List Of Salary Loans In Ghana. Full Details. May 2022

In this post, I am going to take you through the list of salary loans in Ghana, the financial institutions that give these loans, as well as the requirements needed to acquire these loans. 

Before we get into the details, let’s first take a look at what a salary loan is and how it works. 

What Is A Salary?

This is a type of facility granted to salaried account holders who have their salaries passing through the bank. The salary of the debtor is used to settle the loan at once or over a period of time. These loans normally come with a relatively low-interest rate. 

Now let’s look at the list of salary loans in Ghana. 

List Of Salary Loans In Ghana

Fidelity Bank 

Salary Backed Loan

Employees of profiled (chosen) firms can use the Salary Backed Loan to address their short- to medium-term financial needs. It has a straightforward loan application process, a flexible payback schedule, and competitive borrowing 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:

List Of Salary Loans In Ghana. Full Details 1
  • 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 GHc 1,000.00

Employer Managed Loan

The Employer Managed Personal Loan is a medium-term loan for salaried individuals who work for companies that are part of our approved Employer Managed Salaried Program. It has better benefits, a payback plan, and reduced interest 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

Employee Salary Advance

Employee salary advances are designed to provide employees of profiled (chosen) firms with a personal overdraft product targeted to fulfil short-term cash flow needs between paydays or before the next paycheque or salary date.

Benefits 

  • 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

Public Sector Source Deduction Loan

This is a loan given to a public sector employee and is settled right from the source like the controller and accountant general.

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 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
  • Last 3 months’ payslip
  • Passport picture
  • Valid National ID
  • E-mandate form
  • Loan Advance
  • Authority Note
  • Letter of undertaking from the employer

Stanbic Bank

This bank also gives salary loans of different types as follows
  • Fixed Term Loans (FTL): A short-term personal loan is ideal if you earn a minimum net salary of GHS700 a month
  • Revolving Term Loan (RTL): A short- to medium-term revolving personal loan if you earn a minimum net salary of GHS1000 a month
  • Salaried Earners Scheme (Non-Guarantee) – SESN: A short- to medium-term personal loan structured for salaried employees on our Workplace Banking Group Scheme who earn a minimum net salary of GHS500 a month at negotiated concessionary rates

What is Offered

  • Flexible repayments through a Stanbic salary account or direct payroll deduction
  • Minimum loan amount:
    • Fixed Term Loan: GHS2,000
    • Revolving Term Loan: GHS2,000
    • Salaried Earners Scheme (None Guarantee) – SESN – GHS2,000
  • Maximum loan amount: depends on income
    • Fixed Term Loan: GHS10,000
    • Revolving Term Loan: GHS2,000
    • Salaried Earners Scheme (None Guarantee) – SESN – GHS 300,000  subject to net salary and employer category
  • Minimum loan term of 6  months
  • Maximum loan repayment term tied to retirement age
    • Fixed Term Loan – up to 48 months
    • Revolving Term Loan and Salaried Earners Scheme (Non-Guarantee) – SESN – up to 72 months subject to employer category
  • Loan repayments should not be more than 50% of your net monthly income
  • Competitive interest rates and facility fees
  • Credit Life Insurance that covers permanent disability and death
  • Top-up option available for existing loans after consistent repayment

Requirements

  • You must work for an organization profiled by us
  • You have to be in employment for at least six months and confirmed in your current job role
  • You must have held an account with us for at least one month. (For salaried account holders)
  • You do not need to have an account with us for direct-payroll deductions
  • Must be 21 years and not more than 60 years by facility expiry
  • Ghanaian citizen or legal resident in Ghana (expatriates)
  • Fill in the Unsecured Personal Loan application form and attach the following documents
  • Proof of income – last three months’ payslips
  • Proof of identity – passport, driver’s license, Voters’ Identity Card
  • Proof of address – utility bill less than three months old
  • Letter of Undertaking from employer
  • Six months’ bank statements (for new customers only)
  • Passport photo (Direct payroll deduction customers only)
  • Loan will be approved subject to a positive credit bureau report

ABSA

What is offered

  • Borrow from GHS500 – GHS20,000
  • Revolving credit facility with a minimum repayment period of 12 months
  • Flexibility to overdraw up to an agreed limit
  • Ability to cover cheques that would otherwise bounce
  • Overdraft limit is available for a year and repaid every month
  • After a year, the limit is refreshed and becomes available for re-use
  • Fixed interest rate
  • Easy approval
  • Instant access to your money
  • No waiting periods
  • Hassle-free application processes and quick approval times
  • Advanced support for you to manage your loan more easily
  • Credit life insurance cover against death and permanent disability is available

Note: Terms and conditions apply

Requirements

  • You must be at least 18 years old to apply
  • This credit facility is open to salaried workers
  • Employee Salary Overdraft is available if you’ve had a salaried account with Absa for at least 6 months
  • We will need confirmation that you’re permanently employed
  • National ID card (or passport for non-Ghanaians)
  • Completed overdraft application form
  • Latest payslip
  • Bank statements for 6 months (for new-to-bank customers)

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Check These Out

Marriage Registration Fee in Ghana. May 2022

This post has all details you need to be about marriage registration fees in Ghana. The filing of a Notice of Marriage and the issuance...

List of RGD Ghana Fees. May 2022

In this one, we list all the RGD fees and their respective services. What is RGD? RGD stands for the Registrar’s General Department.   List of RGD Fees...

How to Retrieve Tin Number in Ghana. May 2022

If you need to retrieve your TIN number urgently, you are at the right place. You may have forgotten your TIN number but need...

Golden Tree Chocolate Prices In Ghana. May 2022

We bring you the price of golden tree chocolate prices in Ghana. The Cocoa Processing Enterprise Limited, also known as Golden Tree, is a primarily...
- Advertisement -List Of Salary Loans In Ghana. Full Details 3
x
error: Respect yourself