ProCredit slashes interest rates, eases repayment period

Accra, Oct 19, GNA - ProCredit Savings and Loans Company Limited announced on Friday that it has slashed its interest rate, increased the maturity period of its loans and increased amount of money available to customers.

Speaking to the Ghana News Agency in Accra, Mr Philip Mensah, Deputy Managing Director, said the review was in line with the company's vision to reach as many people as possible.

He said interest rates are down to 2.5 per cent from four per cent a month, depending on the loan amount and maturity. The repayment period has also been eased from 24 months to 60 months while the maximum accessible loan amount has also been increased from 20,000 Ghana cedis to 50,000 Ghana cedis. ".The management has reduced interest rates, increased the maturity period, designed flexible payment options, which are tailor-made, to meet the needs of our numerous and diverse customers," Mr Mensah said. The company has re-launched its housing improvement loan with the introduction of customer-centred features to offer "responsive" financial products and services to meet the demands of clients. Mr Mensah said the product was reviewed to depict ProCredit's business philosophy to bring financial intermediation to low income earners and business entities.

The housing loan is for clients to have access to money for payment of rent, completion of private housing projects, renovation works or purchase of mortgage and land.

"Flexible payment option has also been introduced. Repayment of housing improvement loans is scheduled according to the cash flow of client and could be paid in regular or irregular installments, based on clients' financial strengths," Mr Mensah added. ProCredit has about 100,000 clients patronizing their deposit products and about 15,000 accessing their loan products.