Product specification

Condition

Eligibility

Any producer with regular income.

Minimum period of eligibility

Producers must have been in production for not less than 12 months.

Non-producers are exempted.

Purpose

For investing into production business (es)

Mode of calculation

Instalments will be calculated using the flat method tailor made to suit regular cash flow pattern.

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 24% - 39.6% per annum.

Disbursement fees range range between 1.5% - 2.5%.

Maturity

Loan maturity should not exceed 24 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.