Agricultural development bank popularly known as ADB is a universal bank offering a lot of banking products and services in Consumer, Corporate, Parastatals/Public Sector, SME, Agriculture, Trade and E-Banking services. Its business focus is universal banking with a developmental focus on Agriculture.
In this article, we will take the complete guide for adb loans requirement. The Bank successfully listed on the Ghana Stock Exchange (GSE) on December 20, 2016. The new ownership structure of the Bank is:
- Financial Investment Trust -64.05%
- Government of Ghana – 21.50%
- Ghana Amalgamated Trust PLC- 11.26%
- Retail investors and ADB staff – 3.2%.
AGRICULTURAL DEVELOPMENT BANK(ADB) LOAN REQUIREMENT
We will take a look at the various loan offers and their respective requirement.
This is a special lending facility for their valued customers to fund short-term necessities. It also includes dream home items such as vehicles, furniture, television sets, school tuition, refrigerators and many more.
Requirement for personal loans
Below are the requirement one must meet to get a personal loan from this financial institution
- Prior to being eligible to use the facility, they have paid the customer regularly for at least six months.
- The customer shall not be in default in any other financial institution’s facility.
- They require ADB Accounts for new clients.
- For at least one month, get a salary through the ADB account.
- Please provide six months’ worth of bank statements from prior lenders.
Features of the Personal loan
The following are the features of the personal loan:
- The customer should have a minimum salary of GH₵200
- The duration is 6 months with a 48-month period.
- Minimum overdraft/Limit = GH₵500, Maximum Overdraft/Limit = GH₵20,000.
- KYC Documentation for new bank customers.
- Employer’s letter of appointment or six-month bank statement stating monthly pay.
- They should reflect additional proof of salary for one month in the new customer’s account.
- At the branch, customers complete an application form (this includes a clause that allows the Bank to call in the facility if any adverse mention from a credit bureau review or otherwise)
- Complete verification form of credit
- Interest is ADB base rate + 4%-8.5% per annum.
- Overdraft arrangement fee = 2% of amount
- The insurance cover prior to setting the limit – 1% of loan amount.
- Early redemption fee–2% of outstanding loan amount if you repay the loan after 1 year, 1% of outstanding amount if they redeem loan after 2 years.
Benefits of the personal loan
- Minimum – Maximum Limits: GH₵200.00 – GH₵20,000.00
- Quick turnaround time
- Very competitive Rates
- Flexible payment plan
2. Pension loan
This is a special lending facility for clients who are retired and want to fund short-term needs such as furniture, television sets, school fees, and refrigerators, and many more.
Requirements for the Pension loan
some requirements you must meet before you can access this loan. They include:
- You should be an ADB customer.
- Prior to your retirement, ADB has to have paid the monthly salary consistently.
- You must be a current member of a registered Pension Society
- You must have a pension income of at least GH₵50.
Features of the Pension loan
The following are the features of the Pension loan:
- It has a minimum salary of GH₵50
- The tenure period is ≤ 12 Months
- Amount is ≤ 5,000
- Letter of undertaking signed by the Chairman and validated by the secretary of the Pension Association to which Applicant belongs, stating that the Pension Association will ensure that they will pay the applicant’s monthly pension through ADB.
- The customers will bring a complete application form from the branch.
- Interest is ADB base rate + 5% per annum
- Overdraft arrangement fee = GH₵10
- The insurance cover for loan protection is 1% of the loan.
- They will disburse the last from the net of arrangement fees.
3. Institutionally Managed Personal Loan (IMPL)
They specially designed this scheme for workers to provide welfare/consumer loans. Also, for approved institution employees to fund short-term necessities and home items.
Requirements for the Institutionally Managed Personal Loan(IMPL)
There are some requirements you need to meet in order to get the Institutionally Managed Personal Loan. They include:
- You must be a salaried worker of an approved institution to be an eligible staff.
- As a beneficiary, you do not need to maintain current accounts with the ADB.
- The borrower must meet the minimum monthly income they require.
- The borrower should have been receiving salary continuously for 6 months prior to qualifying to access the loan.
Features of the Institutionally Managed Personal Loan(IMPL)
This loan has some features that are quite attractive, like the others. They include:
- The minimum salary is GH₵200
- The tenure is 6 Months ≤ Period ≤ 48 Months
- Loan amount is GH₵20,000 (You could get above GH₵20,000)
- KYC Documentation for new to bank customers
- Employer’s letter of appointment or six-month bank statement stating monthly pay
- Customers complete application form of branch
- Interest is ADB base rate + 9% per annum
- Overdraft arrangement fee = 2% of loan amount
- They will disburse the last from the net of arrangement fees
- There’s an insurance cover prior to setting off limit–1% of loan amount
- Early redemption fee–2% of outstanding loan amount if you repay the loan after 1 year. Then, 1% of the outstanding amount if they redeem the loan after 2 years.