Details of the loan facility
.
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Purpose:

To purchase computers and equipment. 
Down Payment: 

At least 25% of purchase price.
Interest/Security: 

Maximum two (2) years.

Debt Servicing: 
  • 10.50% Add on interest rate - fully cash secured.
  • 12.50% Add on interest rate - collateral security such as shares, bill of sale on motor vehicle, mortgage on property.

  • 15.50% Add on interest rate - unsecured.

  • 35% of gross income.
  Requirements:

 

  • Job letter, acknowledged salary assignment.

  •  Quotation.

  • Acknowledged salary assignment - mandatory.

  • Must be continuously employed for at least 3 years.
 
 
Sample repayment schedule:
     
  US$1,000@G$190.00

=G$190,000.00
  Less equity 25%

=G$ 47,500.00
     
  Total Borrowings

=G$142,500.00
     
  (24 monthly installments inclusive of interest)
  10.50% - G$7,184.00 per month
 

12.50% - G$7,422.00 per month
 

15.50% - G$7,778.00 per month

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Receive a 0.5% discount on the interest rate  when you qualify for this plan through MDT. 
   

Financing for this Purchase Plan is offered through the National Bank of Industry and Commerce Limited
 

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This page was last updated on Friday, January 23, 2004

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