How to get a loan from Agricultural Development bank Ghana

How to get a loan from Agricultural Development bank Ghana should not be something to worry about. Agricultural Development Bank Ghana helps to credit facilities for the modernization and development of agriculture in Ghana. Besides that, they offer different account types of customers to access loans with attractive interest rates. 

This article will reveal the requirements to open an account with Agricultural Development Bank Ghana. Besides that, you’ll learn more about Agricultural Development Bank Mobile Banking Services.

About the Agricultural Development bank

Since its founding in 1965, the Agricultural Development Bank (ADB) aims to provide financial facilities for the development and modernization of agriculture and related businesses. The ADB handles around 85% of institutional loans in the agriculture sector at the moment.

What are the loan products of Agricultural Development Bank Ghana?

Agricultural Development Bank Ghana offers some loan products to its customers. These products include:

1. Personal loan

This is a special lending facility they developed for their valued customers to fund short-term necessities. It also includes dream home items such as vehicles, furniture, television sets, school tuition, refrigerators and so on.

What are the requirements for the Personal loan?

There are some requirements you must meet to access the Personal loan. They include:

1. Prior to being eligible to use the facility, they have paid the customer regularly for at least six months.
2. The customer shall not be in default in any other financial institution’s facility.
3. They require ADB Accounts for new clients.
4. For at least one month, get a salary through the ADB account.
5. Please provide six months’ worth of bank statements from prior lenders.

What are the features of the Personal loan?

The following are the features of the personal loan:

1. The customer should have a minimum salary of GH₵200
2. The duration is 6 months with a 48-month period.
3. Minimum overdraft/Limit = GH₵500, Maximum Overdraft/Limit = GH₵20,000.
4. KYC Documentation for new bank customers.
5. Employer’s letter of appointment or six-month bank statement stating monthly pay.
6. They should reflect additional proof of salary for one month in the new customer’s account.
7. At the branch, customers complete an application form (this includes a clause that allows the Bank to call in the facility if any adverse mention from a credit bureau review or otherwise)
8. Complete verification form of credit
9. Interest is ADB base rate + 4%-8.5% per annum.
10. Overdraft arrangement fee = 2% of amount
11. The insurance cover prior to setting the limit – 1% of loan amount.
12. Early redemption fee–2% of outstanding loan amount if you repay the loan after 1 year, 1% of outstanding amount if they redeem loan after 2 years.

What are the benefits of the personal loan?

1. Minimum – Maximum  Limits: GH₵200.00 – GH₵20,000.00
2. Quick turnaround time
3. Very competitive Rates
4. Flexible payment plan

2. Pension loan

This is a special lending facility developed for our valued clients who are retired and want to fund short-term needs such as furniture, television sets, school fees, and refrigerators, and so on.

What are the requirements for the Pension loan?

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

1. You should have been an ADB customer.
2. Prior to your retirement, ADB has to have paid the monthly salary consistently.
3. You must be a current member of a registered Pension Society
4. You must have a pension income of at least GH₵50.

What are the features of the Pension loan?

The following are the features of the Pension loan:

1. It has a minimum salary of GH₵50
2. The tenure period is ≤ 12 Months
3. Amount is ≤ 5,000
4. Letter of undertaking signed by the Chairman and validated by the secretary of the Pension Association to which Applicant belongs, stating that the Pension Association will ensure that they will pay the applicant’s monthly pension through ADB.
5. The customers will bring a complete application form from the branch.
6. Interest is ADB base rate + 5% per annum
7. Overdraft arrangement fee = GH₵10
8. The insurance cover for loan protection is 1% of the loan.
9. They will disburse the last from the net of arrangement fees.

3. Institutionally Managed Personal Loan (IMPL)

They specially designed this scheme for workers to provide welfare/consumer loans. Also, for approved institution employees to fund short-term necessities and home items.

What are the requirements for the Institutionally Managed Personal Loan(IMPL)?

There are some requirements you need to meet in order to get the Institutionally Managed Personal Loan. They include:

1. You must be a salaried worker of an approved institution to be an eligible staff.
2. As a beneficiary, you do not need to maintain current accounts with the ADB.
3. The borrower must meet the minimum monthly income they require.
4. The borrower should have been receiving salary continuously for 6 months prior to qualifying to access the loan.

What are the features of the Institutionally Managed Personal Loan(IMPL)?

This loan has some features that are quite attractive, like the others. They include:

1. The minimum salary is GH₵200
2. The tenure is 6 Months  ≤ Period ≤ 48 Months
3. Loan amount is GH₵20,000 (You could get above GH₵20,000)
4. KYC Documentation for new to bank customers
5. Employer’s letter of appointment or six-month bank statement stating monthly pay
6. Customers complete application form of branch
7. Interest is ADB base rate + 9% per annum
8. Overdraft arrangement fee = 2% of loan amount
9. They will disburse the last from the net of arrangement fees
10. There’s an insurance cover prior to setting off limit–1% of loan amount
11. Early redemption fee–2% of outstanding loan amount if you repay the loan after 1 year. Then, 1% of the outstanding amount if they redeem the loan after 2 years.

What are the requirements for opening an account with Agricultural Development Bank Ghana?

