Product specification

Condition

Eligibility

Any regular income earner.

Minimum period of eligibility

Traders must have been in business for not less than 6 months.

Non traders must have been in employment (that is, the source of employment being used to access the loan) for not less than 1 year, in cases where loan is needed to start trading.

Purpose

For investing into trade business (es)

Mode of calculation

Instalments will be calculated using the flat method on a monthly basis.

Instalment/Disposable income

Ratio should not exceed 65%

Debt/Equity

Ratio should not exceed 65%

Security

Cash securities, business and household assets, car transfers and mortgages are the acceptable collaterals.

The total collateral value should not be less than 100% of approved loan for amounts not exceeding GHC 5,000. 120% for loans exceeding GHC 5,000.

Guarantor requirement

A guarantor is required for all loans.

GHC (100-1,000) - Guarantor must be in employment.

GHC (1,001-5,000) - Guarantor must earn not less than 50% of loan instalment.

GHC (5,001-above) - Guarantor must earn not less than 100% of instalment.

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

Cost

Interest rates range between 26.4% - 42% per annum.

Disbursement fees range range between 1.5% - 2.5%.

Maturity

Loan maturity should not exceed 12 months.

Exceptional cases are considered depending on loan purpose. Maturity limit is 36 months.

Mode of repayment

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

Loan modification

Loans can be terminated before maturity, which will cost only the interest value for the month of termination.

Loans can be restructured, rescheduled and/or refinanced before maturity.

Limit

Accessible loan amounts range between GHC 100 - 100,000.