Consumer Finance Term Loan
Our Consumer Finance Term Loan is an unsecured personal loan used to finance consumer appliances and products (namely computers, printers, mobile phones, washing machines, refrigerators, cookers, LCD TVs, furniture) on a short-term basis through our partner vendors or dealers. Loans are available to customers earning a minimum net salary of GHS400 a month. Allows you to buy quality world-class branded consumer items through our vendors.
What does it offer you:
- Loans range from GHS500 to GHS10 000
- Loan terms from 6 to 12 months
- Maximum loan term tied to your retirement age
- Competitive interest rates, fixed for the term of your loan
- Facility fee of 2% of loan amount
- Credit Life Insurance that covers permanent disability and death
- Can be taken as a second unsecured term loan with us
- Flexible repayment options through salary account with us or direct payroll deduction by employer.
What do you need to apply:
- Be a salaried employee permanently employed with employment confirmed
- Be a salaried income earner working for any of our Workplace Banking Scheme companies
- Earn a minimum salary of GHS400 a month
- Be over 21 years and not more than 60 years on expiry of the term of your loan.
- Choose product/s from vendor’s shop or catalogue
- Fill in a loan application and attach the following supporting documents:
- Letter of Undertaking from employer
- Pro-forma invoice from vendor/dealer
- Statement of account from previous bank (new customers only)
- Confirmation of current salary or pay slip
- Give your filled in application form to a consultant at a branch/Executive Banker or PSC or vendor’s sales officer
- Loan is approved subject to a positive report from credit bureau and amount is then paid to the vendor
- You arrange for delivery of the product or items financed from the vendor.