Midland Commercial Loans
They are loans specifically designed for SMEs, Corporate Organization, and Individuals in Ghana and across the globe.
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Features:
- Available to SMEs
- Available to both existing and walk-in clients.
- Applicants must have operated a bank account for at least 3 months.
Benefits:
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- Provides working capital for start-up businesses.
- Provides a channel for business expansion through repeat loans.
- Affords SMEs the opportunity to expand their working capital
Requirements needed to access this loan:
A. Private Individual
- Passport-Size Photographs.
- Current Bank Statement covering at least 3 Months.
- If a Salary Worker 3 Months pay slip should be added.
- Recognized National ID card (Voter, Driver, National, NHIS, and Passport etc.)
- Guarantor must be aware that that he/she is jointly and severally liable to the Loan until the last cedi of the loan is repaid.
- Direction to their Residence, Place of Business or Office using the Appropriate Form.
- Collateral for the loan
- Bank statement of guarantor
B. Private Individual – Using Business Document
- Passport-Size Photographs.
- Current Bank Statement covering at least 3 Months.
- If a Salary Worker 3 Months pay slip should be added.
- Recognized National ID card (Voter, Driver, National, NHIS, and Passport etc.)
- Business Registration Documents (Certificate of Incorporation, Certificate to Commerce Business, Business Operating Permit, Financial Statements, Business Plan, if Available).
- Guarantor must be aware that that he/she is jointly and severally liable to the Loan until the last cedi of the loan is repaid.
- Direction to their Residence, Place of Business or Office using the Appropriate Form.
- Bank statement of Guarantor
USING COLLATERAL AS A REQUIREMENT FOR THE ABOVE LOAN
A. Using vehicle
- Should provide the Registration of Transfer (Form C)
- Should provide a new Form C.
- Signed Transfer Letter into the Name of Midland.
- Provide 2 Passport-Size Photograph for each Vehicle if more than one.
- The Vehicle should be Comprehensively Insured and the Documents Submitted.
- Vehicle Valuation Report.
- Transfer Ownership of the Vehicle into the name of Midland when the loan is approved.
- Client bears the cost of the transfer, before and after the loan.
B. Using stock of business assets
- Should insure the Stock in a Joint Name with Midland.
- Swear an Affidavit authorizing the use of the Insured Stock as Collateral.
- Obtain High Court Confirmation of the Affidavit.
C. Using land or landed property
- Should Provide Land Title.
- Search Report from the Lands Commission.
- Will be subjected to Search by a Consultant contracted by Midland.
- The Search cost GH¢300.00
- Swear an Affidavit authorizing the use of the Landed Property as Collateral.
- Obtain High Court Confirmation of the Affidavit
D. For loans between GHC100.00 and GHC3000.00
- 10% Compulsory Cash Savings of the Approved Amount.
- Signed Pledge Agreement Form.
See Also
Midland Savings and Loans Products (Other Loans)