You are having a business plan but how to start it is the problem. you also need money to pay for your child’s school fees, money to build a house, and everything that is meaningful to you and it requires money, then, a Ghana Commercial Bank loan is here for you.
Many people find it difficult to take loans from banks because of high-interest rates and other problems with bank loans. This article is not to recommend Ghana Commercial Bank loan to you, but to let you know about their loan, concerning their interest rate as well as the consequences associated with it.
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What is Ghana Commercial Bank (GCB)?
The largest bank in Ghana in terms of overall operational assets and industry deposit share is GCB Bank Limited, also known as Ghana Commercial Bank, which accounts for 14.2% of all industry deposits. The transfer of all deposits and certain assets from UT Bank and Capital Bank to GCB Bank Ltd. was authorized in a purchase and assumption transaction between the two banks, according to an announcement made by the Bank of Ghana, the nation’s central bank, in August 2017.
Ghana Commercial Bank Loan
Let’s get to know all information concerning GCB loans including the benefit and features of their loan.
To address a variety of personal, family, and home needs, this credit facility is provided to salaried employees (GCB account holders) within 24 hours. For a predetermined amount of time, the loan is paid back in regular monthly payments.
Features of their loan
- Automated loan processing
- Salaries must pass through customers account with the Bank
- Less than 24 hours to receive facility with all required documentation provided
- 6 to 36 months repayment tenure
- Interest rate is calculated using the reducing balancing method
- Loan can be applied for at any branch
Benefit of their loan
- Quick access to credit
- Customers receive a lump sum of money up front, allowing them to pay it back over a fixed term
- Interest rate and principal repayments are always fixed which helps in budgeting
- Top-up of facility is available
Ghana Commercial Bank is one of the trusted banks in Ghana, you can open account and save money with them. As I earlier stated, this article is not recommending GCB loan to you but giving you every info about their loan.