This type of loan is designed for low income earners who wants to acquire electronic asset from the bank.
- Should be an account holder.
- Operate an account over a reasonable period of time.
- Generate an acceptable turnover to warrant the loan amount.
- Evidence of equity contribution in place to be determined by the bank.
- Formal application from customer applying for the asset loan.
- Completion of a Cosmo loan form.
- Interest rate is flexible and negotiable.
- Tenor is determined by the nature of asset and loan amount
- Collateral may be required as pledge
- Asset to be bought in bank’s name but later reverted to customer’s name on liquidation of loan
- Processing fee is mandatory (one-off)
Insurance fee is a requirement