Access bank Ghana business loan, Payday loan, Term loans,Overdraft and Trade Finance: Requirements and how to apply

Last Updated on December 5, 2023 by admin

Getting a business loan and Payday loan from Access bank in Ghana has become so easy, They have unveiled different loan package ranging from term loans, trade finance, Payday loan, Instant Business Loan, overdraft and facility upgrade loan to help business owner increase their output.

businesses can now request a loan from Acess Bank without stress once they meet up with the bank requirements.The credit facility has a flexible repayment period and a low interest rate as well as flexible security options.

However, before you apply for business loan, sure you have Organize your financial records,Be clear on the loan amount you need and type of credit that ill suit your business plan.you still need to ask the lender Interest rate and tenor of the loan.

Business loan is designed to grow your business can also help improve cash flow by paying suppliers early, increasing sales volume and buying bulk inventory.

If you are searching for how to get business loan and Payday, then keep reading this article as we dive deeper on all the business loan package offer by Access bank Ghana for their numerous customers

1. Access bank Ghana Instant Business Loan

This kind of credit facility allow business owner have access to funds and expand their business. Whether you need to refinance existing debt, purchase equipment, lease or buy new space or hire a new employee, an instant business loan is require to expand your business which help you position long-term success

But where do you start and how do you know if taking out a business expansion loan is a good idea? The capital from an expansion loan can make it possible for you to scale your business or keep pace with growth.

Borrower can enjoy up to GHS100,000 loan facility with flexible repayment terms and Competitive interest rate–The loan amount is approved within 48hrs once you are qualify.

You can read: How to apply for Access Bank Salary advance/Payday Loan

Instant Business Loan is applies to business owners in the following sectors:

1. Traders
2. Manufacturing
3. clearing Agents
4. Travel & Tours
5. Supermarkets and Stores
6. Agriculture
7.Healthcare (hospitals
8. pharmaceutical services etc.)
9. Professional Firms
10. Fashion & Design
11.Importers & Exporters
12. Quick Services Restaurants/Lounges
13. Food & Drinks
14 Distributors & Vendors and Entertainment.

Eligibility To qualify for Instant Business Loan you must meet the following requirements

1. Must have an account with us for at least 6 months.
2. Business must be operational for at least 1 year
3. Stocks must be assigned as collateral for loan
4. Applicant must do an expected minimum annual turnover of GHs600,000
5. Applicant must be in the approved sectors as listed above

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2. Term loans

Access bank Ghana term loan is designed to finance acquisition of fixed assets like: Plant, Machinery, and Buildings. This type of credit have specific amount that has a specified repayment schedule and either a fixed or floating interest rate.

When applying for term loan, you should consider amount of funds required,repayment capacity,hat is your regular cash flow. Accordly to the bank, Tenors of the loan often match borrower cashflow with attractive pricing and Easy access to Financing at cheaper rates.

Often, a small business uses the cash from a term loan to purchase fixed assets, such as equipment or a new building for its production process. Some businesses borrow the cash they need to operate from month to month. Access banks have established term-loan programs specifically to help companies in this way.

3. Pay Day Loan

Access bank Ghana PayDay Loan is a quick credit facility for salaried workers in reputable organization. It can be accessed instantly using our mobile banking shortcode – *901#. It is ideal for those who need to meet immediate cash flow constraints quickly and seamlessly

Salary earner who’s account domicile with access bank can get up to 40% of their monthly net salary. This kind of credit doesn’t require documentation or collateral to access, also you do not need to visit a branch to apply for a PayDay loan because it can be done by dialing *901# and following the on screen message.

Access bank PayDay loan is available to only salaried workers whose accounts are domiciled at Access Bank. New customers can also apply if they move their salaried accounts to Access Bank.

Payday loan tenor is Within 31 days, or payable upon receipt of your next salary in your account. Applicable charges are deducted immediately the loan is disbursed into your account. Actual loan amount is then deducted from your account within 31 days.

How do I apply for a Access bank PayDay Loan?

To apply for access bank Ghana payday loan Simply dial *901*11# on any phone (basic or smartphone), select Option 1 – PayDay loan and follow the easy steps to apply.

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4. Trade Finance

Access bank Trade finance makes it possible and easier for importers and exporters to transact business through trade, The financial instruments and products makes it easier, more convenient and less risky for market businesses to buy and sell internationally. The credit facility are used by companies to facilitate international trade and commerce.

The importer’s bank is to provide a letter of credit to the exporter’s bank that provides for payment once the exporter presents documents that prove the shipment occurred, like a bill of lading. The letter of credit guarantees that once the issuing bank receives proof that the exporter shipped the goods and the terms of the agreement have been met, it will issue the payment to the exporter.

Trade finance provides the exporter with receivables or payment according to the agreement while the importer might be extended credit to fulfill the trade order. parties involved in trade finance are numerous and can include: Banks, Trade finance companies, Importers and, exporters, Insurers, Export credit agencies and service providers

5. Overdraft

Access bank overdraft is an extension of credit which allows the account holder to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal. It’s a form of working capital finance used to finance a company’s operations.

The tenor of overdraft is for one year with Competitive interest rates borrower pays interest on the outstanding balance of an overdraft loan.

What is an overdraft?

An overdraft is a negative balance in your account. An overdraft occurs when you spend more money than you have in your account and the bank pays your transaction. An overdraft is like any other loan, the customer pays interest on the loan and, in the case of overdrafts, will typically have a one-time insufficient funds fee.

 

6. Invoice Discounting

This Credit Program (“IDCP”) by Access bank to provides Maintenance of working capital Preservation of Cash flow in respect of contracts performed or services rendered by our customers who are vendors of selected corporate/private sector principals.The Financing is intended to provide liquidity to clients during the period between supply and/or performance of contracts and receipt of payment (usually between 30 to 90 days).

 

How to apply for Access bank Business loan and Payday loan

To apply for any of  Access bank Ghana business loan explained above, Borrower need to visit the nearest branch to submit application except payday loan which can be done by simply  dialing *901*11# on any phone (basic or smartphone), select Option 1 – PayDay loan and follow the easy steps to apply.

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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Ogbeide Frank loves writing and research about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies For Advertisement, Content marketing and sponsored post: contact : kokobest04@gmail.com
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