It is a type of deposit used for loans granted for purchase of consumer goods like vehicles and household furniture and equipment. Any Physical or legal person who is willing to open and use this account

Requirement

  • The initial deposit shall be Birr 25.
  • Two passport sized photographs
  • Valid identification card.
  • Application letter;
  • Company letter attesting the person bio data.
  • Other relevant documents as per the bank credit checklist.

 

Product Features

  • It is a saving account operated by passbook
  • It is an interest bearing deposit
  • The account attaches consumer loan that needs to be maintained at least for a year and acceptable collateral should be presented for the loan.
  • The consumer loan is granted as and when the minimum savings amount reaches 50% of the total cost of consumer goods. The account should stay at least for a year to qualify for a loan
  • The person should have a regular income to open this account.