How To Apply For Personal Loan With Susu Savings In Ghana
This post aims to take you through how to apply for personal loan with susu savings in Ghana. Applying for a loan is somewhat difficult for most people in Ghana because of the procedures and terms involved in taking up loans. Some other loan application requires a minimum of huge amount of saving records before a person could qualify for a particular loan, this is a big hindrance to those who want to apply for easy and small amount loans. Those who are starting from scratch in life sometimes find it complicated to get their loan application approved for lack of bank’s minimum loan requirements. So how do you get your personal loan approved with a susu account? The easy and simple way!
✔ Choose a rural bank or savings and loans bank of your choice.
✔ Open a susu deposit account.
✔ Make daily susu savings for 3 or 6 months.
✔ Switch susu deposit account to a savings account.
✔ Get a loan application form and apply.
Keynotes To Consider
1. Consider that it’s only rural banks and savings and loans banks that offers susu account in Ghana.
2. You need to have a relationship with your chosen bank for a period of time decided by the bank, in order to apply for a loan.
3. Note that the minimum and maximum amount you qualify for depends on the daily amount you deposit in your susu savings account.
4. You do not have to withdraw any amount from the susu account if you have in mind to apply for personal loan. You need to save enough to guarantee you for a higher loan amount.
How To Apply For Personal Loan With Susu Account
Choose your choice of bank
The first step is to decide which financial institution or bank to partner with. Rural banks, savings and loans banks and microfinance companies are the only known banks that offers susu account for beginners who want to start from scratch. Commercial financial institutions do not offer susu account, therefore you need to choose any nearest rural bank or savings and loans bank to enhance your daily susu deposits.
Open a susu account
Open a daily susu savings account which you can make daily deposits. Most banks has a minimum daily susu deposit of Ghs1 upwards which is very easy to make deposits on daily basis. The requirements needed to open a susu account are very easy, you need a valid national I’d card, two passport photographs and personal details in order to have your susu account opened. Note that some banks may have different requirements criteria.
Make daily susu deposit continually for 3 or 6 months
You need to have a good daily deposit to qualify for a personal susu loan. Make daily susu deposit continually for 3 or 6 months in order to have enough amount to harness your loan application. The duration of daily deposit depends on your daily susu deposits and the amount you want to apply for. Other factors are the minimum amount requirements and loan terms of the bank.
Switch susu account to savings account
After 3 or 6 six months of savings in the susu account, switch your susu account to a savings account to quality you for the loan. Susu account may guarantee a loan in some banks but with small loan amount that may or not be sufficient for what you want to do. In some banks too, you need to switch your susu account to savings account to qualify for personal loan which is higher.
Apply for your loan
You may download a loan application form from your bank’s website or visit the bank to pick a form. Fill the form thoroughly and properly, submit to the bank and wait for a reply from the bank. If you did everything in order as structure above, there’s no way your loan wouldn’t be approved.