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15.03.2007 General News

Barclays to introduce new product for customers

By : GNA

Barclays Bank of Ghana will tomorrow, Thursday launch three distinctive leasing products to fill the demand that companies already in the sector are currently unable to meet.

At a media briefing ahead of the official launch of the product on Thursday, Head of Vehicle and Asset Finance section of the bank, Mathias Dorfe said the product dubbed: Vehicle and Asset Finance aimed at providing alternative means of funding the acquisition of assets instead of reliance on loans by customers.

He said through the product, the bank was providing customers limitless opportunity to acquire their assets no matter how the cost as the bank had no ceiling on how much each individual could assess.

Under the system the bank would purchase the assets on behalf of its clients while the lessee has unlimited use of the equipment, the bank retains ownership.

However, in the case of finance lease the ownership of the assets is transferred to the client on the payment of the last instalment.

The customer is allowed unrestricted use of the equipment both under the finance and operating lease.

Depending on the type of equipment or assets acquired payment could be spread between 12 and 60 months, a period during which the customer pays both the principal and the interest on the equipment.

Assets such as vehicles, machinery, generators, hospital equipment, excavators, and computers among others qualify under the product.

Mr Dorfe said those who qualify to apply were large companies; partnerships, small and medium size companies, Non Governmental Organisations (NGOs), schools, Universities and colleges.

Source: GNA