Absa bank Ghana offers a wide range of loan options for various purposes. However, depending on your type of loan, you must meet a variety of features and requirements. Therefore, we would discuss this and every other thing you need to know about Absa bank loans in this article.
About Absa bank Ghana
Absa Group owns the Absa bank, and Absa loans are one service Absa banks offer. The Absa Group owns most of the stakes in banks in Kenya, Ghana, Botswana, Mauritius, Tanzania, the Seychelles, South Africa, Mozambique (Absa and National Bank of Commerce), Uganda and Zambia. Besides that, they also have offices in Namibia, Nigeria, the United Kingdom and the United States. Moreso, the group has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia.
What are the loan products of Absa bank Ghana?
Absa bank Ghana has some loan products it offers to its customers. They include:
1. Absa Direct Personal Loan
This is the loan for you if you’ve had an Absa account for at least 6 months and need an unsecured loan for personal reasons. Therefore, whether you need money for a vacation, education, a car, or even a house, a Direct Loan can help you finance it quickly and easily.
What are the features of Absa direct personal loan?
The following are the features of Absa Direct Personal loan:
- Employees may borrow up to GH₵220,000.
- It has a flexible repayment of 12-60 months.
- It comes with competitive interest rates and fees.
- They do not require collateral or security to apply for a loan.
- It has a hassle-free application process and quick approval time
- With an Absa Direct Loan, you may get affordable loan insurance.
- Fixed interest rates prevent any rapid hikes.
- Repayment alternatives that are flexible dependent on your other financial obligations
- Advanced support to help you better manage your loan.
- For 6 months, you can get affordable credit life insurance that protects you against death, severe disability, and retrenchment.
What are the requirements of Absa Direct Personal loan?
The following are the requirements for Absa direct personal loan:
- Provide your national ID card (or passport for non-Ghanaians)
- Get your latest payslip
- Get a completed loan application form
- 6 months’ bank statements (for new customers)
2. Scheme Loan
The Scheme Loan is available to both government and private enterprises, and it allows you to enter an arrangement with Absa to provide company loans to your employees. Besides that, bring banking to an employee’s doorstep, making it handy, simple to schedule, and completely hassle-free.
What are the features of Scheme loan?
The features of this scheme loan include:
- Employees who have worked for their employer for at least 6 months and receive salary through Absa or another bank are eligible.
- Employees are eligible for a loan of up to GH₵220,000.
- Repayment terms range from 6 to 60 months.
- It provides credit insurance for free.
- It deducts repayments from employees’ salaries.
- The loan offers a competitive interest rate and fee.
- It has an easy approval.
- You can access the money quickly.
- You can use the funds for virtually any purpose.
- They do not need any collateral or security to apply for a loan.
- The application processes are hassle-free and it also has quick approval times.
- Fixed interest rates prevent any rapid hikes.
- Repayment choices that are flexible dependent on other financial obligations.
- It provides credit life insurance to protect you against death and permanent incapacity.
- For 6 months, you can get affordable credit life insurance against death, permanent disability, and retrenchment.
What are the requirements for the Scheme loan?
The following are the requirements for Scheme loan:
For Absa account holders:
- Get your national photo ID card (or passport for non-Ghanaians)
- Come with a completed loan application form
- Provide your latest payslip
For Non-Absa account holders:
- Get your national ID card (or passport for non-Ghanaians)
- Bring a completed loan application form
- Provide your most recent bank statements for the last 6 months (certified)
3. Employee Salary Overdraft
Allow the Employee Salary Overdraft to provide you with the security you require. They’ll set a credit limit on your salary account so you may take out additional funds if you need to.
What are the features of Employee Salary Overdraft?
- You can borrow from GH₵500–GH₵20,000.
- It has a revolving credit facility with a minimum repayment period of 12 months.
- It has the flexibility to overdraw up to a set limit.
- This overdraft can cover cheques which would otherwise bounce.
