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Basic personal
Installment loans (BPIL)
This is an entry level personal loan facility for salary account
operators who would require short time facilities to meet family commitments or
to purchase consumer items etc. It has the following features.
Target Groups
Employees of Govt,Public and Private Institutions;such as
Teachers,Soldiers,Clerks,drivers etc.
Key Qualification Criteria
Beneficiaries net monthly salary to the Bank should be a minimum of ¢300,000
.An upper limit of 3,000,000 is set for product differentiation purposes.
Must operate Salary/Current accoun for at least 3 months
Loan Parameters & Amount
Loan period shall range from 6 to 18 months
Loan Amount should not be more than 6 (six) times the net monhtly salary
received by the Bank.
Interest rate
ADB loan base rate + 5%
Other fees
Processing fee 3%
Security / Risk considerations
Undertaking by employees to ensure that monthly salaries are paid into their
accounts at ADB.
In the execeptional case where the loan exceeds 6 times the monthly salary,
personal guarantees / or additional cash collateral shall be provided.
Account Linkages and minimum
balances
Current or savings Account with minimum balances of ¢100,000.00
Mode of Application
Formal Letter of Application to the Branch Manager and completion of prescribed
application forms and Employers undertaking
Electronic applications may be made through the banks Website ATMs and
telephones as may be possible in the future.
