If you wonder how to get a loan from CalBank, this article will put you through it. CalBank offers some loan products to its customers. And this is because it is typical for people to have financial responsibilities that they must meet. 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, eligibility and requirements.
CalBank began operations in July 1990 as Continental Acceptances Ltd. Thereafter, they renamed it Cal Merchant Bank. Since then, it has provided world-class financial solutions to Ghanaian businesses and corporations. In 2004 CalBank received its Universal Banking License. Thereafter, they started offering specialized retail banking services.
What are the loan products of Calbank Ghana?
Calbank offers several loan products to its customers. They include:
1. CalBank Auto Loan
This is a credit facility that allows their customers to get any automobile they choose. Purchasing a dream car may be both time-consuming and difficult. Because vehicle ownership is essential to their everyday activities, we assist our valued clients with the cash to realize this lifestyle desire. Individuals, professionals, consultants, and salaried workers with recognized institutions can use our Auto Loan program to purchase a vehicle for personal or business usage.
What are the features of CalBank Auto loan?
The features of CalBank Auto Loan are:
- Loan Repayment: Annuity payment Method in which they pay monthly the same amount
- Age of Vehicle: The vehicle must be below five (5) years
- Tenure: 60 months or fewer
- Security: Charge over vehicle to be purchased
- Personal Guarantee of applicant
- Provident Fund, if any
- They will register and insure the vehicle in the joint names of CalBank and the client
- Debt Burden: Not over 45% of income
- Pricing: GRR + Agreed Risk Premium
- Arrangement and processing fees: 3% (to be paid upfront)
- Maximum Loan: The Bank finances up to 80% of the value of the vehicle
- Insurance: they will comprehensively insure the vehicle
- Readily available credit timely
- Flexible terms of repayment
- A team of professional account managers will provide prompt consulting services.
What is the eligibility of CalBank Auto Loan?
The eligibility of CalBank Auto loan include:
- Minimum Salary: GHS 500.00.
- Age: 18 to 53 years.
- Employment Records: they have employed you for about 6 months or at the discretion of the credit manager.
- Account History: They will need six (6) months of Bank Statement from clients with account relationships with other Banks.
- 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:
- Get a valid National ID; Passport, Drivers’ License, voter’s ID card, ECOWAS card, SSNIT card.
- One (1) recent passport-size picture.
- Proof of Residential Address; introduction by a current A/C holder of any bank, location verification or utility bill.
- You must make an initial deposit of GH₵500.00.
- To earn interest, you should have a minimum balance of GH₵500.00.
2. Government Employee Loan
This is a unique loan package they created to meet the short- to medium-term financing needs of government employees. It is simple and convenient, and it is unnecessary to have an account to use it.
What are the features of the Government Employee Loan?
The following are the features of the Government Employee Loan:
- It has a repayment period with a minimum of 6 months to 36 months, maximum.
- Debt burden ratio is 45% (maximum) of net monthly income
- Pricing: GRR + Agreed Risk Premium.
- During the term of the loan, personal insurance protects you against death and permanent incapacity.
- Repayment method: Annuity
- Affordable: Customers can get more loans than the ones they already have if they don’t go over their maximum debt burden ratio.
- They charge interest monthly
- Early repayment without penalty
- No Monthly account keeping service charges.
What is the eligibility for the Government Employee Loan?
The following is the eligibility for the Government Employee Loan:
- You must have a minimum facility limit of GH₵2,000.00
- Also have a maximum facility limit of GH₵100,000.00
- Target market is government employees on Accountant General’s payroll
- 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:
- A completed Application Form
- One Passport Size Picture
- Proof of Address
- Get your personal identification; passport, driver’s license, voter’s ID card
- An introductory letter from your employer
- A copy of your 3 previous months’ pay slips.
3. CalBank Mortgage Loan
They designed CalBank Mortgage to assist people in purchasing homes. Because of this, eligible consumers can get loans to purchase the homes of their dreams. CalBank Mortgage is a retail product that helps to fulfill their clients’ mortgage needs. Clients can also use it to complete a home, improve a home, or release equity.
What are the features of CalBank Mortgage Loan?
The features of CalBank Mortgage Loan are:
- For them to consider it for Home completion. The property must be at lintel level and you must support it by a land title certificate. Besides that, you must complete it within a 5 to 15-year period.
- Debt Burden: Not over 45% of net income.
- Maximum Facility Limit: 85% of the value of property.
- Repayment: Annuity payment
- Access to dedicated relation officers to handle all activities in relation to the mortgage facility.
- Funding for the purchase or completion of your dream home.
- It has customizable terms and conditions.
- You can easily access qualified and professional valuers.
- You will have the flexibility to purchase your building from a real estate company you prefer.
- The insurance policies are easy to access to secure the facility.
- There are competitive charges and so on.
What is the eligibility for CalBank Mortgage Loan?
The eligibility for CalBank Mortgage Loan includes:
- 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:
- Get a CalBank Mortgage Application that is complete and signed.
- Get an offer letter from a real estate developer or vendor for a home purchase mortgage.
- 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; voters, national ID, passport, driver’s licence.
