Quick links

Educational Loan

The Educational Loan is a product which enables individuals in employment who have ambitions to further their education, access personal loans for that purpose.

Features:

  • 1 year tenor
  • The customer has the option to pay off the facility before expiration without any penal charges.
  • Funds paid directly to applicant’s BOA account.
  • Insurance premium to be determined by the Insurance Company and Bank of Africa Ghana
  • Applicant can access up to four times his net salary
  • Bank contributes 100% towards financing the loan
  • Applicant  must be aged 21 – 58 years at time of request
  • Employee must have been in employment for more than 6 months
  • Where the customer has less than 6 months or in new employment but has had a previously well-conducted loan, application will be considered
  • Method of Repayment: Loan repayment date is set around date of salary credit into account. Direct debit/standing instructions from Bank of Africa Ghana for monthly principal and interest loan repayments.
  • Minimum Net Salary GHS 500
  • Minimum Loan Limit  GHS 1,000
  • Maximum Loan Limit GHS 20,000

Benefits:

  • Access to funds to support education
  • Fast tracking processing
  • Affordable pricing

Eligibility:

  • Individuals already in employment who are between 21 and 58 years
  • Customers and Non- Customers
  • Non blacklisted individuals

Documents to produce:

  • Filled application form
  • 2 recent photos
  • Certified copy of identity card
  • Bill from educational institution
  • Proof of employment
  • Proof of salary – Confirmed  latest salary/Pay slip
  • Six months bank statement to confirm salary credits and consistency
  • Proof of address (Utility bill, etc.-Copies must be supported by originals for verification)
  • Customer - Letter of undertaking from employer stating that the salary of the applicant would be paid to the bank during the tenor of the facility
  • Non Customer - Letter of undertaking from employer stating that the loan deduction would be effected by the Employer and same forwarded  to the bank throughout the tenor of the facility