This product targets newly posted teachers, nurses and persons posted to other recognized state institutions whose salaries would hit their accounts in at least the next three months. These persons have needs such as renting a room and buying other essential items as they wait for their salaries to arrive. The bank has intervened with this product to help bridge this gap. Such persons can access this loan and pay it when their salaries finally arrive.
Requirements
- status of Customer
He/She should have opened an account with the bank and all salary processing documents have been duly featured with Mumuadu Rural Bank and the customer’s account number. - Loan Amount
A maximum loan amount of GH¢ 5,000.00 can be contracted by the customer. - Moratorium
A three (3) month moratorium for the loan is allowed in waiting for the main salary to arrive. - Repayment Period
A one-time bullet repayment. - Interest
A flat interest rate of 15% will apply. - Insurance
0.1% insurance. - Commitment fee
No commitment fee shall apply.
MRB Financial Products
Related Products
