GCB loan chart updates

GCB loan chart updates page

GCB loan chart is a repayment schedule. The GCB loan chart provides guidelines to customers to make decisions during the process of accessing loans from GCB Bank.

GCB Bank PLC was formerly called Ghana Commercial Bank PLC. The government of Ghana is the largest shareholder of the GCB Bank PLC.

The bank gives various types of loans to customers across the country. The bank has the largest branch network in the country. GCB bank has the largest Automated Teller Machine (ATM) network in the country.

Accordingly, the bank has the largest number of customers in the country. The customers, therefore, access loans from the bank. The GCB loan chart is, therefore, a tool for customers to determine how much loan they can access from the bank.

GCB Bank PLC loans

Does GCB bank pay off loans?

Paying-off loan is a situation where a financial institution take-over a customer’s loan from a different financial institution. The new financial institution pay-off loan by issuing a payment cheque directly to the customer’s existing financial institution where he or she owes them a loan.

Many customers who desire another bank to pay off their existing loan use a loan chart to make their decision. This is because loan charts reflect the exact amounts financial institutions deduct for the loan obligation. Customers consider banks that pay off loans as bailout institutions.

GCB loan chart is one of the best in the country. That is GCB bank loan deductions are better or cheaper than many other financial institutions in the country.

However, GCB Bank does not pay off loans. Though some other banks in the country pay off loans in the country.

GCB Bank loan refinancing.

GCB bank refinances customer’s loans. This means that the bank gives top-up loans. Top-up loans or refinancing means being able to give extra loans to customers even when the customer has not finished paying off the loans.

The bank, however, grants top-up loans under certain conditions. One such condition is that the customer must repay half of the existing loan to qualify for top-up loans.

Types of loans offered by GCB Bank PLC

GCB bank has different types of loans that the bank offers to customers. Some of the loans are
a. Personal loans
b. Business loans
c. Mortgage loans
d. Salary loans
e. Agriculture loans etc

How to initiate the GCB bank loan process

GCB bank customers who want loans from the bank must contact the bank through official channels to initiate the process. However, first and foremost, customers wish to know or compare the GCB loan chart with the loan chart for other financial institutions.

Customers sometimes use family and friends who already have loan obligations with GCB Bank to compare loan deductions. This is because the GCB loan chart is hard to find.

Customers can visit any branch of the GCB bank for various inquiries including information about the loan deductions for specific loan amounts. However, certain factors like distance, transportation cost, and traveling risks are disincentives for visiting branches of the bank.

Therefore, customers can use the bank’s digital channels to obtain information concerning the loan deductions they wish to access. Customers can call official helplines or live chat of the bank

Customers will access about their eligibility to access a particular type of loan or to access a particular loan amount

GCB loan application

Customers must complete an application form to access a loan from the bank. The application form is accessible at all the various branches of the bank across the country.

The credit/ loan officer will inform the customer about the exact monthly repayments that the customer must make.

The customer will be required to let guarantors/ witnesses co-sign the loan application forms. Also, the form must be endorsed by the supervisors of the customers at his/ her workplace.

The customer can present the application form to the bank staff after thoroughly reading through all the terms and conditions of the loan agreement.

GCB loan approval

GCB bank approves their loan without delay. The bank approves the loan immediately after the customer submits the application form without any error in the form.

Customers usually receive the fund within twenty-four hours (24 hours). This means that the only reason a loan application to GCB bank will delay will be the result of the customer’s inability to complete the form accurately. And the inability of the customer’s supervisors to endorse the form promptly.

GCB loan collateral

GCB bank does not require collateral to advance most of its loans. Personal loans and salary loans especially do not require collateral.

Though other risky venture businesses like mortgage loans and business loans may require collateral.

GCB bank loan interest rates and other fees

GCB bank loan interest rates are very competitive. The interest rate is relatively lower than most of the commercial banks in the country. However, the interest rates could be flexible or fixed.

Flexible interest rates mean the bank will adjust the interest rates depending on the general economic conditions in the country. This means that the loan deductions can be increased or decreased in the course of servicing the loan when the economic conditions in the country are favorable or get worse.

Fixed interest rates mean the interest on the loan and the deductions will not change throughout servicing the loan.

Therefore, customers must pay critical attention to the type of interest rate in their agreement before signing the loan agreement.

There are other charges associated with GCB bank loans. For example, the loan insurance premiums, processing fees, etc. However, all the interest rates affect and other fees reflect very well in the GCB loan chart.

GCB loan chart

Our team usually contact staff of GCB Bank to request their GCB loan chart. The staff of the bank provided the following loan repayment schedule for various amounts of loans.

This GCB loan chart is obtained in July 2023. You must be informed that the interest rate could change regularly, especially concerning flexible types of interest rates. The GCB loan chart will be updated regularly to reflect current trends.

GCB loan chart as obtained at 3rd November, 2023

a. The monthly installment deductions for Ghc10,000 loan within twelve (12) months is Ghc956

b. The monthly installment deductions for Ghc10,000 loan within twenty-four (24) months is Ghc539

c. The monthly installment deductions for Ghc10,000 loan within thirty-six months is Ghc403

d. The monthly installment deductions for Ghc10,000 loan within forty-eight (48) months is Ghc338

GCB loan chart as obtained in July 2023

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