The Bank of Ghana has made an announcement to all and sundry on some vital issues in regards to loan acquisition, repayment responsibilities and obligations of borrowers of banks and specialized deposit-taking institutions.<\/p>\n\n\n\n
There is the need for borrowers to keenly assess their loan repayment strengths prior to obtaining any loan facility.<\/p>\n\n\n\n
Borrowers are cautioned not to be in haste when acquiring any loan facility. If needed, they may obtain and compare offers from different lenders before making a decision on the best loan facility to apply.<\/p>\n\n\n\n
\u201cPrior to the signing of a Loan Agreement, lenders are required to give potential borrowers a pre-agreement Truth in lending statement (similar to proforma invoice), that summarizes the terms and conditions associated with the loan.\u201d<\/p>\n\n\n\n
Before accepting any loan offer, borrowers should consider the interest rate annually which represents the overall cost to be paid to the lender each year.<\/p>\n\n\n\n
The annual cost gives a broader scope of the cost a borrower pays for taking a loan. The annual cost also highlights not only the interest rate but the fees and charges to be paid in the loan applied said the Central Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Bank of Ghana has made an announcement to all and sundry some vital issues in regards to loan acquisition, repayment responsibilities and obligations of borrowers of banks and specialized deposit-taking institutions.<\/p>\n
There is the need for borrowers to keenly assess their loan repayment strengths prior to obtaining any loan facility.<\/p>\n
Borrowers are cautioned not to be in haste when acquiring any loan facility. If needed, they may obtain and compare offers from different lenders before making a decision on the best loan facility to apply.<\/p>\n
\u201cPrior to the signing of a Loan Agreement, lenders are required to give potential borrowers a pre-agreement Truth in lending statement (similar to proforma invoice), that summarizes the terms and conditions associated with the loan.\u201d<\/p>\n
Before accepting any loan offer, borrowers should consider the interest rate annually which represents the overall cost to be paid to the lender each year.<\/p>\n
The annual cost gives a broader scope of the cost a borrower pays for taking a loan. The annual cost also highlights not only the interest rate but the fees and charges to be paid in the loan applied said the Central Bank.<\/p>\n","protected":false},"author":1,"featured_media":1239,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,18],"tags":[],"class_list":["post-1234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-latest","category-local"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t