ProCredit outdoors new package for Housing Loan

Accra, Oct 9, GNA - ProCredit Savings and Loans Company Limited on Tuesday launched an additional package for its Housing Improvement Loan aimed at offering responsible financial products and services to meet demand of clients.

Launching the Product in Accra, Mr Philip Mensah, Deputy General Manager for the Company said the product was reviewed to depict ProCredit's business philosophy to bring financial intermediation to low income earners and business entities.

He said the Housing Loan was designed a year ago to meet the shelter needs of salary earners and self- employed business people to have access to loans for payment of rent, completion of private housing project, renovation works or purchase of mortgage and land. The Deputy General Manager said management had therefore reduced the interest rates, maturity or payment options and loan amount to encourage more clients to come for it to improve their accommodation.

He said the interest rates had been slashed to between 2.5 to 4 per cent per month, depending on the loan amount and maturity; the maximum loan amount was changed from 24 to 60 months and the maximum accessible loan amount was reviewed upwards from 20,000 to 50,000 Ghana cedis.

"Flexible payment option has also been introduced. Repayment of housing improvement loans is scheduled according to the cash flow of client, and paid in regular or irregular instalment, based on clients ability to pay", Mr Mensah added.

He said due to the company's client service approach, it could now boost of 100,000 clients with their deposit products and about 15,000 clients with our loan products, adding, " Our average loan size of 1,3000 confirms our unique credit methodology". Mrs Ivy Asare Bediako, Credit Officer for the Bank said the continuous existence of ProCredit in the Ghanaian market was fuelled its ability to provide simple, innovative and developmental oriented products for existing and prospective clients. He said the Bank was ready to provide a loan within 14 days to its clients if they met the necessary requirements. 09 Oct 07