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LENDING
SERVICES
Overview
At the National Commercial Bank (SVG) Ltd, our aim is to provide
superior and professional levels of financial products and services to
our customers. We also strive to offer the best interest rates on loans
while maintaining our service charges among the lowest in the financial
services industry. We are always seeking new products and services to
meet the ever changing financial needs of our customers.
Whatever your borrowing needs, our Retail and Commercial Lending
Department would be pleased to offer you a loan to:
Features:
NCB's Loan Department Email Addresses
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Consumer Loans and Overdrafts
A personal consumer loan and overdraft from the National Commercial Bank
(SVG) Ltd, can help you meet your financial needs. We at NCB (SVG) Ltd.
understand how important credit is to you personally. Our Retail-Lending
Officers can assist you towards selecting the type of consumer package
suited for your needs. Our online loan calculators can help you decide
what type of loan is right for you.
For further information, please
Contact NCB.
Student Loans
Deciding to pursue a higher education is a
wise choice. Whether you're a student or parent of one, we can assist
with all your college financial and we will continue to take care of
your financial needs upon completion of your studies
Conditions:
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Applicants must
apply to the Ministry of Education for the course of study. After
interview and approval from the Ministry, the Bank will be presented
with the application and supporting documentation.
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Proof of Acceptance
from Educational Institution must be presented by applicant
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Tangible security
with sufficient margin is required for loans in this category
Interest must be paid while studying
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Repayment of
principal will commence three months after the date of employment or
six months after completion of study which ever comes first
Commercial Loans
At the National Commercial Bank (SVG) Ltd, we understand the needs of
our corporate customers. Whatever your business requires, our
Commercial Lending Department will work with your business to provide
financial support. Whether you're just starting up a new business or
improving on the existing, NCB can provide the facilities to ensure your
business ventures are realized.
Overdrafts - At NCB,
you can arrange for overdraft limit and then use it when your business
needs require it. Once your business has established an overdraft
facility, it will be periodically reviewed so that it continues to meet
the business’s anticipated credit needs. Your timely submission of
Financial Statements will certainly facilitate this process.
Trade Finance
- National Commercial Bank offers several International Trade
Instruments for handling Import businesses of all kinds at competitive
prices, ably assisted by SWIFT.
Bills for Collections
- Customers who wish to import or export goods using the Bank as an
agent can utilize Bills for Collection, where bills are payable at sight
or acceptance of 30 days, 60days or 90days.
Letters of Credit
- National Commercial Bank (SVG) Ltd. helps you secure your Import
payments with Letter of Credits by helping you pay your supplier the
right way with very little risks for both parties. The importer does
not have to pay if documents are not stipulated in the credit.
Commissions are charged on a percentage basis and the Bank acts at the
request of the business customer according to instructions, to settle
payments for imports and exports.
For further information, please
Contact NCB.
Micro Small Enterprise
The NCB (SVG) Ltd Micro Enterprise Loan Program was developed to provide
micro credit to persons in the area of Manufacturing, Agriculture,
Tourism Services and Retailing.
The main goal of this initiative is the reduction of unemployment, and
the growth, development, and expansion of the micro enterprise sector.
The Training Programme is divided into three (3) modules:
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Business Management
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Elements of
Strategic Management
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Personal
Development
The Process:
Participants must undergo the following procedure in order to gain entry
into the programme: Interview and completion of application form
Follow-up activities (on-site monitoring and assessment of business,
technical assistance and advice, and re-training of participants)
Terms and Conditions:
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The Program was
developed for nationals of St. Vincent and the Grenadines.
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The lender reserves
the right to decline any application at its sole discretion.
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The bank will
conduct an inspection of the proposed location and premises before,
during and after the disbursement of funds. Funds will be disbursed
by installments on receipt of progress reports.
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The loan will be
re-paid by equal monthly installments normally commencing one month
after the funds have been completely drawn. A moratorium on the
principal may be granted for a period not exceeding six months based
on the nature of the business.
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Lump sum payments
or early payment of principal are permitted at anytime without
notice or interest penalty.
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The applicant must
open a savings account with the National Commercial Bank (SVG) Ltd,
prior to disbursement of funds.
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Applicants must
provide all relevant documentation prior to the disbursement of
funds.
