Fee Guide
Understanding our Fee Structure
Please be advised that effective April 1, 2020 GCT Fee has been reduce to 15% as announced in the recent Budget Debate by Minister of Finance Dr. Nigel Clarke
Internal fees are only charged if your loan is approved.
Speak to your loans officer to request that the internal fees are deducted from your loan.
Internal Fees
| PERSONAL LOAN AMOUNT | PROCESSING FEE |
|---|---|
| $30,000.00 – $49,999.99 | $2500.00 |
| $50,000.00 – $100,000.00 | $5000.00 |
| $101,000.00 – $200,000.00 | $8000.00 |
| $201,000.00 – $300,000.00 | $15,000.00 |
| $301,000.00 – $500,000.00 | $18,000.00 |
| $501,000.00 – $1,000,000.00 | $25,000.00 |
| $1,000,001.00 – $1,500,000.00 | $45,000.00 |
| $1,500,000.00 – $2,000,000.00 | $60,000.00 |
External Fees
| GCT Charges | 15% is added to all fees |
|---|---|
| Credit Report | As per institution charge |
| Bill of Sale | As per institution charge |
Contractual Fees
Late Fees
Charged once loan payment is not made within three (3) days of your loan payment due date.
Penalties
A daily fee is charged once your payment that is due, however not made within the three days grace period.
Delinquency Fee
This is charged when the loan closure date has expired and the loan has not been paid out as contracted.
How To Avoid The Accumulation of Fees On Your Loan
- The best way to avoid finance charges is by paying your balances in full and on time each month. As long as you pay your full balance within the grace period each month (that period between the end of your billing cycle and the payment due date), no interest will accrue on your balance
- Even though the above is the best way to avoid charges, A&N have adapted responsible lending practices and therefore our customers are granted additional guarantees outside the contract on how to avoid fees on their loans.
- Contact your loans officer, speak to them about what you are going through, work out alternative repayment options that would see you not accumulating fees on your account even if you do not make your obligated payment within the stipulated time.
- Ask about our payment holiday options.
- Make part payment of what you are obligated to pay per repayment period. This will undoubtedly reduce or eliminate the fees charged for none payment.
- Speak to your loans officer about restructuring your loan if the closure date is coming up and the loan will not close as contracted. This way you can use the restructuring to give you more time to repay and possibly a lower amount to be paid each pay period. Also, this method will eliminate the delinquency fees that will be charged if the above is not met.
- If your financial circumstances have changed where you are unable to meet your obligations, please contact your loans officer and work out possible options that will see you not accumulating fees OR may undoubtedly reduce the accumulation thereof.
