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How to get a loan from CalBank
How-to-get-a-loan-from-CalBank

CalBank offers different loan products that Ghanaians can apply for. To get a loan from CalBank, you must be eligible and apply.

Discover how to apply for CalBank loans, the requirements, and the application steps

How to get a Loan from CalBank

To get a loan from CalBank, you must ensure that you meet the various requirements for the loan.

You can call CalBank on 0800500500 for guidance on obtaining a loan from them.

CalBank Loan Products and Requirements

Calbank offers several loan products to its customers. They include:

1. CalBank Auto Loan

This loan allows CalBank’s customers to get any automobile they choose. Purchasing a dream car may be both time-consuming and difficult.

People who have a job can buy a Vehicle with Auto Loan.

What is the eligibility for CalBank Auto Loan?

The eligibility for a CalBank Auto loan includes:

  1. Minimum Salary: GHS 500.00.
  2. Age: 18 to 53 years.
  3. Employment Records: they have employed you for about 6 months or at the discretion of the credit manager.
  4. Account History: They will need six (6) months of Bank statements from clients with account relationships with other Banks.
  5. They shall update clients on monthly loan repayment via our CalBank Alert.

Related: Car loans in Ghana

What are the requirements of CalBank Auto Loan?

The following are the requirements of CalBank Auto loan:

  1. Get a valid National ID; Passport, Drivers’ License, voter’s ID card, ECOWAS card, SSNIT card.
  2. One (1) recent passport-size picture.
  3. Proof of Residential Address; introduction by a current A/C holder of any bank, location verification, or utility bill.
  4. You must make an initial deposit of GH₵500.00.
  5. To earn interest, you should have a minimum balance of GH₵500.00.

2. Government Employee Loan

This loan package was created to meet the financing needs of government employees. It is simple and convenient, and it is unnecessary to have an account to use it.

What is the eligibility for the Government Employee Loan?

The following is the eligibility criteria for the Government Employee Loan:

  1. You must have a minimum facility limit of GH₵2,000.00
  2. Also, it has a maximum facility limit of GH₵100,000.00
  3. The target market is government employees on Accountant General’s payroll
  4. Source of repayment: Client’s salary

What are the requirements for the Government Employee Loan?

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

  1. A completed Application Form
  2. One Passport Size Picture
  3. Proof of Address
  4. Get your personal identification; passport, driver’s license, voter’s ID card
  5. An introductory letter from your employer
  6. A copy of your 3 previous months’ pay slips.

3. CalBank Mortgage Loan

CalBank Mortgage assists people in purchasing homes. Because of this, eligible consumers can get loans to buy the homes of their dreams. Clients can also use it to complete a home, improve a home, or release equity.

What are the eligibility criteria for CalBank Mortgage Loan?

The eligibility for CalBank Mortgage Loan includes:

  1. As an income earner, you must be 21 to 55 years old.

What are the requirements for CalBank Mortgage Loan?

The following are the requirements for CalBank Mortgage Loan:

  1. Get a CalBank Mortgage Application that is complete and signed.
  2. Get an offer letter from a real estate developer or vendor for a home purchase mortgage.
  3. Identification:
    • 1 Passport Size Photograph i.e. 1 each for joint Applicants.
    • A power of attorney for non-resident Ghanaians, NRG. A notary public must witness it.
    • Provide a valid national identification card which could be; a voter’s card, national ID, International passport, or driver’s licence.
  4. Income verification:
    • Get a confirmation of your income and employment from your employers.
    • Provide the latest six (6) months’ salary slips/pay, which shows all deductions.
    • For self-employed applicants: Recent 3 years certified audited accounts or recent 3 years copies of your income tax returns for NRG.
    • For self-employed applicants: Provide your business profile, registration and certificate to start a business.
    • Your bank statements.

Related: How To Get A Home Loan Or Mortgage In Ghana

Other requirements include:

  1. Credit History:
    • Your credit report from a recognized credit bureau or credit reporting agency for NRG.
    • Your bank statements for at least six months.
  2. Down Payment:
    • Make a minimum deposit or down payment for the Home Purchase Mortgage Loan.
  3. Other Documents:
    • The Valuers CalBank recommends will create a valuation report for Home Equity Release Mortgage, Home Completion Mortgage, or if buying from a private vendor.
    • Proof that a developer has registered title to the property.
    • Show evidence that the developer has taken insurance for work in progress.
    • You will clear land title documents with copies of the site plan.
    • If you are a foreigner, attach a contract, work permit, and resident permit.
  4. Pre-Disbursement Conditions:
    • The developer will get cheques directly.
    • The bank will write to the developer and arrange for a document swap on the spot with direct payment.
    • Proof of a life insurance policy with the bank as the loss payee.
  5. Post Disbursement Conditions:
    • Insure the property with a bank they noted as a loss payee.
    • Provide ground rent and property rate
  6. Security:
    • Place a mortgage on the property you will purchase.
    • Personal guarantee of the applicant.
  7. CalBank’s designated valuers include:
    • Valuation and Appraisal Consult
    • Assenta Properties
    • Valuation and Investment Associates

Read also: Complete list of mortgage companies in Ghana

4. CalBank Salary Advance

CalBank Salary Advance Credit (Salary Advance) is a rapid service that allows salaried workers who get their paychecks from CalBank. Besides that, it helps them to fulfill their immediate needs by borrowing up to 80% of their next net monthly salary before they receive them. Permanent employees of reputable organizations who have CalBank PLC paid for over three (3) months are eligible to use the service.