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A negotiation fee
must be paid on approval of the loan.
Mortgage Loans
Making ownership a reality with the mortgage that’s right for you, that
is the NCB motto. At NCB (SVG)Ltd. we have a broad selection of
mortgage products tailored to your needs and budget. Whether you're a
first-time homebuyer or looking for a specialized type of mortgage loan,
we offer competitive rates for you.
Residential
Mortgage
We've made it easy for you to get the best possible deal through special
mortgage packages designed for the needs of every sector of our economy.
Requirements for all Plans
:
Commercial Mortgage
Commercial Real Estate and Construction Financing is available for
owner-occupied buildings as well as investment properties at competitive
rates and terms.
For further information, please contact a Customer Service
Representative at (784)-
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Land Purchase – 7
to 10 years with a mortgage protection plan coverage up to
$250,000.00 at a reasonable cost.
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Other Special Loan
Programmes:
- 100% Mortgage Financing for Civil Servants:-
The Programme is for Nationals of St. Vincent and the Grenadines who are
permanently employed by the Government Public Servants.
Features:
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The Mortgage will
be repaid by equal monthly installments normally commencing one
month after the loan is fully drawn and will be for a period not
exceeding 30 years for Land and Building or property purchase.
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Loans will not
exceed 100% of the cost of the completed property or property being
purchased (subject to an appraisal by the Bank’s Valuators). The
client must meet all drawing cost, planning, legal and other related
fees, which will not be included in assessing the value of the
property.
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The rate of
interest payable will be 7.75% per annum on amounts up to $150,000
and is subject to change during the loan period and the monthly
installment should not exceed 40% of disposable income of an
applicant.
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The security will
be a first legal charge in the Bank’s usual form in favor of the
Bank. The title to the property must, in all respects, be
satisfactory to the Bank’s Solicitors.
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The house must be
insured for the full appraised value by a comprehensive policy
against risks, including land slippage. The policy must be endorsed
making loss, if any, payable to the Bank and a standard mortgage
clause must be attached.
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The Mortgagor will
be responsible for the payment of all rates, taxes and insurance and
any other charges on the property and keep it in good state of
repair. Receipts are to be furnished promptly to the Bank.
Special Financing
packages for Low Income Houses: Loans will be granted to qualifying nationals of St. Vincent and the
Grenadines who have been selected by the Housing And Land Development
Corporation.
Features:
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The Mortgage will
be repaid by equal monthly installments commencing at the end of the
month after the loan is drawn and will be for a period not exceeding
25 years.
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The rate of
interest payable will be 7.70% per annum and is subject to change
during the loan period.
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The security will
be a first legal charge in the Bank’s usual form in favor of the
Bank. The title to the property must in all respects be
satisfactory.
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The house must be
insured for the full appraised value by a comprehensive policy
against all risks including land slippage.
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Repayment of
monthly loan installment and peril insurance should not exceed 40%
of gross income of the applicant(s).
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The mortgagor will
be responsible for the payment of all rates, taxes and insurance and
any other charges on the property and keep it in good state of
repair. Receipts are to be furnished promptly to the Bank.
The National Commercial Bank also employs the services of an in-house
valuator to expedite the mortgage process.
For further information, please
Contact NCB.
REQUIREMENTS TO ESTABLISH ACCOUNTS
The
following documents are required to establish the following accounts:
Regular Savings Account and Chequing Deposit Account
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Two
pieces of identification – one of which must be a passport
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Bank
reference
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Initial deposit made payable to National Commercial Bank (SVG) Ltd.
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Proof
of address – a utility bill or copy of bank or credit card statement
with current address
Corporate Account
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Business profile – general information on the business. This should
also include a balance sheet and income statement
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Passport identification for each signing officer and directors
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Bank
reference of company
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Bank
reference of directors and each signing officer
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Company resolution to open account
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Certified copy of certificate of incorporation
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Certified copy of articles of association/memorandum
Non-Nationals and Non-Resident Nationals
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Two
pieces of identification – one of which must be a passport
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Proof
of address – utility bill or copy of bank or credit card statement
with current address
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Bank
reference and a professional reference
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Proof
of income – employment letter or a recent salary slip or certified
copies of last year’s incomer tax return (filed)
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