salary loan is a type of money loan provided to borrowers that can be paid in full or in installments when the borrowers receive their next paycheck. The loan amounts granted are mostly small and are based on the salary amount the borrower earns for each pay period.
In this write-up, we will look at the list of salary loans in Ghana. if you need urgent money to sort out an emergency and you are a salaried worker then you can visit the following institutions and get your loan.
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LIST OF SALARY LOANS IN GHANA
FIDELITY BANK
Salary Backed Loan
The Salary Backed Loan is designed to support employees of profiled (selected) organizations to meet their short to medium-term financial needs. It offers a simple loan process, a flexible repayment plan, and competitive loan rates.
Benefits:
- No collateral required
- Flexible repayment periods up to 48 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Borrow up to GHS 150,000 (Terms & Conditions apply)
- Top up your existing loan
- Credit life insurance cover against retrenchment, total permanent disability, or death
- Transfer your loan from other banks at concessionary terms (selective)
Features:
- Debt service ratio of up to 45%
- Maximum loan term – 48 months
- Maximum loan amount-GHS 150,000
- Competitive interest rates
- Takeover of an existing loan (Terms & Conditions apply)
- Repayment from Fidelity Salary Backed Account via standing order
- Qualifying minimum net monthly salary is GHc1,000
Employer Managed Loan
The Employer Managed Personal Loan is a medium-term facility designed for salaried employees working in organizations listed under our approved Employer Managed Salaried Programme. It offers enhanced benefits, a repayment plan, and lower rates.
Benefits:
- No collateral required
- Flexible repayment periods up to 60 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Higher loan amounts – up to GHS 200,000
- Top up your existing loan after 3 months ( Terms & Conditions apply)
- Credit life insurance cover against retrenchment, total permanent disability, or death
- Transfer of loans from other banks at concessionary terms (Terms & Conditions apply)
Features
- Debt service ratio of up to 50% (depends on net monthly salary)
- Maximum loan term – 60 months (depends on net monthly salary)
- Maximum loan amount – GHS 200,000
- Pricing: concessionary interest rate negotiated with the employer
- Qualifying minimum net monthly salary is GHS 700
Employee Salary Advance
Our employee salary advance facility is designed to support employees of profiled (selected) organizations with a personal overdraft product tailored to meet the short-term cash flow needs in between paydays or before the next paycheque or salary date.
STANBIC BANK
- Fixed Term Loans (FTL): A short-term personal loan is ideal if you earn a minimum net salary of GHS700 a month
- Revolving Term Loan (RTL): A short- to medium-term revolving personal loan if you earn a minimum net salary of GHS1000 a month
- Salaried Earners Scheme (Non-Guarantee) – SESN: A short- to medium-term personal loan structured for salaried employees on our Workplace Banking Group Scheme who earn a minimum net salary of GHS500 a month at negotiated concessionary rates
WHAT TO GET
- Flexible repayments through a Stanbic salary account or direct payroll deduction
- Minimum loan amount:
- Fixed Term Loan: GHS2,000
- Revolving Term Loan: GHS2,000
- Salaried Earners Scheme (None Guarantee) – SESN – GHS2,000
- Maximum loan amount: depends on income
- Fixed Term Loan: GHS10,000
- Revolving Term Loan: GHS2,000
- Salaried Earners Scheme (None Guarantee) – SESN – GHS 300,000 subject to net salary and employer category
- Minimum loan term of 6 months
- Maximum loan repayment term tied to retirement age
- Fixed Term Loan – up to 48 months
- Revolving Term Loan and Salaried Earners Scheme (Non-Guarantee) – SESN – up to 72 months subject to employer category
- Loan repayments should not be more than 50% of your net monthly income
- Competitive interest rates and facility fees
- Credit Life Insurance that covers permanent disability and death
- Top-up option available for existing loans after consistent repayment
REQUIREMENT
- You must work for an organization profiled by us
- You have to be in employment for at least six months and confirmed in your current job role
- You must have held an account with us for at least one month. (For salaried account holders)
- You do not need to have an account with us for direct-payroll deductions
- Must be 21 years and not more than 60 years by facility expiry
- Ghanaian citizen or legal resident in Ghana (expatriates)
- Fill in the Unsecured Personal Loan application form and attach the following documents
- Proof of income – last three months’ payslips
- Proof of identity – passport, driver’s license, Voters’ Identity Card
- Proof of address – utility bill less than three months old
- Letter of Undertaking from employer
- Six months’ bank statements (for new customers only)
- Passport photo (Direct payroll deduction customers only)
- Loan will be approved subject to a positive credit bureau report
ABSA
WHAT YOU GET
- Borrow from GHS500 – GHS20,000
- Revolving credit facility with a minimum repayment period of 12 months
- Flexibility to overdraw up to an agreed limit
- Ability to cover cheques that would otherwise bounce
- Overdraft limit is available for a year and repaid every month
- After a year, the limit is refreshed and becomes available for re-use
- Fixed interest rate
- Easy approval
- Instant access to your money
- No waiting periods
- Hassle-free application processes and quick approval times
- Advanced support for you to manage your loan more easily
- Credit life insurance cover against death and permanent disability is available
*Terms and conditions apply
REQUIREMENTS
- You must be at least 18 years old to apply
- This credit facility is open to salaried workers
- Employee Salary Overdraft is available if you’ve had a salaried account with Absa for at least 6 months
- We will need confirmation that you’re permanently employed
- National ID card (or passport for non-Ghanaians)
- Completed overdraft application form
- Latest payslip
- Bank statements for 6 months (for new-to-bank customers)
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