Table of Contents
Introduction
Fast and Easy Loans, Salaried Loans, and Personal Auto Loans are all types of financial products offered by banks including Fidelity Bank and other lending institutions.
Fast and Easy Loans are typically small, unsecured personal loans that can be approved and disbursed quickly, often with minimal documentation required. They are intended to help individuals meet unexpected financial needs or make small purchases.
Salaried Loans are personal loans specifically targeted at individuals who are employed and receive a regular salary.
They typically require proof of income and employment, and may have more favorable terms and conditions than other types of personal loans.
Personal Auto Loans are loans specifically for the purchase of a vehicle.
They may have special terms and conditions, such as a requirement that the vehicle being purchased be used as collateral for the loan.
https://www.fidelitybank.com.gh/personal/loans/personal-loans
What is the Fidelity Bank Fast and Easy Loan
The Fidelity Fast and Easy loan is a short-term facility designed to give existing and new bank customers access to easy and quick loans in less than 24 hrs at a low REAL interest rate of 10% p.a.
Download The Fidelity Bank Fast And Easy Loan Application Form HERE
Benefits of the Fidelity Bank Fast and Easy Loan:
- Get a loan at the lowest REAL interest rate of 10% p.a.
- You enjoy flexible monthly, quarterly, or one-time repayment options
- As the name suggests, It’s fast and easy loan process in less than 24 hrs
- No extra or hidden charges
- Improve your credit rating
- No processing or administrative fees
- Get back 10% of the total interest you paid on your loan after 12 months repayment
Features Of the Fidelity Bank Fast and Easy Loan Includes
- Minimum loan amount – GHS2,000
- No maximum loan amount (LTV 90%)
- Real (net) interest rate of 10% p.a.
- Maximum loan period – 12 months
- Repayment plan – monthly, quarterly, or one-time repayment
- Secured with savings or investment account GHS; USD; EUR or GBP
Fidelity Bank Salaried Loans
The Fidelity Bank Salaried loan also known as Salary Backed Loan is designed to support employees of profiled (selected) organizations to meet their short to medium-term financial needs.
It offers a simple loan process, a flexible repayment plan, and competitive loan rates.
Download application Form HERE
Benefits of Fidelity Bank Salary Backed Loan:
- No collateral required
- Flexible repayment periods up to 60 months
- A quick and easy loan application process
- Borrow up to 450,000(Terms & Conditions apply)
- Top up your existing loan
- Credit life insurance cover against retrenchment, total permanent disability, or death
- Transfer your loan from other banks at concessionary terms
Features of the Fidelity Bank Salaried Back Loan:
- Debt service ratio of up to 45%
- Maximum loan term – 48 months
- Concessionary interest rates
- Takeover of an existing loan (Terms & Conditions apply)
- Repayment from Fidelity Salary Backed Account via standing order
- Qualifying minimum net monthly salary of GHS 1,000.
Fidelity Bank Auto Loan
Getting your dream car with the Fidelity Bank Personal Auto Loan facility tailor-made for you.
The Fidelity Auto Loan is a medium-term facility available to salaried employees of organizations under Fidelity Bank’s Employer Managed Relationship.
Simply apply for a Personal Auto Loan and enjoy a flexible repayment plan at competitive rates.
Download Forms for Fidelity Bank Personal Auto Loan
Benefits of acquiring Personal Auto Loan with Fidelity Bank:
- No collateral required
- Flexible repayment periods up to 60 months
- A quick and easy loan application process
- Competitive interest rates on loan
- Higher loan amounts – up to GHS 350,000Covers both brand new and slightly used vehicles
- Transfer of loans from other banks at concessionary terms (Terms & Conditions apply)
Features of the Fidelity Bank Personal Auto Loan are as follows:
- Debt service ratio of up to 50% (depends on net monthly salary)
- Repayment period from 12 – 48 months (60 months for selected professionals)
- Finance new and used vehicles (used vehicle not more than 5yrs from the date of manufacture and not more than 36 months of use)
- Minimum net monthly salary of GHS4,000 and above (including allowance)
Conclusion
Below are the advantages and disadvantages of Fast and Easy Loan, Salaried loans and Personal Auto Loans.
Fast and Easy Loans:
Advantages:
- Quick and easy application process
- Fast approval and disbursement of funds
- No collateral required
- Flexible repayment terms
Disadvantages:
- Higher interest rates and fees compared to traditional loans
- Higher risk for the lender, which may result in stricter eligibility requirements
- Limited loan amounts and shorter repayment terms
Salaried Loans:
Advantages:
- Low interest rates and fees
- Longer repayment terms
- Flexible loan amounts
- No collateral required
Disadvantages:
- Strict eligibility requirements (must be a salaried employee)
- Lengthy application and approval process
- May require a co-signer or collateral
Personal Auto Loans:
Advantages:
- Low interest rates and fees
- Longer repayment terms
- Flexible loan amounts
- Collateral (vehicle) is used to secure the loan
Disadvantages:
- Strict eligibility requirements (must have good credit and a stable income)
- Lengthy application and approval process
- Vehicle may be repossessed if loan payments are not made on time.
