In this post, I am going to take you through the list of loans offered at Fidelity Bank Ghana. So if you are a Fidelity Bank customer and you are in need of financial assistance to sort out one or two issues, then you are at the right place.
Fidelity bank has steadily become a household name due to their nack to always make sure their customers are very much satisfied with their banking needs. The bank also has borrowing facilities that are designed to bring you (customer) a high level of satisfaction with your banking transactions and interactions.
This post has been designed to give in-depth insight into the list of loans Fidelity bank has on offer for you the customer. If you want to find out about these packages then make sure you keep reading.
Let’s delve into it!
List Of Fidelity Bank Loans
1. Personal Loan
A personal loan is an amount of money you can borrow to use for a variety of purposes. Fidelity Bank is saying why restrict your diet when you can enjoy a feast? Just walk into their premises and request for a loan which will be processed in no time.
2. Salaried Loan
Fidelity bank salaried loans come in four different variations and we are going to look at each of them.
a) Salaried Backed Loan
Our Salary Backed Loan is designed to support employees of profiled (selected) organizations to meet their short to medium-term financial needs. It offers a simple loan process, a flexible repayment plan, and competitive loan rates.
Benefits:
- No collateral required
- Flexible repayment periods up to 48 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Borrow up to GHS 150,000 (Terms & Conditions apply)
- Top up your existing loan
- Credit life insurance cover against retrenchment, total permanent disability, or death
- Transfer your loan from other banks at concessionary terms (selective)
Features:
- Debt service ratio of up to 45%
- Maximum loan term – 48 months
- Maximum loan amount-GHS 150,000
- Competitive interest rates
- Takeover of an existing loan (Terms & Conditions apply)
- Repayment from Fidelity Salary Backed Account via standing order
- Qualifying minimum net monthly salary is GHc1,000
b) Employer Managed Loan
The Employer Managed Personal Loan is a medium-term facility designed for salaried employees working in organizations listed under our approved Employer Managed Salaried Programme. It offers enhanced benefits, a repayment plan, and lower rates.
Benefits:
- No collateral required
- Flexible repayment periods up to 60 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Higher loan amounts – up to GHS 200,000
- Top up your existing loan after 3 months ( Terms & Conditions apply)
- Credit life insurance cover against retrenchment, total permanent disability or death
- Transfer of loans from other banks at concessionary terms (Terms & Conditions apply)
Features
- Debt service ratio of up to 50% (depends on net monthly salary)
- Maximum loan term – 60 months (depends on net monthly salary)
- Maximum loan amount – GHS 200,000
- Pricing: concessionary interest rate negotiated with the employer
- Qualifying minimum net monthly salary is GHS 700
c) Employee Salary Advance
Our employee salary advance facility is designed to support employees of profiled (selected) organizations with a personal overdraft product tailored to meet the short-term cash flow needs in between paydays or before the next pay cheque or salary date.
What Fidelity offers
- Up to 60% of net monthly salary
- Interest rate calculated on ONLY the utilized amount
- Flexible repayment of up to 3 months
- Competitive interest rates on borrowings
- A quick and easy loan application process. (Available on the Fidelity Mobile app Apply in the comfort of your location)
How to get it
To qualify for the loan you must be:
- Working for any of Fidelity Banks’ profiled organizations or Self-employed customers with verifiable consistent income flows
- Employed for duration above 12 months and confirmed
- Over 21 years and under 60 years by the end of the loan term
How to apply and what you need
- Complete a Salary Advance request form or apply via the Fidelity Bank Mobile app and provide the following documents:
- Last 3 months payslips
- Signed Customer Acceptance letter and Employer Confirmation
d) Public Sector Source Deduction Loan
Our loan application process is designed to support public sector employees on the Controller and Accountant General’s Department payroll to meet their short to medium-term financial needs.
It offers a simple loan, a flexible repayment plan, and competitive rates.
What Fidelity offers
- No collateral required
- Flexible repayment periods up to 48 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Borrow up to GHS 300,000 (Terms & Conditions apply)
- Top up your existing loan
- Credit life insurance cover against retrenchment, total permanent disability, or death
How to get it
To qualify for the loan you must be:
- A public sector worker on controller and Accountant General’s payroll
- Over 21 years and under 60 years by the end of the loan term
How to apply and what you need
Complete a Direct Source Deduction Loan application form and provide the following documents:
- Last 3 months’ payslip
- Passport picture
- Valid National ID
- E-mandate form
- Loan Advance
- Authority Note
- Letter of undertaking from the employer
3. Auto Loan
Get your dream car with our Personal Auto Loan facility tailor-made for you. This is a medium-term facility available to salaried employees of organizations under Fidelity Bank’s Employer Managed Relationship. Simply apply for a Personal Auto Loan and enjoy a flexible repayment plan at competitive rates.
