Getting a loan from a financial institution around you could be the right thing to do at most times. This is in bid to solve the pressing needs you might face at a particular point in time. Speaking of needs you already know, there are even some unforeseen circumstances that could require more financial attention from you. And when you get into such a situation, the money on you might not mean much to help you out. Therefore, a personal loan, business loan, mortgage loan, etc could become a good option to fall back on. About Best Point Savings and Loans, their products, requirements, etc are all-inclusive in this article.

About Best Point Savings and Loans
They formerly incorporated Best Point Savings and Loans (BPSL) Limited as Lucky Savings and Loans Limited. But later on, they incorporated it on September 4th 2012 under the Companies Act 1963 (Act 179).
However, they changed the name on January 29, 2013. They certified it to start business on October 8, 2013.
Bank of Ghana licensed BPSL on December 2nd, 2013. So that they will provide savings and loans services under the Non-Bank Financial Institutions Act, 2008 (Act 774).
The company has two major products which are; loan products and depository products.
What are the Best Point Savings and Loans products, features and requirements?
Best Point Savings and Loans have two major products, which are; loan products and depository products. Some of their products are:
1. Savings Account
Features
- Less cumbersome account opening procedure
- Minimum opening balance is GHS5
- Minimum operating balance is GHS10
- You need a minimum balance of GHS to qualify for interest
- Attractive Interest Rates
- They calculate interest daily and applied monthly
- Up to four withdrawals per month
Requirements
- Valid ID Card
- 1 passport picture
- Get a utility bill within 3 months
- Bring 1 reference from a current account holder. Must be from a reliable Bank or Savings and Loans Company or Letter from employer.
- Resident permit (for foreign nationals)
2. Current Account
- Less cumbersome account opening procedure
- Minimum opening balance is GHS10
- No minimum operating balance
- Access to a cheque book
- No Commission on Turnover (COT)
Features:
Requirements:
- Valid ID Card
- 1 passport picture
- Present a utility bill within 3 months
- Provide 1 reference from a current account holder. Ensure it’s from a reliable Bank or Savings and Loans Company or letter from employer.
- Resident permit (for foreign nationals)
- Resolution from the Board
- Business registration documents (Businesses only)
3. Fixed Deposit Account
Features:
- Less Cumbersome procedure
- Minimum investment of GHS1,000
- The terms available are 30 days, 91 days, 182 days and 1 year
- They issue a certificate of investment
- Attractive interest rate
- They calculate interest daily
Requirements:
- Valid ID Card
- 1 passport picture
- Get a utility bill within 3 months
- Resident permit (for foreign nationals)
4. BestKids Account
The features of BestKids Account are:
- Less cumbersome account opening procedure
- Minimum opening balance is GHC5
- The minimum operating balance is GHC30
- Minimum balance for interest is GHS30
- Very Attractive interest rate
- They calculate interest daily and paid monthly
- Up to four (4) withdrawals per year
Requirements
- Valid ID Card
- Present 1 passport picture of the child and parent or guardian
- Provide a utility bill within 3 months
- Proof of date of birth of child
- Get 1 reference from a current account holder. Also from a reliable Bank or Savings and Loans Company or Letter from employer
- Resident permit (for foreign nationals)
5. Susu Account
Features of Susu Account are:
- Less cumbersome account opening procedure
- Minimum opening balance is GHS1
- Access to a free Pass Book
- Personal Field Banker
- Unlimited withdrawals
- Lower interest on susu loans
- Instant Confirmation of daily deposit
- Minimum daily contribution is GHS1
- You need a minimum contribution of 2 months to qualify for a loan
- Minimum loan amount is GHS200
- Loan maturity profile:
- GHC200 – GHC5,000 for 1 – 6 months
- GHC5,000 – GHC10,000 for 8 months
Requirements:
- Valid ID Card
- 1 passport picture
- A utility bill within 3 months
6. Sika Dua
This is a long-term savings account.
Features:
- Less cumbersome account opening procedure
- Minimum account opening balance is GHS5
- They can allow further deposits of any amount to grow your account. But that comes after initial deposit of GHS5
- Very attractive interest rate
- They calculate interest daily and applied monthly
- You can only withdraw once every 6 months
Requirements:
- Valid ID Card
- 1 passport picture
- Get a utility bill within 3 months
- Have 1 reference from a current account holder with a reliable Bank or Savings and Loans Company or letter from employer
- Resident permit (for foreign nationals)
7. Auto Loans
You can use this type of loan to buy a private and commercial vehicle. But it is a short to medium term loan.