- 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.
Other requirements include:
- Credit History:
- Your credit report from a recognized credit bureau or credit reporting agency for NRG.
- Your bank statements for at least six months.
- Down Payment:
- Make a minimum deposit or down payment for Home Purchase Mortgage Loan.
- 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.
- 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.
- Post Disbursement Conditions:
- Insure the property with a bank they noted as a loss payee.
- Provide ground rent and property rate
- Place a mortgage on property you will purchase.
- Personal guarantee of applicant.
- 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:
- Repayment period: Up to 30 days.
- Security: Assignment of salary and allowances with the applicant’s personal guarantee.
- Pricing: 2.00% per month
- They disburse funds timely.
- There’re flexible terms of repayment.
- 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:
- You must be a salaried worker receiving your salary at the bank for three (3) months or beyond.
- The age limit is 18 to 59 years.
- 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:
- Account Relationship: To access the facility, you must be an account holder.
- You must complete and submit the Salary Advance Application form.
- Come along with one (1) current passport size photograph.
- 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 are the features of CalBank Universal Motors Auto Loan?
Features of CalBank Universal Motors Auto Loan include:
- Loan Repayment: Method of payment for annuities in which they make the same amount of payment monthly.
- Repayment period: There’s a minimum of six (6) months and a maximum of forty-eight (48) months’ repayment.
- Security: They’ll charge security over the vehicle the client will purchase. Vehicle registration will be in the joint names of the client and the bank.
- The borrower will guarantee the loan.
- Assignment of proceeds from the vehicle’s insurance:
- Pricing: Attractive Pricing
- They disburse facilities timely.
- It has negotiable terms of repayment.
- They shall update clients on monthly loan repayment through their CalBank alert.
What is the eligibility for CalBank Universal Motors Auto Loan?
The following is the eligibility for CalBank Universal Motors Auto Loan:
- You should be a salaried worker who has been in employment for three (3) months or beyond.
- Age Limit: 18 to 59 years.
- 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:
- One Passport Picture
- Proof of Address- Utility Bill/Tenancy Agreement
- Personal Identification-Passport/Voter’s ID Card/Driver’s License
- Introductory Letter from Employers
- Current Pay Slip (3 months most recent)
- For non CalBank customers: Get your six months bank statements highlighting your monthly salaries.
- As a CalBank customer, get a company undertaking to channel salaries through the account.
- For non CalBank customers: As an employee, when you resign or they end your work. The company will deduct repayment at source and notify the Bank.
- There should be a pro forma invoice from the vendor.
- The bank will provide a personal disclosure form of the individual/ client.
- 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 are the features of CalBank Ecofridges Consumer Loan?
The following are the features of CalBank Ecofridges Consumer Loan:
- Allows you to own energy-efficient household appliances and pay for them afterwards.
- Without facility fees, interest, or insurance, you can get a great deal.
- They guarantee flexible terms of payment.
- They disburse facilities timely.
- It’s easily accessible.
What is the eligibility for CalBank Ecofridges Consumer Loan?
The following is the eligibility for CalBank Ecofridges Consumer Loan:
- Except for professions who retire beyond 60 years. The age to qualify is 18 to 59.
- Employment type- you must be a salaried worker.
- 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:
- You must submit a complete application from the bank
- Get a copy of your national ID card.
- Provide one (1) passport size photograph
- 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:
- CalBank Auto Loan
- CalBank School Scheme
- GHACEM Distributor’s Scheme
- CalBank Import Finance Scheme
- Fuel Dealer’s Scheme
- CalBank Retail Overdraft Facility
- CalBank Church Scheme
- Working Capital Loan
- LPO Financing Scheme
- Pharma Scheme
- 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 is CalBank Mobile Banking?
CalBank Mobile Banking is a convenient method to access your CalBank accounts from anywhere through your smartphone. However, you may securely examine your account balances and activities and transfer money between accounts. Besides that, you can also pay bills using their USSD Code (*771#). If you have a roaming package with your network operator, you can use the service outside of Ghana.
Note: There is NO fee to use the service.
How secure is CalBank Mobile Banking?
There are four (4) digit PIN protects all transactions on the CalBank Mobile Banking Service and it’s only the subscriber that knows it. A subscriber has the option to update his or her PIN. However, CalBank’s Mobile Banking Platform is secure, and they keep your personal information private.
What is the maximum amount I can transact with CalBank Mobile Banking Service?
The minimum default limit for subscribers is GH₵1,000. Subscribers can, however, request the restrictions they prefer by filling out the paperwork at a bank office.
What are the contact details of CalBank?
For more enquiries you can contact CalBank with:
- Address:23 Independence Avenue, P.O.Box 14596 Accra, Ghana.
- Phone: +233302680062, +233302680063, +233302680065, +233302680079 +233800500500
- Website: https://calbank.net/
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. However, after getting the loans, ensure you use them appropriately to ease your financial burden. Besides that, ensure you comply with the terms of the loan because your lender will be eager to lend you more in the future. Again, prompt repayment of loans normally improves your credit score. Consequently, credit bureaus in Ghana will have you in their excellent books.