Ecobank is one of the best commercial banks in Ghana headquartered in Accra. it was founded in 1990 and is licensed by the Bank of Ghana, the national banking regulator.
In this article, we will look at how to apply for an Ecobank car loan, there are other loans offered by Ecobank as well such as personal loans, business loans, mortgage loans, travel loans, and many others.
HOW TO APPLY FOR ECOBANK CAR LOAN
Interested persons can either call toll-free on 0800003225 or visit any Ecobank branch for assistance nationwide. This offers a maximum of US$80,000 for a car, but if a customer’s monthly salary can support the regulated 50% debt service for a US$100,000 car loan, the bank is willing to consider that.
A worker with GHC1,500 can get a car loan of between GHC25,000 to GHC30,000 repayable over the five years at the stipulated 50% debt service ratio.
REQUIREMENTS FOR ECOBANK CAR LOAN
one needs to have a current account with Ecobank and must have his or her salary passing through that account, adding that for new customers, one would need to send at least a month’s salary to that account to qualify for the loan. Though the repayment period is five years, for those who will do comprehensive insurance with the insurance partner of the scheme, Alliance Insurance, the bank will give them an additional one year to pay off the loan.
SOME LOANS OFFERED BY ECOBANK
1. The Ecobank Auto Loan
Ecobank plc offers an Auto Loan or Asset Acquisition program to their customers. This loan will help you achieve your ambition of owning a new vehicle or generator. They organized this loan to finance up to 90% of the total cost of the asset.
2. The Ecobank Advance Facility Loan
Ecobank can assist you if you find yourself with unforeseen financial needs. This Ecobank Advance Facility loan would allow you to borrow up to 50% of your net monthly pay in a matter of days.
3. Ecobank Cash Backed Loan
Ecobank’s Cash Backed Loan is a pre-approved, low-interest loan that will enable you to access cash without depleting your assets if you have an existing deposit or investments with them.
4. The Ecobank Mortgage Loan
Whether you’re buying a new house, renovating an existing one, or refinancing your current one. This Ecobank Mortgage Loan is a great way to get started.
5. Ecobank Personal Loan
The Ecobank Personal Loan is a multi-purpose loan with various repayment options and the ability to access additional cash once you repay the loan.
6. The Ecobank Salary Advance Loan
This is one of the most popular loans because it allows you to get money quickly in an emergency. Employees of an approved company can borrow up to 40% of their net monthly salary with this loan type. Consequently, it is a 30-day overdraft loan.
7. The Ecobank Travel Loan
The Ecobank plc Travel Loan makes it easier to budget for your holiday by providing discounts on airline tickets and hotel accommodations.