Loans and Insurance

ECOBANK Launches Affordable Car Loan Scheme in Ghana

Ecobank partners Alliance Insurance and selected auto mobile dealers in Ghana launch a car loan scheme that will help people get brand new or used cars at “heavy discounts”.

The bank intends to offer auto loans at reduced interest rates for applicants, and at discounted vehicle prices from the automobile dealers.

During the launch of the scheme, the Managing Director of Ecobank Ghana and Regional Executive for Anglophone West Africa, Dan Sackey, said, “Available data indicates that Ghana’s Automobile market was valued at $4 billion in 2020 and is expected to grow to $11billion in 5 years”

Also Read:

a. 50+ Places For Birthday Freebies in 2022 – Free Birthday Stuff

b. How To Ask For A Pay Rise And Get It

“This projected growth is, to some extent, attributable to the government’s transformational agenda, which has identified Vehicle Assembly and Automotive Components Manufacturing as a strategic anchor for growth and development.

“The automotive sector in Ghana generally consists of imported used cars from retailers, as well as wholesalers who deal in the sale of new vehicles”

He continued, “As one of Ghana’s most recognized, respected and high performing financial services brands, Ecobank has joined Allianz Insurance and various other auto dealers in our resolve to provide our customers with the very best deals through partnerships.”

Japan Motors, Autochek, Toyota Ghana, Silver Star Auto, Stallion Group, MAC Ghana, Universal Motors Limited and Premium Motors, are the eight (8) Ghana based car dealers that Ecobank has brought on the scheme.

These dealers a wide range of reputable vehicle brands on offer that applicants of the Ecobank auto loan scheme can choose from.

Read This:

a. How to buy Ecobank Treasury Bill with as low as Gh 5

b. How to open a secured digital dollar account for free

Features of the Ecobank Car Loan

Ecobank gives a limit of US$80,000 for a car. However, the bank will assess a customer’s monthly wage if it can sustain the regulated 50% debt service for a US$100,000 auto loan.

With GHC1,500, a worker can acquire a car loan ranging from GHC25,000 to GHC30,000, repayable over five years at a 50% debt service ratio.

Requirements for Ecobank car loan 

To qualify for the loan, one must have an Ecobank current account and have his or her salary pass through that account.

If you are a new customer, the bank will require to you deposit at least a month’s salary to that account.

Though the repayment period is five years, customers who get comprehensive insurance through the scheme’s insurance partner, Alliance Insurance, will be given an additional year to repay the debt.

Non-Ecobank customers are also eligible to apply.

How to apply for the Ecobank car loan

Get Ecobank car loan

For assistance on how to get Ecobank Car loan interested parties can phone toll-free 0800003225 or visit any Ecobank branch countrywide.

The bank says it will process the auto loan application and provide feedback within 48Hrs, after which the selected dealer will be informed to proceed with the vehicle ownership transfer process.

Leave a comment

Back to top button
error: Content is protected !!