Student Loan
The purpose of this product is to help brilliant but needy students who are in urgent need of money for school fees but are unable to meet the strict requirements of banks or lack the requisite collateral. The self-guaranteed framework of the concept enables these students to acquire borrowing facilities. This product is mainly focused on students who need the funds to pay for school fees only.
This product is targeted at Ghanaian students from tertiary students from government institutions and some selected private tertiary institutions around the country.
Features
⦿ A student must be above (18) years old and a citizen of Ghana.
⦿ Before money is disbursed, the student must have a formal meeting location and meet with the relationship officer a minimum of three times.
⦿ The student must provide his or her national ID card home address, places of business if any, and guarantors
⦿ Loan term: three to four months
⦿ Weekly Loan Repayment Grace Period Time: two weeks following payment
⦿ Loan amounts range from 500 to 5,000 Ghana cedis.
⦿Student is required to provide a group assurance.
⦿ Loans that are paid off early accrue one month’s worth of additional interest on top of the outstanding principle.
⦿ Interest rates: NORTH 4.5 percent, SOUTH 5% (monthly)
⦿ 25% in the North, 25% in the South
⦿ 3.5% processing charges
⦿ Form to apply: GHC 5.00 LPF (insurance): 2%
⦿ 0.25% per day is the loan default penalty.
