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:
- It enables salaried workers and the self-employed to access funds easily to suit their personal needs.
- 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:
- It has a one year tenure
- The user can pay off the facility before it expires, incurring no penalties.
- They will deposit the funds into the applicant’s BOA account.
- The Insurance Company and the Bank of Africa will arrange the insurance premium. Ghana.
- The applicant will be eligible for up to four times his net earnings.
- Bank contributes 100% towards financing the loan
- Applicant must be 21–58 years old at time of the loan request
- As an employee, they must have employed you for over 6 months
- 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.
- 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.
- Minimum Net Salary GH₵500
- Minimum Loan Limit GH₵1,000
- A maximum Loan Limit GH₵20,000.
What are the benefits of the Educational loan?
The benefits of the Educational loan include:
- Access to funds to support education
- Fast tracking processing
- Affordable pricing
Who is eligible to access this Educational loan?
The following are eligible for the loan:
- Individuals between 21 and 58 years already in employment are eligible
- It’s for both customers and Non- customers.
- 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:
- Filled application form
- 2 recent photos
- Certified copy of identity card
- Bill from an educational institution
- Proof of employment
- Proof of salary–Confirmed latest salary/Pay slip
- To confirm pay credits and consistency, check your bank statement every six months.
- Show your proof of address with your utility bill, and so on. You must support their copies by originals for verification.
- 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.
- 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:
- Open for salaried workers who are still in full employment.
- You must be a customer of Bank of Africa.
- They do not need collateral.
- You will have up to 60 months to clear the car debt.
- It has an overwhelming interest rate of 18% per annum.
- They fully insure the vehicle.
- 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:
- Filled Application Form
- 1 recent Passport size picture
- A certified copy of your identification card, preferably they’d require a Ghana National ID Card.
- Bring the proof of your salary by showing your confirmed pay slip for the last 3 months.
- Six months’ bank statement
- Show your proof of address/ Directional Map, including your utility bill and so on.
- Provide the digital address of your place of work and your residence.
- Letter of undertaking from employer
- Pro-forma invoice from CFAO
- The equity contribution or minimum cash deposit is 25%.
- Facility Application letter
- Provide the company profile, including information on the board of directors and management experience of the organization.
- 3 years Audited financial statements for most recent years
- Cash flow projections for the facility’s tenure
- List of credit facilities they have got from other banks, as well as the underlying security and maturity dates.
- Bank Statements from major bankers
- Pro-forma invoice from the approved vendor
- The equity contribution or minimum cash deposit is 25%.
- 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:
- Simply walk into any CFAO Showroom and select a vehicle.
- Complete and submit the documentation (above) they need to the Bank of Africa.
- 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.
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:
- Your DSTV and GOTV bills from MultiChoice Ghana limited.
- You can make postpaid electricity bills from the Ghana Electricity Company Limited.
- Pay your water bills from the Ghana Water Company.
What are the benefits of B-Mobile?
The benefits of B-Mobile are:
- It allows clients to see all of their transactions and balances in one place.
- It’s a quick, simple, and safe method to pay merchants.
- This is a one-of-a-kind offer that saves customers money by avoiding the need to call a call center.
- 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:
- You have access to information about your bank account.
- SMS alerts and statements for debit and credit cards are available.
- By visiting a simple mobile-friendly website, you can monitor your balances and transactions.
- A menu allows you to do simple operations.
- 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:
- Checking for your account balances
- Requesting for mini-statements
- To transfer money from your account to another account
- Forex Rate Enquiry
- Stop Cheque
- Setting up standing orders
- Cardless withdrawals from the ATM
- 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:
- Visit the bank’s website to register.
- To activate Dial *987#
- 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:
- Address: 1st Floor, Block A&B, The Octagon, Independence Avenue.
- Postal address: P.O Box C1541, Cantonments, Accra, GhanaCall.
- Phone: +233-302-249690
- Fax: +233-302-249697
- E-mail: email@example.com
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.