What are the features of CalBank Salary Advance?

The following are the features of CalBank Salary Advance:

  1. Repayment period: Up to 30 days.
  2. Security: Assignment of salary and allowances with the applicant’s personal guarantee.
  3. Pricing: 2.00% per month
  4. They disburse funds timely.
  5. There are flexible terms of repayment.
  6. They update clients on monthly loan repayment through their CalBank Alert.

What is the eligibility for CalBank Salary Advance?

The following is the eligibility for CalBank Salary Advance:

  1. You must be a salaried worker receiving your salary at the bank for three (3) months or beyond.
  2. The age limit is 18 to 59 years.
  3. Employment Records: Your employer should endorse your request.

What are the requirements for CalBank Salary Advance?

Requirements you need to meet in order to get this offer include:

  1. Account Relationship: To access the facility, you must be an account holder.
  2. You must complete and submit the Salary Advance Application form.
  3. Come along with one (1) current passport-size photograph.
  4. Get a copy of a valid national photo ID card.

5. CalBank Universal Motors Auto Loan

This product helps to allow both existing and new clients to get cash. Besides that, they can top up their funds for the purchase of brand-new VW vehicles built locally. Permanent employees of respected organizations who have worked for at least three (3) months are eligible to use the facility.

What is the eligibility for a CalBank Universal Motors Auto Loan?

The following is the eligibility for the CalBank Universal Motors Auto Loan:

  1. You should be a salaried worker who has been in employment for three (3) months or beyond.
  2. Age Limit: 18 to 59 years.
  3. Employment Records: Your employer should endorse your request.

What are the requirements for CalBank Universal Motors Auto Loan?

The requirements to meet in order to access this offer include:

  1. One Passport Picture
  2. Proof of Address- Utility Bill/Tenancy Agreement
  3. Personal Identification-Passport/Voter’s ID Card/Driver’s License
  4. Introductory Letter from Employers
  5. Current Pay Slip (3 months most recent)
  6. For non-CalBank customers: Get your six-month bank statements highlighting your monthly salaries.
  7. As a CalBank customer, get a company undertaking to channel salaries through the account.
  8. For non-CalBank customers: As an employee, when you resign or they end your work. The company will deduct repayment at the source and notify the Bank.
  9. There should be a pro forma invoice from the vendor.
  10. The bank will provide a personal disclosure form of the individual/ client.
  11. Provide the ID cards of your referees.

6. CalBank Ecofridges Consumer Loan

They created this program to allow salaried people to purchase household appliances from recognized vendors. This typically includes air conditioners and refrigerators. Besides that, it also involves payment on a flexible timetable. They would make funds available to the public under the ECOFRIDGES Ghana program. However, this typically focuses on salaried workers, to purchase energy-efficient air conditioners and refrigerators.

What is the eligibility for CalBank Ecofridges Consumer Loan?

The following is the eligibility for CalBank Ecofridges Consumer Loan:

  1. Except for professions who retire beyond 60 years. The age to qualify is 18 to 59.
  2. Employment type- you must be a salaried worker.
  3. Business- you should be a bank account holder who has maintained an acceptable bank account for the previous 12 months.

What are the requirements for CalBank Ecofridges Consumer Loan?

In order to access this loan you must the following requirements:

  1. You must submit a complete application from the bank
  2. Get a copy of your national ID card.
  3. Provide one (1) passport-size photograph
  4. Submit a proforma invoice from a vendor they accredited.

Apart from the loan products above, CalBank still offers several business financing services to its customers. They include:

  1. CalBank Auto Loan
  2. CalBank School Scheme
  3. GHACEM Distributor’s Scheme
  4. CalBank Import Finance Scheme
  5. Fuel Dealer’s Scheme
  6. CalBank Retail Overdraft Facility
  7. CalBank Church Scheme
  8. Working Capital Loan
  9. LPO Financing Scheme
  10. Pharma Scheme
  11. CalBank Sunref Financing Programme

Note: You can visit their website below(in their contact details) to know more about these business financing services they offer their clients.

What are the contact details of CalBank?

For more enquiries you can contact CalBank with:

  1. Address:23 Independence Avenue, P.O.Box 14596 Accra, Ghana.
  2. Phone: +233302680062, +233302680063, +233302680065, +233302680079 +233800500500
  3. Website: https://calbank.net/
  4. customercare@calbank.net

Conclusion

Having seen the loan products that CalBank offers its clients. You can now choose the loan product that will best help you meet your financial obligations. Prompt repayment of loans normally improves your credit score. Consequently, credit bureaus in Ghana will have you in their excellent books.
Categories: Financial Institutions
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