- This overdraft limit is available for a year and you’ll repay it on a monthly basis.
- They refresh the limit after a year, and it becomes available for reuse.
- It has a fixed interest rate.
- It has easy approval.
- You can access your money instantly.
- There are no waiting times.
- Quick approval times and no-hassle application processes.
- Advanced assistance to help you better manage your loan.
- They provide you with credit life insurance to protect you against death and permanent incapacity.
What are the requirements for Employee Salary Overdraft?
The following are the requirements for Employee Salary Overdraft:
- Get your national ID card (or passport for non-Ghanaians)
- Come with a completed overdraft application form
- Present your latest payslip
- Provide your bank statements for 6 months (for new-to-bank customers)
4. School Plan
This loan assists parents, guardians, and students at all levels of education in paying their school expenses. Existing and new salaried customers who have been banking with us for at least a month are eligible.
What are the features of the School Plan loan?
The following are the features of the school plan loan:
- Employees can borrow up to GH₵220,000.
- It has a monthly repayment over a period of 6 – 60 months.
- Competitive pricing of 23.5% per annum.
- Flexible repayments.
- Fee payments for your dependents or yourself over a period of up to 5 years.
- Maximum of 72-hour turnaround time to avoid undue delays.
- Free credit life insurance cover against retrenchment, death and permanent disability.
- Caps, school sets, Android tablets, and other exciting gifts for children on the School Plan.
What are the requirements for the school plan loan?
For Absa account holders:
- Get a national photo ID card (or passport for non-Ghanaians)
- Provide a completed loan application form
- Show your latest payslip
For Non-Absa account holders:
- Get your national ID card (or passport for non-Ghanaians)
- Provide a completed loan application form
- Come with your most recent bank statements for the last 6 months (certified)
Note: These Absa loan products above are under Absa Personal loans. However, for all these loan products, terms and conditions apply.
5. Home loan
It’s never been quicker, faster, or more convenient to own your ideal house. Whether you’re buying a property, borrowing against one you already own, or upgrading your current home, Absa can assist you.
What are the features of the Home loan?
The following are the features of the Home loan:
- They provide up to 90% financing for house purchases and up to 70% financing for equity release and home repair projects.
- The maximum debt service they offer is a maximum ratio of 50%.
- Depending on your income and the value of the house you are buying, we can lend you up to GH₵5,000,000.
- They offer a tenor of 5 to 20 years.
- They provide property and credit life insurance, which covers death, permanent disability, and retrenchment.
What are the requirements for the Home loan?
When applying for a mortgage as a salaried worker or a professional (lawyers, doctors, etc. ), you’ll need the following documents:
- Current payslip
- Identity proof (national identification card, valid passport, or valid driver’s license)
They require the following documents when purchasing a home:
- An offer of sale from a vendor
- Land title certificate
- Indenture
- Deed of assignment
- Site plan
- Building permit
- Ground rent
- Consent to mortgage for leasehold (if applicable)
- Sale and purchase agreement
The following documents are necessary for equity release and home improvement:
- The customer’s land title certificate
- Indenture
- Site plan
- Building permit
- They do not require a bill of quantity for a loan amount GH₵400,000 and below.
Related article: How To Get A Home Loan Or Mortgage In Ghana
What are the contact details of Absa bank Ghana?
For more enquiries, you can contact Absa bank with the following details:
- TELEPHONE: +233 (30) 2429150 (network charges apply)
- Toll free: 0800 222 333 (this is for MTN and Vodafone customers only)
- EMAIL ADDRESS: service.excellence.GH@absa.africa
- WHATSAPP: Abby: +233 501 644644
Conclusion
Having seen the loan products, Absa bank offers its customers. Also, having seen their respective features and requirements, you’ll now know how to get a loan from Absa bank Ghana. However, ensure you can repay the loan before you get it. This is because credit bureaus in Ghana will penalize your financial behaviour of non-repayment of loan. Therefore, repay your loan promptly to improve your credit score.