It is a loan granted to a variety of businesses, usually to assist with their funding needs. It is a credit earmarked for a specific business purpose or expenditure. The loan is strictly applied to the purpose for which it was procured and not to be diverted into a different area.
Features of the Product
- It is a loan product strictly for business purposes
- Term of up to 48 months
- Terms and conditions of the loan is as specified in the credit policy of the bank
- It is targeted at businesses which by definition have a larger size and do not belong to the Micro, Small and Medium Enterprises category
Requirements
- The business should have operated an account with the bank for at least three months with a good account turnover history
- The business should have a solid balance sheet
- The purpose for the loan should be business related
- Substantial security or Guarantorship for the loan
- Ghana Card and passport size pictures of the owner/owners of the business
- Account statement of account with other banks may be required
Benefits to the Customer
- A less cumbersome way of accessing credit to grow your business
- Interest rates on the loan is competitive
- The flexibility of determining whether to repay over a short-term or long-term
- Customers receive a lumpsum of money upfront, allowing them to pay back over fixed term
- Interest rate and principal repayments are always fixed which helps in budgeting
- Top up of facility is available
MRB Financial Products
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