Benefits:
- No collateral required
- Flexible repayment periods up to 60 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Higher loan amounts – up to GHS 350,000
- Covers both brand new and slightly used vehicles
- Transfer of loans from other banks at concessionary terms (Terms & Conditions apply)
Features:
- Debt service ratio of up to 50% (depends on net monthly salary)
- Repayment period from 12 – 48 months (60 months for selected professionals)
- Finance new and used vehicles (used vehicle not more than 5yrs from the date of manufacture and not more than 36 months of use)
- Minimum net monthly salary of GHS4,000 and above (including allowance)
4. Mortgage Loans
Fidelity Bank offers 5 different types of mortgages. Let’s explain each of them one after the other.
a) Home Finance
To assist you to purchase Turnkey Residential properties for personal use or investment purpose.
Features
- Exclusive offers from our partner developers
- Access to long term funding to acquire homes
- Loan amounts of up to 80% Open Market Value of property
- Competitive interest rates on borrowings
- Flexible repayment terms of up to 20 years
- Debt Service ratio of up to 50%
b) Home Equity
To assist you in wealth creation or meeting personal cash needs by unlocking the value in your existing property.
Features
- An opportunity to unlock the value of property to meet financial needs
- Loan amounts of up to 70% Open Market Value of property
- Competitive interest rates on borrowings
- Flexible repayment terms of up to 20 years
- Debt Service ratio of up to 50%.
c) Home Completion
To assist you purchase and complete your dream home from our list of developers to your own specification and taste.
Features
- Reserved for only Shell completed houses from approved FBGL Developers. Shell property must be completed within12 months from the date of disbursement of the facility
- Loan amounts of up to 80% of the sale value of Shell House property or Bill of Quantities to complete the Shell House
- Competitive interest rates on borrowings
- Flexible repayment terms of up to 20 years
- Debt Service ratio of up to 50%
d) Home Improvement
To assist you fund additions and improvements to an existing property.
Features
- Loan amounts of up to 70% of Bill of Quantities or Pro forma Invoice
- Property improvement must be completed within 6 months from the date of disbursement of the facility
- Competitive interest rates on borrowings
- Flexible repayment terms of up to 20 years
- Debt Service ratio of up to 50%.
e) Serviced Plot Finance
Designed to assist Fidelity customers to acquire/ purchase serviced land in well serviced, secured locations for the purposes of constructing a home for a private residence. The product serves as a boost to building your dream home at your own pace.
Features
- Exclusive offers & discounts from our partner developers
- Seamless process to acquiring a serviced plot to build your dream house
- Flexible repayment terms up to 72 months
- Access to a flexible Home Completion loan (from lentil level).
- Boost your ability to own land at a prime location
- Competitively priced facility rate
- Instalment to Income ratio – 45%
- Loan Amount: Min.-US$8,000/ Max.- US$60,000 (or GHs equivalent)
- Up to US$200,000 for Prestige Banking clients.
5. Asset Finance
Designed to assist qualified customers of Fidelity Bank purchase or acquiring property for domestic or private dwelling within some approved locations in Ghana.
a) Personal Asset Finance
This is a short-term credit facility designed to assist salaried workers with Fidelity bank accounts, purchase personal assets from selected partner vendors with a repayment period of up to 12 months.
The credit arrangement covers the purchase of household appliances, furniture, and electronic items.
What Fidelity Offers:
- No collateral required
- 0% interest rate for repayment within twelve (12) months
- A quick and easy loan application process
- Competitive interest rates on loan
How to get it
To qualify for the loan you must be:
- Working for any of Fidelity Banks’ profiled organizations or Self-employed customers with verifiable consistent income flows
- Employed for duration above 6 months and confirmed
- Over 21 years and under 60 years by the end of the loan term
How to apply and what do you need
You must complete a Personal Asset Finance request form and provide the following documents:
- Last 3 months’ payslip
- Proforma invoice from a vendor stating type and value of the asset being purchased( Invoice should not be more than one week old)
- 1 passport picture
- Valid National ID
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