The Educational Loan is a product which enables individuals in employment who have ambitions to further their education, access personal loans for that purpose.
- 1 year tenor
- The customer has the option to pay off the facility before expiration without any penal charges.
- Funds paid directly to applicant’s BOA account.
- Insurance premium to be determined by the Insurance Company and Bank of Africa Ghana
- Applicant can access up to four times his net salary
- Bank contributes 100% towards financing the loan
- Applicant must be aged 21 – 58 years at time of request
- Employee must have been in employment for more than 6 months
- Where the customer has less than 6 months or in new employment but has had a previously well-conducted loan, application will be considered
- Method of Repayment: Loan repayment date is set around date of salary credit into account. Direct debit/standing instructions from Bank of Africa Ghana for monthly principal and interest loan repayments.
- Minimum Net Salary GHS 500
- Minimum Loan Limit GHS 1,000
- Maximum Loan Limit GHS 20,000
- Access to funds to support education
- Fast tracking processing
- Affordable pricing
- Individuals already in employment who are between 21 and 58 years
- Customers and Non- Customers
- Non blacklisted individuals
Documents to produce:
- Filled application form
- 2 recent photos
- Certified copy of identity card
- Bill from educational institution
- Proof of employment
- Proof of salary – Confirmed latest salary/Pay slip
- Six months bank statement to confirm salary credits and consistency
- Proof of address (Utility bill, etc.-Copies must be supported by originals for verification)
- Customer - Letter of undertaking from employer stating that the salary of the applicant would be paid to the bank during the tenor of the facility
- Non Customer - Letter of undertaking from employer stating that the loan deduction would be effected by the Employer and same forwarded to the bank throughout the tenor of the facility