Loan Products
This is a personal loan offered to veteran or retired staff of the Ghana Armed Forces who have been honourably discharged and route their pension through SIS&L. Repayment of the loan is tied to the receipt of pension of the retired personnel.
Features:
● Open to all GAF retirees who route their pension benefits through SIS&L
● Pension should have been routed through SIS&L account for not less than 2 months
● Competitive interest rate
● Tenor up to 36 months
● Monthly loan installments
● No penalty for early settlement
Benefits:
● To ease financial burden on retirees
● To bridge finance gaps
Requirements: GAF Personnel
● Letter of Application and completed loan application form
● Letter of Introduction signed by Veteran Association of Ghana
● Current 3 months’ Bank Statement on Salary Account with SIS&L
● National ID
● Passport size photograph
*Other terms and conditions apply
The GAF Personal Loan is a scheme loan which serves the personnel of the Ghana Armed Forces to finance their personal commitments.
Features:
● Serving GAF members
● Repayment deductions from source
● Loan tenure of between 6 months – 3 years
● Interest charges and fees apply
● Loan Protection Insurance applies
Benefits:
● Long repayment period – maximum of 3 years
● Competitive interest rates
● Wide range of loan purpose – funeral, consumer item, education etc.
● Flexible payments structured according to the loan tenure
Requirements: GAF Personnel
● Letter of Application and completed loan application form
● Letter of Introduction signed by Unit Commander
● Current Pay Slip
● Current 3 months’ Bank Statement on Salary Account
● Service ID and 1 National ID
● Passport size photograph
*Other terms and conditions apply
The Loan Refinancing Product (LR) is a special, single-purpose consumer loan granted to pay off and acquire applicant’s existing loans with other banks and financial institutions on more flexible terms. The facility is currently available to the Officers, Men and Civilian employees of the Ghana Armed Forces (GAF). This product is SIS&L’s panacea to the multi-faceted challenges GAF members face in accessing loans.
Eligible loans that come under this package are:
1. Existing Personal loans
2. Existing Scheme loans
3. Existing Vehicle loans
4. Existing Consumer & Household loans
We encourage all GAF personnel to take advantage of this special product.
Features:
● Loan Purpose –To pay off existing loans with banks & NBFIs
● Target – Serving GAF members
● Relatively lower interest rates than rates on loans to be refinanced
● Loan consolidation and extension available
● Beneficiary qualifies for additional loans if Debt Service Ratio (DSR) permits
Benefits:
● Flexible loan tenure
● Interest rate reduction
● Loan consolidation for easy payment
● Reduced burden on disposable income
● Flexible terms of repayment
Requirements:
● LR application letter and completed loan application form
● Early settlement quotation from financial institution
● Letter of Introduction signed by Unit Commander
● Service ID and National ID
● Current Pay Slip
● Current 3 months’ bank statement on Salary Account
● Passport size photograph
* Other terms and conditions apply
This is an advance facility for GAF personnel going for peace support operations abroad to enable them prepare for the missions and also cater for the needs of their families at home whilst they are away. The loan repayment is tied to the personnel’s income from the peacekeeping mission and is disbursed and repaid in cedis.
Features
● Target: GAF personnel approved for peace-keeping
● Primary Repayment Source: Personal Income
● Loan processing time is within 24 hours after receipt of complete documentation
● Loan tenor is up to 18 months
● Single bullet payment at the end of the loan tenor or before the expiry date
Benefits
● To enable GAF personnel prepare adequately (financially) ahead of their mission travels
● To ease the financial burden on troops’ families whilst they are away on mission
Requirements
● One Passport picture
● Service ID and National ID
● Loan Application Form
● Evidence of inclusion in mission
* Other terms and conditions apply
The Salary Advance is a revolving overdraft facility granted to salary earners pending receipt of their monthly salary to enable them attend to or meet urgent financial obligations before salaries are paid. These financial obligations may include payment of school and medical bills, car maintenance, travelling and family expenses.
The facility is awarded only to customers whose salary accounts are domiciled with SIS&L.
Features
- For salaried workers
- For current account holders who channel salary through account
- Customers can access up to 65% of net monthly salary
- Repayment is tied to the next salary credit to the account
- Letter of undertaking from employers for workers of private institutions
- Customer can activate this facility to last for a year. This is renewable every year.
Benefits
- Bridges finance gaps
- Helps cover small but urgent unexpected expenses between pay days
- No collateral security required
Requirements (completed only once a year)
- One Passport picture
- Service ID and National ID
- Overdraft application form
- Letter of Undertaking for non-GAF clients
- Copy of 2 recent pay slips
* Other terms and conditions apply