Table of Contents
Introduction
Sometimes we have a lot of money and other times we don’t have enough.
Financial hardship can happen to anyone and it can happen to you.
You just have to have a plan. One option is to get a personal loan.
The good news is there are a lot of loans that you can get for small personal loans for a large number of reasons.
But before you buy one, think about what you may want to borrow the money for.
This article will give you a little information on the Adb Institutionally Managed Personal Loan Product.
Read Also: Adb Personal Loan: What You need to know before you Apply.
What is ADB Institutionally Managed Personal Loan (IMPL)?
The ADB Institutionally Managed Personal Loan (IMPL) is a specially designed scheme loan for workers to provide welfare/consumer loans for staff of approved institutions to finance short term needs and household items.
Eligible staff must be a salaried worker of an approved institution.
Beneficiaries NEED NOT maintain current accounts with the ADB.
The borrower must qualify for the minimum monthly income requirement and should have been receiving continuous salary for 6 months prior to qualifying to access the facility.
What are the benefits of ADB Institutionally Managed Personal Loan (IMPL)?
Below are the major merits one gets when applied for the ADB Institutionally Managed Personal Loan:-
- The minimum salary should be GHS 200
- The tenure is 6 Months ≤ Period ≤ 48 Months
- Loan amount Clean – GHS20,000 ( Above GHS 20,000 should be secured)
- KYC Documentation for new to bank customers
- Six Months bank statement showing monthly salary or letter of appointment from employer
- Customers complete application form from branch
- Interest is ADB base rate + 9% per annum
- Overdraft arrangement fee = 2% of loan amount
- Loan to be disbursed net of arrangement fees
- Insurance cover prior to setting of limit – 1% of loan amount
- Early redemption fee – 2% of outstanding loan amount if loan prepaid after 1 year, 1% of outstanding amount if loan is redeemed after 2 years.
Read Also: Everything you should know about ADB Pension Loan before you Apply.
How to apply for ADB Institutionally Managed Personal Loan (IMPL)?
To apply for ADB loan, you should visit the nearest branch and apply for it.
How to contact ADB?
ADB Address:
Accra Financial Centre,
3rd Ambassadorial Development Area,
Ridge-Accra, P.O. Box 4191,
Accra-Ghana
ADB Phone Numbers:
0302 22 4043, 0302 210210, 020 203 0100
Toll Free 0800 10034
ADB E-mail Address:
customercare@agricbank.com
Conclusion
We hope you enjoyed our article about the Adb Institutionally Managed Personal Loan.
It’s a common misconception that all personal loans are terrible, but that isn’t always the case.
There are many loans out there that are made available to people with a wide range of financial situations and the Adb Institutionally Managed Personal Loan is one of them.
