Personal Loan
These are flexible loans with 0-12 months tenor for the financing of all personal requirements and needs including rent, education e.t.c. This facility is available to all persons in stable employment and backed by the domiciliation of monthly salaries.
Features
- Eligible age between 21 to 60 years
- Salary monthly earnings of D1,200 minimum
- Salary shall be domiciled monthly into a Mega Bank account
- Maximum repayment period shall be 24 months
- Approval within 48 hrs
- Debt burden ratio of 50%
Benefits
- Interest rate is fixed at 22% per annum
- Can renew facility upon completing repaying 60% of previous
Personal Overdraft
Features
- Eligible age between 21 to 60 years
- Salary monthly earnings of D1,200 minimum
- Salary shall be domiciled monthly into a Mega Bank account
- Repayment subsequent months
- Approval within 24hrs
- Debt burden ratio of 50%
Benefits
- Interest rate is fixed at 22% per annum on overdrawn amount
- Can renew facility provided the overdrawn level is within 50% of monthly salary deposits.
Salary Advance (SALAD)
The salary advance credit line is designed to address the temporary cash inadequacies experienced by salary workers as a result of unforeseen contingencies. This facility will act as a temporary stopgap for up to 50% of the beneficiaries’ net monthly salary. The loan is against the beneficiary’s month end salary.
Easy Life Loan
This provides a bouquet of opportunities to acquire household items including TVs, Fridges, complete houses, and purchase motorcycles and automobiles etc. This is backed up by the customer’s salaries which will be domiciled to the bank and a legal charge over the items to be purchased.
Import Finance Facility
This is basically used to finance importation of goods and services. It could be in the form of direct credit facilities, bills for collection, letters of credit, banker’s acceptances etc. Customers are mostly required to provide equitable contribution and also alternate security.
Export Finance Facility
This is used to finance acquisition of goods and items for onward exportation. Export license and other required certificates including health certificates, quality assurance certificates are very vital. Alternative security is also required.
Temporary Overdraft
These are temporary allowances enabling the customer draw more than the available deposit in their accounts. These are meant to finance short and urgent financial requirements of trusted customers. The tenor is between 0-30days.
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