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Personal Banking
Overdrafts & Loans
Posted:
Monday, 5th January, 2009
Customers may need funds over and above what they currently have, either to expand their business or start one.
An overdraft facility may be provided in this instance. The following are options available to the customer:
Overdraft Facility:
This is a short-term facility offered to Sole Proprietors, Partnerships and Companies to boost working capital.
This is a personal overdraft facility targeted at high net worth individuals whose salaries are paid through their account at GCB.
Features:
Monies advanced to customer over a specified period usually 12 months payable by monthly equal installments.
Medium Term Loan
The customer enjoys a facility from the Bank and this is paid back over a three to five year period with negotiable repayment terms.
Personal Loans
This is a credit facility offered to salaried workers to acquire specified household items.
Features:
An overdraft facility may be provided in this instance. The following are options available to the customer:
Overdraft Facility:
This is a short-term facility offered to Sole Proprietors, Partnerships and Companies to boost working capital.
- Features:
- Facility is for one year.
- Interest is charged only on debit balance.
- Flexible security arrangements.
Benefits:
- Customers' cash flow needs are adequately provided.
- Flexible terms of negotiation.
- Prompt response to urgent needs.
This is a personal overdraft facility targeted at high net worth individuals whose salaries are paid through their account at GCB.
Features:
- Income should be paid regularly into an account with the Bank.
- Account should generally be conducted well.
- The facility is for one year.
- Loan can be repaid by monthly installments.
- Interest is charged only on debit balance.
- You enjoy financial security.
- No security is required.
- Convenient and flexible.
Monies advanced to customer over a specified period usually 12 months payable by monthly equal installments.
Medium Term Loan
The customer enjoys a facility from the Bank and this is paid back over a three to five year period with negotiable repayment terms.
Personal Loans
- Target: Salaried Workers
Loan Period:- Consumer Loans are repayable in 6-36 months
Auto Loans are repayable in 36-60 months
- Loan Amount
The Loan amount is 30% of the monthly salary multiplied by number of repayment months
- Repayment
Not more than 40% of monthly salary is deducted to service the loan.
Repayment of loan is on reducing balance basis.
- Convenient
- Ability to acquire consumer durables
- Payment of school fees, rent advance etc without hassle.
- Ability to own a Car.
This is a credit facility offered to salaried workers to acquire specified household items.
Features:
- Customer optains a Proforma invoice from any of our designated shops.
- Bank prepares a Payment Order (Bank Draft) for customer to acquire specified item from the shop.
- Repayment of loan is by monthly installments.
- Eases financial burden.
- Ensures comfort and well-being.
- Ensures higher standard of living.
- Repayment is convenient.
