09.03.2005 Business & Finance

ADB to introduce a motor loan facility next month

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Accra, March 9, GNA - The Agricultural Development Bank (ADB) is to introduce in April, a motor loan facility for customers and corporate organisations that want to own vehicles at affordable price and low interest rate.

Customers of the bank with a minimum disposable income of three million cedis qualified to access the facility upon application and an undertaking with one's employer.

Speaking to journalists at the on-going Industry and Technology (INDUTECH) Exhibition at the Ghana International Trade Fair Centre, Ms. Obaapa Yeboah Osei of the Corporate Customer Relations said the bank would absorb 85 percent of the cost of vehicle whilst the interested customer pays the 15 percent.

The repayment according to her would be spread over a period of four years.

She said though conscious of its main corporate responsibility to promote a sustained and diversified agricultural and rural development, ADB shares in the belief of providing the best product and service for it's numerous and diversified clientele.

Ms Osei said in collaboration with a local based Chinese company, Sneda Motor limited, ADB would offer a wide range of vehicles at comparatively cheaper prices for customers.

Mr Sanjay Mirchandani of the Credit Management unit of the bank told the GNA that corporate organisations could purchase fleets of vehicles for their use or do so on staff's behalf without necessarily having an account with the bank.

He said the interest on the loan would be lower than the prevailing current rate and added that it was the wish of ADB to put smiles on the faces of its customers through improved products and services.

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