What it means for you
Own the car you have always wanted with flexible financing
CalBank Auto Loan is a tailored credit facility that helps individuals, professionals, consultants, and salaried workers purchase vehicles for personal or business use. Whether you’re buying your first car or upgrading, CalBank provides the financial support you need to make vehicle ownership simple and achievable.
What it means for you
Own the car you’ve always wanted with flexible financing from CalBank
CalBank Auto Loan is a tailored credit facility that helps individuals, professionals, consultants, and salaried workers purchase vehicles for personal or business use. Whether you’re buying your first car or upgrading, CalBank provides the financial support you need to make vehicle ownership simple and achievable.
CalBank Auto Loan
Get the support you need to own a vehicle, with repayment options that fit your lifestyle.
- Loan repayment is by annuity, with the same amount paid every month.
- Age of Vehicle: The vehicle if used must not be older than five (5) years.
- Tenure: 60 months or less.
- Security: Charge over vehicle to be purchased.
- Personal Guarantee of applicant
- Provident Fund if any.
- Vehicle shall be registered and insured in the joint names of CalBank and client.
- Debt Burden: Not more than 50% of net remuneration or disposable income.
- Pricing: GRR + Agreed Risk Premium.
- Arrangement and processing fees: 3% (to be paid upfront).
- Maximum loan: The Bank finances up to 80% for new vehicles and 70% for used vehicles (not more than 5 years) of the value of the vehicle. Zero percent for scheme.
- Insurance: The vehicle will be comprehensively insured.
- Applicant should be in active service and should fall between the ages of 18 – 53 years.
- The minimum net remuneration or disposable income is GHS5,000.
- Salary must be domiciled with CalBank for at least one (1) month with a six (6) months bank statement from previous bankers
- Employment records for a minimum of six (6) months, or as determined by the Credit Manager.
- Client shall be updated on monthly loan repayment via our CalBank alert.
- Client must complete loan application form
- One passport-sized photo
- Personal identification – Ghana Card only
- Introductory letter from employer
- Payslips for the previous three (3) months
- The employer undertakes to pay salaries into the account.
- Two (2) third party guarantors
- Personal guarantors
- Provident Fund
- Proforma invoice from the vendor
- Vehicle to be comprehensively insured with CalBank noted as the “loss payee”
- Vehicle registration in joint names of the client and the bank
- IDs of guarantors
