Personal Loan
Quicken Microfinance > Personal Loan
Personal Loan
It can be difficult to obtain funds for personal needs because one must first supply a lot of information and then wait a long time for approval. In some cases, after going through the difficult process, the request may be turned down. Because of this, Quicken Microfinance Limited wants to help people without too many concerns. This product is aimed at people who need a facility, whether they are professionals or not and are customers or non-customers. Professionals, business owners, market women, tabletop vendors, etc. are examples but not limited to this.
Features
⦿ The applicant must be employed or working at a sustainable source of income.
⦿ Salaried employees must have successfully finished their probationary period, be confirmed as permanent employees, and provide an introduction letter from their employer along with their last three (3) pay slips.
⦿ A self-employed person must present legitimate documentary proof that their business has been operational for at least a year.
⦿ Bank statement for the previous six (6) months
⦿ Postdated checks covering the entire amount of each installment
⦿ The residences and places of employment of the applicant and the guarantors will be examined and verified by the credit officer and members of his or her team. A minimum of two guarantors must present a post-dated check covering the entire amount.
⦿ Loan amounts range from 1,000 to 10,000 Ghana cedis.
⦿ Loan term: three to nine months
⦿ Frequency of Loan Repayment: Weekly, Biweekly, or Monthly
⦿ Grace Period: Variable based on frequency of loan repayment
⦿ Monthly interest rate: 5%
⦿ Lien: 25%
⦿ 3.5% processing charges
⦿ GH5.00 for the application form.
⦿LPF: 2%
⦿ 0.25% per day is the loan default penalty.
BENEFITS
⦿ Access to financial assistance within a short period
⦿ Access to a revolving facility.
REQUIREMENTS
⦿ 3 passport pictures of a new applicant (for account opening forms, loan forms, and passbook).
⦿ Valid National ID card
⦿ 3 months’ current payslips where applicable
⦿ 6 months’ Official bank statement
⦿ 2 Guarantors