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Fidelity Bank loan – How to get a Fidelity Bank loan

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Fidelity Bank loans in Ghana are easy to access once you are eligible. However, a lot of financial obligations may keep you stranded and you need financial help by all means. Meanwhile, if you are a Fidelity Bank customer, you can consider getting a loan from them. In this article, I will take you on how you can get a Fidelity bank loan.

What are the loan products Fidelity Bank offers?

Fidelity Bank offers a variety of loan products to its customers according to their need for the loan and asset they have.

  1. Salary Backed Loan

They use this salary-backed loan to support employees, especially of profiled organizations. Also, to meet their short-term to medium-term financial needs.

Features of a Salary-Backed loan

  1. Up to 45% debt service ratio.
  2. The maximum loan term is 48 months.
  3. The maximum loan amount is GH₵150,000.
  4. A competitive interest rate.
  5. Taking over a current loan (Terms & Conditions apply).
  6. Repayment from Fidelity Salary Backed Account by standing order.
  7. An applicant must earn GH₵1,000 a month to qualify.

Pros of Salary Salary-backed loans loans

This form of Fidelity bank loan has so many benefits, which include:

  1. No collateral requirement.
  2. Payment terms are as flexible as 48 months.
  3. An easy way to apply for a loan.
  4. An interest rate that is competitive.
  5. The maximum loan amount is GH₵150,000.
  6. Increase your existing loan.
  7. The policy covers you against retrenchments, permanent disability, and death.
  8. Loan transfers from other banks at concessionary terms.

2. Employer Managed Loan

Employer Managed Personal Loans are medium-term financing options. Usually, this form of loan is usually for salaried employees of organizations listed under the “Employer Managed Salaried Program”.

Features of employer-managed personal loans

Some features include:

  1. Maximum debt service ratio of 50% (depending on salary).
  2. Loan term up to 60 months (depending on the net monthly salary).
  3. The maximum amount for the loan is GH₵200,000.
  4. The employer negotiates a concessionary interest rate for the employer.
  5. An applicant must earn at least GH₵700 per month to qualify.

Pros of an employer managed loan

When you apply for this form of loan, you stand to gain:

  1. There is no collateral requirement.
  2. 60-month flexible repayment period.
  3. Applying for a loan is quick and easy.
  4. Loans with competitive interest rates.
  5. The loan amount can be as high as GH₵200,000.
  6. After 3 months, top up your existing loan (Conditions apply).
  7. Protection against unemployment, total and permanent disability, and death under credit life insurance.
  8. A loan transfer from another bank at concessionary terms is available (Terms and Conditions apply).

3. Salary advance loan

This is the loan where you get your salary before due. However, you may have an emergency need that requires you to collect your salary in advance before the usual payment period. Hence, a salary advance loan is an answer.

Features of salary advance loans

They include:

  1. 60 percent of the net monthly salary
  2. Only the amount used is used to determine the interest rate
  3. A repayment period of up to three months is available
  4. Borrowing at competitive interest rates
  5. It is simple and quick to apply for a loan. 

What are the requirements?

To qualify for the loan, you must be:

  1. Having proven consistent income from Fidelity Bank’s profiled organizations or clients.
  2. A long-term employee with confirmed employment for at least one year.
  3. During the loan term, you must be over 21 years of age but under 60 years of age.

How to apply for a salary advance loan from Fidelity bank

  1. Use the Fidelity Bank app to apply for a salary advance or complete the Salary Advance request form.
  2. Three-month pay stubs.
  3. Confirmation letter signed by the customer and the employer.

4. Public sector source deduction loan

Applicants who are on the Controller and Accountant General’s Department payroll use this process to meet their short- to medium-term financial needs. Also, the rates are competitive, the repayment plan flexible, and the loan is simple to apply for.

Requirements

To qualify for the loan, you must be:

  1. On the payroll of the Controller and Accountant General, is a public sector employee
  2. During the loan term, you must be over 21 years of age but under 60 years of age.
  3. Last 3 months payslip
  4. Passport
  5. Valid National ID
  6. E-mandate form
  7. Loan Advance form
  8. Authority Note
  9. Employer’s undertaking letter

How to apply for a public sector source deduction loan?

You must complete an application for a public sector source deduction loan.

Pros of public sector source deduction loan.

Some advantages include:

  1. It does not require collateral.
  2. Up to 48-month repayment period.
  3. The loan application process is simple and quick.
  4. A competitive interest rate on loans.
  5. You can borrow up to GH₵300,000.
  6. Increase your existing loan.
  7. Insurance protection in case of retrenchment, total disability, or death.

Other loan products of Fidelity Bank include:

  1. Auto Loan
  2. Home Equity
  3. Service plot finance
  4. Personal loan
  5. Student loan
  6. Mortgage loan 
  7. SME loans

What is the interest rate on Fidelity Bank loans?

The interest rate depends on which loan offer you opt for. But the loan usually comes with a competitive interest rate.

How to apply for a Fidelity bank loan

There are two major approaches to applying for a Fidelity bank loan

1. Online application

You apply for a loan using the Fidelity bank app on your smartphone.

The steps include:

  1. Open the bank app on your smartphone.
  2. Log in with your username and password.
  3. Select your loan choice.
  4. Select the amount.
  5. Fill the form correctly.
  6. Submit and wait for disbursement of funds.

2. Physical application

This allows you to visit one of the Fidelity Bank branches in Ghana to apply for a loan.

The steps include:

  1. Select your loan choice.
  2. Fill in the request form.
  3. Attach photocopies of your documents.
  4. Submit and wait for feedback.

Conclusion

Fidelity bank loan has proven over the years its easy access to loans for its customers. Meanwhile, it is a financial institution that has registered with the Bank of Ghana. They always offer loans with competitive interest, which makes repayment quick and affordable. However, depending on your need, you can always apply for a Fidelity loan once you are eligible.