This is some good news for all MTN customers. MTN Subscribers now have access to MTN loans from Ghc2,500.00 up to Ghc55,000.00.
The loan may be disbursed in just 30 minutes if a customer meets the whole condition and correctly fills out the form.
The interest rate for the loan is 1.5% per month.
From all indications, this loan interest rate seems to be very competitive as against other interest rates charged by other financial institutions in Ghana.
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It is, however, not clear whether the interest rate is a compound interest or simple interest.
Also, it is not clear whether the interest rate is on reducing balance or it is a flat rate.
Compound interest refers to a situation where a customer is required to pay interest on the overdue interest that he is supposed to pay.
That is, any overdue interest is considered as a new principal to the borrower. However, the customer does not pay any interest on any overdue interest.
The customer pays the overdue interest whenever he can.
The reducing balance type of interest rate is when the interest is paid on only the outstanding balance of the principal.
The flat rate type of interest rate is when the interest is calculated on the initial interest for the whole duration of the loan before the accumulated interest is spread over the entire period.
The MTN loan is underwritten by ECOBANK Ghana.
This simply means the entity giving out the loan is ECOBANK Ghana, and MTN is just a medium through which application and disbursement are done.
A few of the terms and conditions are below:
- Qualification of AhomkaLoan with terms and conditions underwritten by ECOBANK; Be sure you made loan requirements as stated above, thus make sure you are up to 25% or more of the loan amount request in your wallet before processing to application to disburse the loan amount required successfully into your MTN wallet within 30minutes to an hour.
- I hereby read, understood, and agreed with the terms of conditions of AhomkaLoan pertaining to repayments, fees, data sharing and Loan recovery, underwritten by ECOBANK. Kindly note that your Loan amount requested from MTN will be automatically declined if you are not up to 25% or more of the Loan amount requested in your MTN wallet after processing.
- PLEASE NOTE THAT WE DO NOT GIVE OUT LOANS LESS THAN GHS2,500.00. ANY LOAN APPLICATION LESS THAN GHS2,500.00 WILL BE AUTOMATICALLY DECLINED BY THE SYSTEM. KINDLY APPLY YOUR LOAN AMOUNT FROM GHS2,500.00-GHS55,000.00 and HAVE 25% OR MORE OF THE LOAN AMOUNT REQUESTED IN YOUR MTN WALLET FOR QUALIFICATION.
- I HEREBY AGREE THAT ALL THE INFORMATION PROVIDED ON THIS FORM IS CORRECT TO MY KNOWLEDGE AND ANY FALSE STATEMENTS PROVIDED WILL BE BLACKLISTED AND HELD WITH THE FINANCIAL LAW ENFORCEMENT
How to apply
Below is the marketing message from MTN Ghana concerning the loan offer
You can now access MTN Ahomka loans starting from GHC2,500.00 – GHC55,000.00, which is accessible for MTN customers at an interest rate of 1.5% per month. Dial *170#, then opt in 5,3,1.
No collateral, no guarantee needed. All you have to do is make a transaction of 25% or more of the loan amount required
K Fosu The Informant is a lifestyle blogger with 5 years experience in content and web development. He is a Google keyword planner, SEO analyst, an influencer and entrepreneur who holds BA Degree from Ghana's Premier University.
