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Loan Products || Nkosuo Loan

Target Groups

Any regular income earner/business owner.

 

Loan Purpose

For investing into businesses as Working Capital or acquiring business assets (Fixed Asset)

 

Loan Tenor

Maximum maturity for the various loan classes will be as follows:

 

Working Capital

Fixed Assets

NB SME loans

14 months

18 months

NB Small loans

12 months

15 months

B Micro loans

10 months

14 months

 

Mode of repayment

Loan repayment is made via a current account owned by client with ASL.

 

Mode of calculation

Installments are calculated using the flat method on a monthly basis

 

Security

Cash securities, business and household assets, inventories, car transfers and mortgages can be used as collaterals.

 

C.  Features

Product specification

Condition

 

Application Requirements:

  • Have a regular cash flow.
  • Business should have existed and operated for at least six months.
  • In case of activities with highly seasonal trend, business should have existed for at least a year.
  • In cases where loan is needed to start trading, non traders must have been in employment (that is, the source of employment being used to access the loan) for not less than a year.
  • Be owned and operated by a Ghanaian resident(s) residing in Ghana.
  • Exceptional cases of borrowers who are not Ghanaians but have their permanent residence in Ghana or are operating the business with other Ghanaian partners will be considered on its own merit.

 

Basic documentary requirement:

  • Sales book (where available).
  • Receipts of Business related purchases (where available).
  • Bank statement (where applicable).
  • Evidence of business ownership.
  • A national identity card
     

Guarantor requirement

A guarantor is required for all loans.

NB: Additional guarantor may be required in cases of insufficient guarantor income.

 

Interest Rate

Interest rates are very affordable and extremely competitive

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