CAL BANK LOANS PRODUCTS. WHAT YOU SHOULD KNOW

Cal bank is a commercial financial institution in Ghana founded in July 1990 and is headquartered in 23 Independence Avenue, Accra, Ghana.  it has given licensed by the Bank of Ghana, the central bank and national banking regulator to operate as a financial institution. 

In this write-up, am bringing to you Cal bank loans product. this post will help you identify the types of loan you apply for and what purpose it serve. there are  lot of  loans product you can access at Cal bank to help attend to your needs. let take look at them.

CAL BANK LOAN PRODUCTS

CAL BANK AUTO LOAN

Cal Bank Auto Loan is a credit facility designed for their clients to purchase any vehicle of choice. Vehicle ownership is paramount to daily activities. Auto Loan facility can be accessed by Individuals, Professionals, Consultants and Salaried workers with recognized institutions to acquire a vehicle for personal/company use.

DETAILS

• Loan Repayment: Annuity payment Method (Same amount is paid monthly)
• Age of Vehicle: The vehicle must not be older than five (5) years
• Tenure: 60 months or less
• Security: Charge over vehicle to be purchased
• Personal Guarantee of applicant
  • Provident Fund if any
  • Vehicle shall be registered and insured in the joint names of Cal Bank and client
• Debt Burden: Not more than 45% of income
• Pricing: GRR + Agreed Risk Premium
• Arrangement and Processing fees: 3% (to be paid upfront)
• Maximum Loan: The Bank finances up to 80% of the value of the vehicle
• Insurance: The vehicle will be comprehensively insured
• Readily available credit on a timely basis
• Flexible terms of repayment
• Prompt advisory services shall be given by a team of dedicated account managers

WHO QUALIFIES

• Minimum Salary: GHS 500.00.
• Age: 18 to 53 years.
• Employment Records: 6 months or at the discretion of the credit manager.
• Account History: Six (6) months Bank Statement is required from clients with account relationship with other Banks.
• Clients shall be updated on monthly loan repayment via our Cal Bank Alert.

REQUIREMENT

• Valid National ID e.g. Passport, Drivers’ License, Voter’s ID Card, SSNIT Card, Ecowas Card
• One (1) recent passport-size picture
• Proof of Residential Address (E.g. Utility Bill, Introduction by a Current A/C holder of any Bank, Location Verification)
• Initial deposit is GHS 500.00
• The minimum balance required to earn interest is GHS 500.00.

GOVERNMENT EMPLOYEE LOAN

Special Loan package is designed to address the short to medium term financing needs of public sector employees.

DETAILS

• Repayment period is 6 months (minimum) to 36 months (maximum).
• Debt burden ratio is 45% (maximum) of net monthly income

• Pricing: GRR + Agreed Risk Premium.

• Personal insurance cover against death and permanent disability during the tenor of the loan.
• Repayment method: Annuity
• Affordable: More loans can be accessed in addition to running ones if only customers do not exceed maximum debt burden ratio.
• Interest is charged monthly
• Early repayment without penalty
• No Monthly account keeping service charges

WHO IS ELIGIBLE

• Minimum facility limit is GH¢2,000.00
• Maximum facility limit is GH¢ 100,000.00
• Target market is government employees on Accountant General’s payroll
• Source of repayment: Client’s salary

REQUIREMENT

• A completed Application Form
• One Passport Sized Picture
• Proof of Address
• Personal Identification – Passport, Voter’s ID Card, Drivers’ License
• Introductory letter from employer
• Copy of 3 previous months’ pay slips.

CAL BANK MORTGAGE

The purpose of the Cal Bank Mortgage is to assist individuals to acquire homes. For Home Completion, the property should be at lintel level in order to be considered, (this should be backed by a land Title Certificate) within a tenure of 5 to 15 years.

• Debt Burden: Not more than 45% of net income.
• Maximum Facility Limit: 85% of the value of property.
• Repayment: Annuity payment
• Access to dedicated relation officers to handle all activities in relation to mortgage facility.
• Available funds to purchase your dream home or complete your dream house.
• Flexible terms and conditions.
• Easy access to qualified and professional valuers.
• Flexibility to purchase your building from a preferred real estate company.
• Easy access to insurance policies to secure the facility.
• Competitive charges etc.

