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Product Based Loans

Bumper Harvest Input Credit Facility

Metbank supports the farming community by availing a credit facility that allows you to purchase farming inputs.

Requirements for Loan Account

  • Original loan application for facilities signed by applicant
  • Copy of I.D
  • Passport size photograph
  • Proof of residence
  • Current pay slip
  • Three (3) months bank statement
  • Confirmation of permanent employment (Where applicable)
  • Stop order form

Currency

USD

Tenure

Up to 9 months

Interest rate

15% pa

Administration charges

$10 upfront fees

Insurance

3.5%

Ledger fees

$4 pm

Maximum Loan Amount

$4,999.99

 

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School Offering

We believe that the future lies in our youth, a belief that is expressed through tailor made product support that gives our young generation a competitive edge in their future prospects. You can choose between the School Starter Pack and School Amenities Facility which includes the AVM Bus Facility.

School Starter Pack Facility

Get a loan of up to US$1000 towards school fees, uniforms and other start-up costs at the start of a new school term. Visit your nearest branch or agent to get assistance.

Requirements for Loan Account

  • Metbank account holders with salary coming through the account for at least three months with deduction from source.
  • Non-account holders with deduction from source- Submission of 3 months bank statement, current pay slip, proof of residence
  • All other guidelines on personal lending apply.
  • Monthly loan repayment not exceeding 50% of the applicant's gross salary
  • School fees invoice, uniforms and accessories list or quotation
  • Verification with SSB/employer to check if applicant has headroom for further Direct Debit to cover the loan advance.
  • Salary does not necessarily have to come through Metbank.
  • Tenure 4 months.

Currency

USD

Maximum tenure

4 months

Interest rate

15% pa

Upfront fees

5% of loan amount (Once Off)

Insurance

3.5% of loan amount (Once off)

Ledger fees

$4 per month

 

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MetBuild Pack

If you need building materials to develop your home or renovate an existing property, Metbank has a facility that provides you with building materials from approved suppliers. The MetBuild Pack is your key to realizing your dreams.

Requirements for loan account

  • Completed loan application form.
  • Originals and certified copy of Identification particulars valid passport / metal or plastic
  • National Identification particulars / driver’s license (return the original to the client after confirming the copy is a genuine one).
  • Passport sized photograph.
  • Proof of income in the form of a recent pay slip.
  • 3 months bank statement from the individual customer.
  • Proof of residence.
  • Invoice of required building materials from the approved supplier.
  • TY30/source of direct deduction in respect of government employees.
  • Letter from the employer confirming permanent employment where applicable. The letter must be accompanied by a Board Resolution authorizing the named official(s) to represent the company as authorized signatories.
  • House plan (duly approved by the Municipality).
  • Bill of Quantities (showing portion of materials being applied for).
  • Application fee of $10
  • Deposit of 5% of loan amount upon approval.
  • Proof of stand ownership.

Currency

USD

Tenure

24 months

Maximum amount

Minimum – $500, Maximum – $4,000

Payment methods

Stop orders or direct debits, Cash or RTGS

Interest rate

15% pa

Further Proposed Pricing

  • Application Fee: USD10.00 for all product applicants.
  • Deposit: 5% of loan amount.
  • Management fee: 1% of loan amount.
  • Insurance fees: 3.5% of loan amount.
  • Ledger fees: USD3.00 per month.
  • Agents Commission: 20% of non-funded income.

 

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MetLife Funeral Cash Plan

Have you lost someone, but find you are low on cash? No problem. Metbank offers the MetLife Funeral Cash Plan underwritten by Fidelity Life Assurance to cover such eventualities.

Funeral Cover

Dependents

Monthly Premiums payable to Metbank

$500.00

Account Holder

$0.90

 

Spouse

$0.90

 

Child (up to 18 years)

$0.44

 

Other dependents (above 18 years)

$1.80 (Each)

 

 

 

$1 000.00

Account Holder

$1.60

 

Spouse

$1.60

 

Child (up to 18 years)

$0.80

 

Other dependents (above 18 years)

$3.20 (Each)

 

 

 

$2 000.00

Account Holder

$3.00

 

Spouse

$3.00

 

Child (up to 18 years)

$1.60

 

Other dependents (above 18 years)

$6.40 (Each)

 

 

 

$5 000.00

Account Holder

$10.00

 

Spouse

$10.00

 

Child (up to 18 years)

$5.00

 

Other dependents (above 18 years)

$16.00 (Each)

Discounted pricing for senior citizens

Table 2 – Monthly Premiums – Senior Citizens 60+

Funeral Cover

Dependents

Monthly Premiums payable to Metbank

$500.00

Account Holder

$0.75

 

Spouse

$0.75

 

Child (up to 18 years)

$0.44

 

Other dependents (above 18 years)

$1.80 (Each)

 

 

 

$1 000.00

Account Holder

$1.50

 

Spouse

$1.50

 

Child (up to 18 years)

$0.80

 

Other dependents (above 18 years)

$3.20 (Each)

 

 

 

$2 000.00

Account Holder

$2.50

 

Spouse

$2.50

 

Child (up to 18 years)

$1.60

 

Other dependents (above 18 years)

$6.40 (Each)

 

 

 

$5 000.00

Account Holder

$7.50

 

Spouse

$7.50

 

Child (up to 18 years)

$5.00

 

Other dependents (above 18 years)

$16.00 (Each)

  • The Policy will be valid only when premiums are up to date at the date of death.
  • The Policy automatically lapses after three (3) consecutive months of non-payment of premiums.
  • The Policy discontinues on the death of the account holder and dependents have an option to continue.
  • Eligible dependents are: One’s Spouse; own offspring; parents, in-laws and other dependents up to a maximum of six (6).
  • Applicants or dependents aged over 65 will be subject to a 9-month waiting period.
  • Disbursement of funds on valid claims will be made by Fidelity life to the bank within 48 hours from the time the bank/Fidelity is notified of the death of the beneficiary by way of a valid Burial Order or Death Certificate submitted by at least three of the deceased’s relatives whose identity will be filed for record purposes and their signatures appended against the cash cover collected.
  • Fidelity shall maintain a claims account from and into which claims will be paid within 48 hours.

 

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