Are you seeking to get a loan from CalBank in Ghana? If Yes, it is meaningful to know what the interest rates for the various loan products at CalBank are. In today’s guide, you will be provided with the interest rate for the Cal Bank loan.
The provision of loans to the banking industry undoubtedly paints a picture of how major part money plays in our daily lives.
It has become a pivot around which most of our daily activities find relevance.
With Ghana tagged as a middle-income economy country, the loan application is seen as normal, finding a loan in Ghana and no problem to its citizens.
However, securing a loan product with flexible terms and conditions for both lender and receiver is what the problem is.
CalBank provides various loan products for all customers who want to apply for one.
These loans are coupled with feasible interest rates and payment plans.
What Is CalBank Loan Interest
Currently, the GRR is 13.4742% per annum, which is approximately 13.5%.
Interest rate is calculated with the Ghana Reference Rate (GRR), which is subject to change every month, and a risk premium which is also subject to customer assessment.
This rate represents the average of the interest rates applicable to all the various loan products for customers at CalBank.
Hence, with whatever loan type you want to apply for at Cal Bank in Ghana, you are not expected to pay more than 13.5% of the amount borrowed from the Bank.
This interest rate is not at a fixed rate, and it can fall or rise depending on the local market (economic) determiners.
Apart5 from the CalBank Ecofridges customer loan, all other loan types associated lending rates at Cal Bank.
CalBank Loan Payment Duration
At CalBank, loan repayment duration is set depending on the loan type and borrower’s financial correlation.
However, the maximum period for loan repayment at CalBank is sixty ( 60 ) months.
The loan repayment duration is outlined below for some of the loan types at CalBank:
Universal motors auto loan has a loan repayment period of six (6) months to eighteen (18) months
Cal Bank salary advance loans repayment duration is set at thirty (30) days.
The duration for repayment of government employees loans is six (6) to thirty-six (36) months.
CalBank Auto loan has a repayment tenure of sixty (60) months maximum.
What Is CalBank Loan Processing Fee
CalBank does not charge for processing fee for some of its loan types.
The processing fee for loans/overdrafts at Cal Bank is 3% for retailers and 2% for corporates.
Requirements For CalBank Loan
Below are the requirements to access a personal loan from CalBank:
1. Copy of appointment letter from your employers
2. Three (3) months’ payslip
3. Completion of Loan application (to be provided by the Bank)
4. ID cards of Spouse (if any) and two Referees.
5. ID card of the applicant
6. I passport Size Picture of the applicant
7. Undertaking letters from employers.
Kindly note that additional requirements may be needed by the relationship officer depending on how your assessment goes for the personal loan.
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