WHO IS ELIGIBLE

• Income earners aged 21 to 55 years

REQUIREMENT

• A completed and signed CalBank Mortgage Application
• Offer Letter from Real Estate Developer or Vendor for Home Purchase Mortgage
• Identification
  • 1 Passport Size Photograph (1 each for Joint Applicants)
  • Power of Attorney for non-resident Ghanaians, NRG. (Must be witnessed by a Notary Public)
  • Valid National Identification Card: Voters, Passport, National ID, Driver’s Licence
• Income verification
  • Confirmation of income and employment from your employers
  • Latest six (6) months’ salary slips/pay stubs showing all deductions
  • Last 3 years certified audited accounts or last 3 years copies of individual income tax returns for NRG (for self-employed applicants)
  • Business Profile, Registration and Certificate to Commence Business. (for self-employed applicants)
  • Bank statements
• Credit History
  • Credit Report from a recognized credit bureau or credit reporting agency for NRG
  • Bank Statements (At least six months)
• Down Payment
  • Minimum Deposit or Down Payment for Home Purchase Mortgage Loan
• Other Documents
  • Valuation Report (To be done by CalBank recommended Valuers) for Home Equity Release Mortgage, Home Completion Mortgage or if buying from a private vendor.
  • Proof of Developer having registered title to the property.
  • Evidence of developer taking insurance for work in progress.
  • Clear Land Title Documents with copies of site plan.
  • If foreigner, attach contract, work permit and resident permit
• Pre-Disbursement Conditions
  • Cheques will be issued directly to the developer.
  • Bank to write to developer and do a spot swap of documents with direct payment
  • Evidence of life insurance policy with bank noted as loss payee
• Post Disbursement Conditions
  • Insurance of property with bank noted as loss payee.
  • Ground rent and property rate
• Security
  • Mortgage over property to be purchased.
  • Personal guarantee of applicant.
• Cal Bank’s Designated Valuers
  • Valuation and Investment Associates
  • Valuation and Appraisal Consult
  • Assenta Properties

CAL BANK SALARY ADVANCE

The Cal Bank Salary Advance Credit (Salary Advance) is a quick facility that will enable salaried workers who receive their salaries through Cal Bank to meet their pressing needs by being able to access up to 80% of their next net monthly salary before they are paid.

DETAILS 

• Repayment period: Up to 30 days.
• Security: Personal Guarantee of Applicant Assignment of salaries and allowances
• Pricing: 2.00% per month
• Funds are disbursed on a timely basis.
• Flexible terms of repayment.
• Clients shall be updated on monthly loan repayment via our Cal Bank Alert.

WHO QUALIFIES FOR THIS OFFER

• The Borrower should be a salaried worker receiving his/her salary at the bank for not less than three (3) months
• Age Limit: 18 to 59 years.
• Employment Records: Endorsement of request by the Applicant’s employer

REQUIREMENT

• Account Relationship: The qualified client must be an account holder to access the facility.
• The Applicant must complete and submit the Salary Advance Application form.
• Attached one (1) current Passport size photo
• Copy of Valid National Photo ID Card

CAL BANK UNIVERSAL MOTORS AUTO LOAN

This product is designed to enable both existing clients and non-customers access funds or top up their funds for the purchase brand new locally assembled VW Vehicles.

DETAILS

• Loan Repayment: Annuity payment method (Same amount is paid monthly)
• Repayment period: A minimum of six (6) months and a maximum of forty-eight (48) months
• Security:1) Charge over the vehicle to be purchased (Vehicle Registration in the Joint names of the client and the Bank).

2) Personal Guarantee of the Borrower

3) Assignment of proceeds from insurance of the vehicle

• Pricing: Attractive Pricing
• Facilities are disbursed on a timely basis.
• Flexible terms of repayment.
• Clients shall be updated on monthly loan repayment via our Cal Bank Alert.

QUALIFICATION

• The Borrower should be a salaried worker who has been in employment for not less than three (3) months.
• Age Limit: 18 to 59 years.
• Employment Records: Endorsement of request by the Applicant’s employer.

REQUIREMENT

• One Passport Picture
• Proof of Address- Utility Bill/Tenancy Agreement
• Personal Identification-Passport/Voter’s ID Card/Driver’s License
• Introductory Letter from Employers
• Current Pay Slip (3 months most recent)
• Six months Bank statements of the borrower with the monthly salaries highlighted (for non CalBank customers).
• Company undertaking to channel salaries through the account (CalBank Customer)
• Company undertaking to deduct repayment at source and notify the Bank when the employee resigns, or his employment gets terminated (for non CalBank customers)
• Pro forma Invoice from the Vendor
• Personal Disclosure form of individual (to be provided by the Bank)
• ID cards of referees

CAL BANK ECOFRIDGES CONSUMER LOAN

To provide funding to the general public especially salaried workers, to purchase energy-efficient Air conditioners and Refrigerators under the ECOFRIDGES Ghana program.

DETAILS

This facility is designed to support salary workers to own home appliances especially Air Conditioner and Refrigerators from approved vendors and pay at a convenient schedule.

Other benefits of this product include:

• Offers you an opportunity to own energy efficient home appliances and pay later.
• Competitive pricing (no facility fees, interest and insurance).
• Guaranteed flexible terms of payment.
• Facilities are disbursed on a timely basis.
• Easy to accessible

QUALIFICATION

• Age- 18 to 59 (except for professions who retire beyond 60 years
• Employment type- should be a salaried worker
• Business- should be an account holder with the bank and should have operated a satisfactory bank account for the past 12 months

REQUIREMENT

• Submission of a completed application form the bank
• A National ID Card (copy)
• One (1) passport size photograph
• Submission of a proforma invoice from an accredited vendor

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