If you have been longing to know how to get a loan from Agricultural Development Bank Ghana, having a bank account with them is one of the major requirements. Therefore, it is important to know the requirements for opening a bank account with them. So the prerequisites for opening any form of an account with the Agricultural Development Bank of Ghana are:

1. Fully completed and endorsed Application Form
2. Two Passport Photographs
3. Valid ID card (any national ID)
4. Confirmation of Residential Address
5. Initial Deposit

How can I open an account with Agricultural Development bank Ghana?

You may have been wondering how to open an account with Agricultural Development Bank Ghana. As you read further, you will know all there is to know regarding how you can open savings and current account with Agricultural Development Bank Ghana. However, before you open an account, you should know the specifics, benefits, and requirements for that account.

Do the following in order to open an account with Agricultural Development bank Ghana:

1. Visit any branch of the Agricultural Development Bank in Ghana.
2. Get the Account Opening Form.
3. Fill the form right and sign where applicable.
4. Attach your 2 recent passport photographs with your names on the reverse side.
5. Provide your means of identification, i.e. Driver’s license, international passport, voter ID, NIA card or NHIS card.
6. Initial deposit is the amount of money you want to open your account with.
7. Provide a residence permit where applicable.

What are the accounts a customer can open at the Agricultural Development bank?

Agriculture bank offers two main types of accounts to its customers. They include

1. Agricultural Development Bank Savings Deposit Account

Individuals, churches, corporations, clubs, and schools can all open an ADB current account. It provides a diverse range of products, ranging from call accounts to term deposits, all with competitive interest rates.

The features and benefits of their savings deposit account are below.

Features and Benefits of ADB Saving Account

1. It comes with attractive interest rates
2. The initial deposits are very affordable
3. Flexibility of transactions
4. Daily interest calculated
5. Fixed deposit with roll over options
6. Availability of ATM facilities.
7. No Limit to withdrawals
8. Minimum available balance
9. Standing order instructions
10. Savings withdrawal books

2. Agricultural Development Bank Current Account

Individuals, churches, corporations, clubs, and schools can all open an ADB current account.

What are the benefits and features of the Agricultural Development Bank Current Account?

1. No limit to withdrawals
2. The Automated Clearing House (ACH) is used to make direct payments to creditors.
3. Fixed Deposits with roll over options
4. Standing order instructions
5. Interest accrues daily and they apply it monthly.
6. Availability of Cheque books
7. Transferring money from one ADB account to another is completely free.
8. Third party cheque withdrawals
9. Access to overdraft facility
10. It comes with easy access to funds across Ghana through any ADB Branch.
11. It has a 24 hour access to account with ADB ATM/ Visa Cards.

Agricultural Development Bank Mobile Banking without internet?

Agricultural Development Bank, Ghana reached another milestone by introducing mobile banking without internet access on your phone. It is good news that all customers of ADB can now access their account through their phones.

You can do the following with this service you can:

1. Transfer funds from one account to another
2. Check your balance
3. Buy airtime
4. Check Forex rate
5. You can pay your bills
6. Choose option 6 for more information

Starting Mobile Banking for Agricultural Development Bank

There are some things you have to do in order to start mobile banking for Agricultural Development Bank. They include:

1. Walk into the ADB branch in Ghana and ask for a mobile banking form. The officer in charge will hear you out.
2. Make sure you write the account number you often used for transaction
3. Fill out the form completely and accurately with all of your account information.
4. The officer will register you online
5. You will receive an acknowledgement of registration on your phone within 5 minutes and will wait for approval. In 20 minutes a confirmation message of approval will come on your.
6. They will ask you to enter a short code and password sent to you.

How Do I Activate the Account?

You can activate the Mobile Banking for Agricultural Development Bank. Do the following to activate it:

1. Dial *767#  and send to any network in Ghana.
2. Enter the PIN sent you
3. They will ask you to change the PIN to your own taste.
4. You will finally receive a message confirming your activation.

How Can I Access Services on Mobile Banking?

Agricultural Development Bank Mobile services make transactions easier for customers. With these mobile banking services, all customers can carry out transactions from their homes without visiting the office.

You can access the mobile banking services by:

1. Dialling *767# and your PIN.
2. Choosing the corresponding digit and so on until you actualize what you want.

How do I check my Agricultural Development Bank account on my phone?

Maybe after carrying out a transaction, you’d like to know how much you have in your account. This will normally prompt you to check your account balance. For Agricultural Development Bank, you can now check your balance, buy credit, transfer funds and more on ADB mobile banking *767#.

What are the contact details of Agricultural Development bank Ghana?

For more enquiries, you can reach out to Agricultural Development Bank through the following details:

1. Address: Accra Financial Centre, 3rd Ambassadorial Development Area, Ridge-Accra.
2. Postal address: P.O. Box 4191, Accra-Ghana
3. Phone: 0302 22 4043, 0302 210210, 020 203 0100
4. Toll Free: 0800 10034
5. E-mail address: customercare@agricbank.com

Read also: Government programmes for agric loans in Ghana

Conclusion

This article has explained what you really need to know about how to get a loan from Agricultural Development Bank Ghana. Therefore, it would be cool to assess the requirements, features and benefits of the accounts they offer their customers. When you do this, you will have a better understanding of the account that best meets your needs. Do not forget that credit bureaus keep track of your financial behaviour. This means that they will know whether you repay your loan. Prompt loan repayment will make them improve your credit score while default of the loan terms will probably make them penalize you.