Loans

 

Bonds & Guarantees

 

Consumer Loans

1. HOW IT WORKS

Consumer Loans are given to individuals for the purchase consumer goods (e.g. household items, motor vehicles)

2. INTEREST RATES

Interest rates are tied to the prime rate (which is subject to change) and may be fixed or variable. Loans under $50,000 maybe subject to slightly higher rates.

3. MATURITY

The length of time for repayment depends on:

• The ability to repay
• The use of the Loan Proceeds

Maturity may not exceed five years.

4. COLLATERAL

All loans are to be adequately secured, but loans generally are not declined where inadequate collateral is the only unfavorable factor.

Normally personal assets are pledged however; there are instances when personal assets of someone other than the borrowing party are pledged. In these cases a personal guarantee of the non-borrowing party is required.

5. DEBT SERVICE

The repayment sum must not exceed 40% of next income.

6. REQUIREMENTS

When seeking financing for this type of loan customers should have the following documents:

• Job Letter, or if self-employed an Income Statement
• Quotation for item to be purchased
• Copy of Transport or Title
• Current Valuation of Property to be pledged
• Photograph of property

NB Additional information may be required on a case-by-case basis.

Line of Credit

 

Demand Loans

 

Home Equity Loans

Right now, as part of our on going efforts to help build a better Guyana, we’re offering a very special rate on our Home Equity Loans, which you can use for the things you want:

1. CONSOLIDATE YOUR DEBT
2. BUY A CAR
3. FINANCE YOUR CHILD EDUCATION
4. IMPROVE YOUR HOME

COLLATERAL

All loans are to be adequately secured, by a registered First Real Estate mortgage over the principal residence of the Borrower.
An assignment of Hazard insurance for the amount borrowed is required.

INTEREST RATES

Interest rates are tied to the prime rate (which is subject to change) and may be fixed or variable. Loans under $50,000 maybe subject to slightly higher rates.

REPAYMENT

You will be required to make monthly payments towards same.
You can repay your loan in full before the due date and there are no penalties. You only pay interest accrued to the day you are making the payment. So paying off early saves you money.

 

Low Income Mortgages

Do you have a House Lot and need assistance to build your home?

Under our new Mortgage Finance Scheme, Citizens Bank will lend up to 75% of the valuation of your house and land. You, the owner, will have to contribute the remaining 25%. However, the maximum amount that can be loaned is One million, Five hundred thousand Guyana dollars ($1,500,000.00) at a period of twenty-years (20 years) with a low interest. The interest is calculated on the reducing balance.

SOME COMMON QUESTIONS

Q .Can I pay more than my monthly installment?

A. Of course you can pay more than your monthly installment. If for some reason your earnings have increased and you can afford to make larger payment, the Bank has no objection.

Q ARE THERE ANY FEES TO PAY?

A. Yes, there are fees involved. These fees include the legal fees involved in processing the Transport or Certificate of Title and Mortgage Fees to the Bank’s Attorney’s. Additionally there are fees to be paid to the Bank for executing the Mortgage

Q CAN I REPAY MY MORTGAGE BEFORE THE DUE DATE AND ARE THERE ANY PENALTIES?

A. Yes, you can repay your mortgage in full before the due date and there are no penalties. You only pay interest accrued to the day you are making the payment. So paying off early saves you money.

COLLATERAL

All loans are to be adequately secured, but loans generally are not declined where inadequate collateral is the only unfavorable factor.

Normally personal assets are pledged however; there are instances when personal assets of someone other than the borrowing party are pledged. In these cases a personal guarantee of the non-borrowing party is required

REQUIREMENTS

• Your allocation letter from Central Housing and Planning Authority
• Agreement of Sale and Purchase
• Receipts of Payments for House Lots
• Approved Plans
• Government Valuation Certificates
• Detailed Estimate of Construction
• Letter from employer stating:
  • Years of service
  • Income and Pay slips for the last six months
• Alternatively: Statement of Income & Expenditure if self-employed
• Bank Statements or Savings Accounts Book

Moneline Facility

1. HOW IT WORKS

With a Moneyline facility you no longer need to worry about bounded cheques or high overdrawn account penalty fees.

'Moneylines’ is a credit line up to an authorized amount that linked to your chequing account, gives you the security of writing checks, up to your available credit line, without worrying if you have the funds to cover them.

It’s a convenient way to avoid the embarrassment of bounched cheques, pending receipt of salary or receivables.

2. INTEREST RATES

Interest rates are tied to the prime rate (which is subject to the change). Moneylines that are unsecured may attract a higher rate of interest.

3. MATURITY

All moneyline are subject to an annual review.

4. COLLATERAL

Moneyline Facilities can be secured with deposits held in savings account or certificate of deposits with the institution or immovable assets i.n.o. customer.

5. TIPS

Adequate fluctuation should be reflected monthly on the account. You can also access your moneyline via the ATM.

Overdraft Loans

 

Time Loans