Features:
- You can use it for a new or used vehicle and it could be up to 5 years
- Minimum deposit of 20%-50%
- Term: Up to 60 months
- All applicants must be within 55 years
- You must be the user of the vehicle to apply
- You must insure the vehicles comprehensively
- The life insurance will cover for death or permanent disability
- Competitive interest rate
- Less cumbersome procedure
- Quick turnaround time
Requirements:
- Valid National ID
- Driver’s License
- Two (2)guarantors
- Have at least two (2) years of driving experience
- You must meet their account opening requirements if you’re a non-account holder
- They may not need security
8. Salary Loans
Both public and private institutions’ employees have this loan offer.
Types of the salary loans:
- Employee Loan Scheme
- Government/Public Payroll Employees
- Private Company Employees
Features of the Salary loans are:
- You must be between the ages of 18-55 years to apply
- Must be a confirmed staff
- Term: Up to 36 months
- Debt Service Ratio: Maximum 40%
- Competitive interest rate
- Less cumbersome procedure
Requirements of the Salary loans are:
- Valid National ID and Staff ID
- Last 3 months’ pay slip
- Employer undertaken
- 1 guarantor
- Where applicable, they require you to receive salary through BPSL
- They may require security
9. Import Financing
Customers in the import business have this special offer. They can use it for duty payments, payment for imported goods or transport cost.
Features:
- The term is up to 12 months
- Competitive interest rate
- The amounts are flexible so that all levels of business can get it
- Quick turnaround time
- Less cumbersome procedure
Requirements:
- Valid National ID
- Proof of import documents
- Applicant must meet our account opening requirements
- They may require security
10. Church Loan
Churches can get this loan for projects. And they could be buildings, equipment like musical instruments, generators etc renovations, vehicles and equipment.
Features:
- Less cumbersome procedure
- The term could be up to 36months
- Competitive interest rate
- Multiple purpose
- Tailored repayment terms
- Quick turnaround time
- Church registration documents
- At least6 months bank statement
- Church constitution (if any)
Requirements:
- Resolution from the Board
- They may require security
- Financial statements
11. SME Loans
This contains different short to medium-term loans. They specially designed it for Small and Medium Enterprises to meet many financial needs. And this includes; working capital, projects, business expansion, etc.
Features:
- Less cumbersome procedure
- They have flexible amounts that will suit all business levels
- Quick Turnaround time
- The term could be up to 60 months
- Competitive interest rates
- Flexible repayment terms
Requirements:
- Provide the identity and proof of address of your directors or promoters
- Identity and proof of address of entity
- Board Resolution
- Company Registration documents
- Provide valid financial statements for the last 3 years
- If you’re not a customer, get a 6 month bank statement
- They may require security
What are the Services of Best Point Savings and Loans?
Best Point Savings and Loans have some services they render to customers. And customers who are not yet aware of these services might be interested in those services.
They are:
- SMS Alert
This service notifies their customers about every transaction that happens on their accounts.
- Cash Pick Services
Call them or better still, plan for them to pick your money for you.
- ATM
They give their customers 24 hours’ access to their accounts, even in times of emergency.
Other electronic services they provide are:
- Western Union Money Transfer
- MoneyGram
- Vigo
- Airtel Money
- MTN Mobile Money
- Tigo CashBest Point Services
What are the contact details of Best Point Savings and Loans?
If you have some complaints, or you need to make inquiries. You can reach out to Best Point Savings and Loans representatives through the following contact details.
- Contact Address
Head Office: Old Peace Fm Building, Achimota Mile 7, Off Achimota Ofankor Road.
- Postal Address
Post Office Box CT 10191, Cantonments, Accra
- Telephone Number: (233) 303932990-4
- Email Address: info@bestpointgh.com
Conclusion
With loans, you have the lifeline to access funds to make urgent financial expenses. Always ensure you get a loan you can repay. This is because you wouldn’t want your financial situation to get worse. Besides that, paying off your debts will let you save some money you wouldn’t spend. Letting you keep some reasonable amount of money for future use. Best Point Savings and Loans have loan offers of various forms for the people of Ghana. And they designed these offers to meet the needs of most people with their various financial capacities into consideration.
Other related articles:
Multi Credit Savings and loans – What you should know