These are the banks offering covid-19 reliefs on loan repayment
Ghanaian banks have been responding to the impact of COVID-19 on their customers, rolling out incentives to cushion businesses and individuals at a time the virus is biting hard on businesses.
Coronavirus is inflicting hardship on Ghanaians through job losses, salary cuts and low productivity, resulting in reduced disposal income. Some of the banks have accepted the challenge from small and medium enterprises to alleviate their financial hardship.
Following a nudge from the Republic Bank in March, the banks are getting flexible to the extent of tolerating loan holidays.
|Bank||Interest rate cut/incentive||Moratorium||Eligibility|
|Republic Bank||For personal loans
For Commercial and Corporate Customers
· Overdrawn account fees
· Late fees on loan repayments
|To be eligible for the Moratorium, Customers must be in good standing with the Bank, meet Credit Criteria and apply for the deferment.|
|GCB Bank||2%||Two months moratorium on personal loans (from June)|
The interest rate of 17.5% applies to personal loans, with effect from March 26, 2020.
|A maximum three-month repayment holiday.|
|Option to apply for repayment holidays, where a temporary moratorium will be placed on the loan repayments for up to six months|
|GT Bank||90-Days moratorium on SMEs loan|
|ABSA Bank||2% on existing loans||3-6 months||