing your confirmed pay slip for the last 3 months.
5. Six months’ bank statement
6. Show your proof of address/ Directional Map, including your utility bill and so on.
7. Provide the digital address of your place of work and your residence.
8. Letter of undertaking from employer
9. Pro-forma invoice from CFAO
10. The equity contribution or minimum cash deposit is 25%.

For Non-individuals:

1. Facility Application letter
2. Provide the company profile, including information on the board of directors and management experience of the organization.
3. 3 years Audited financial statements for most recent years
4. Cash flow projections for the facility’s tenure
5. List of credit facilities they have got from other banks, as well as the underlying security and maturity dates.
6. Bank Statements from major bankers
7. Pro-forma invoice from the approved vendor
8. The equity contribution or minimum cash deposit is 25%.
9. It is KYC compliant.

How can I get Bank of Africa Ghana Asset/ Vehicle Financing?

All you have to do in order to get the Bank of Africa Ghana Asset/ Vehicle Financing is to:

1. Simply walk into any CFAO Showroom and select a vehicle.
2. Complete and submit the documentation (above) they need to the Bank of Africa.
3. In fewer than 10 days, you can get approval and drive the car.

Bank of Africa Mobile Banking

Customers can use the Bank of Africa mobile banking service to access several banking, money transfer, and payment services. B-Mobile is another name for this mobile banking service. You can get it by downloading the B-Mobile App or dialing their USSD code *987# from a phone. All mobile platforms, including Android, Blackberry, Windows, and IOS, support the B-Mobile App. Customers can use B-Mobile to perform card less transactions at Bank of Africa ATMs.

Related: How to apply for Mobile Money loans in Ghana 

What are the services on B-Mobile?

There are some services you can access through the B-Mobile. They include:

1. Access your bank accounts

Subscribers can view their bank account balances, transaction details, and history using the service.

2. Airtime top up payments

Subscribers can use this service to top up their mobile credit for a variety of mobile networks, either for themselves or for other parties. On some mobile networks, you can also pay for post-paid phone bills as an additional alternative.

3. Intra and inter bank transfers

B-Mobile supports internal transfers of funds from a subscriber’s primary account to other accounts, as well as transfers from a subscriber’s account to a non-account subscriber.

4. Utility Bill and merchant Payments

B-Mobile offers you the platform to pay for the following utility services:

1. Your DSTV and GOTV bills from MultiChoice Ghana limited.
2. You can make postpaid electricity bills from the Ghana Electricity Company Limited.
3. Pay your water bills from the Ghana Water Company.

What are the benefits of B-Mobile?

The benefits of B-Mobile are:

1. It allows clients to see all of their transactions and balances in one place.
2. It’s a quick, simple, and safe method to pay merchants.
3. This is a one-of-a-kind offer that saves customers money by avoiding the need to call a call center.
4. Through loyalty and cross-selling, it increases income creation for merchants in the bank’s books.

What can I do with B-Mobile?

There are essential transactions you can carry out with your B-Mobile. They include:

1. You have access to information about your bank account.
2. SMS alerts and statements for debit and credit cards are available.
3. By visiting a simple mobile-friendly website, you can monitor your balances and transactions.
4. A menu allows you to do simple operations.
5. Use an application on any GPRS-enabled phone to transfer payments and pay bills.

What can you do with the Bank of Africa mobile App?

You can use their Mobile App to carry out the following banking services:

1. Checking for your account balances
2. Requesting for mini-statements
3. To transfer money from your account to another account
4. Forex Rate Enquiry
5. Stop Cheque
6. Setting up standing orders
7. Cardless withdrawals from the ATM
8. Make monthly bills payments for KPLC,DSTV and Zuku.

How can I sign up for the Service?

Do the following in order to sign up for their mobile banking services:

1. Visit the bank’s website to register.
2. To activate Dial *987#
3. For the B-mobile APP, download it from your app store for Android, Windows, Blackberry or Apple.

What are the contact details of Bank of Africa Ghana?

For more enquiries you can contact them with:

1. Address: 1st Floor, Block A&B, The Octagon, Independence Avenue.
2. Postal address: P.O Box C1541, Cantonments, Accra, GhanaCall.
3. Phone: +233-302-249690
4. Fax: +233-302-249697
5. E-mail: enquiries@boaghana.com

Conclusion

Having seen the loan products that Bank of Africa Ghana offers its clients. You can now choose the loan product that will best suit your financial needs. However, after getting the loans, ensure you repay them promptly. This is because when you comply with the terms of these loans, your lender will be eager to lend you more in the future. Besides that, prompt repayment of loans normally improves your credit score and puts you in excellent books of credit bureaus.