Best Banks For Diaspora Loan

Basic Documents needed to get a Diaspora Loan

The primary or common steps to get a diaspora loan are no different from those to get a primary bank loan. In order to get this type of loan from your chosen bank, you must acquire all the essential required documents listed below.

1. 1. Diaspora Saving Account
      You need a diaspora saving account to receive a loan from almost all banks.
   2. Passport and/or Yellow Card
      You need to have a renewed passport and a yellow card to show your Ethiopian origin.
   3. Marriage Status Papers
      • If single, you need to have a new single certificate that is at most six months old.
      • If married, you must have a marriage certificate authenticated by the concerned government organ in Ethiopia.
   4. Bank Statement
      • You need to have your bank account statement showing your transactions for one year.
      •  You need to have an employment paper showing annual gross and net salary.
   5. Tax Clearance
      • For the borrower and
      • For the spouse of the borrower, if married.
   6. Loan Application Request Form
      You need a loan application letter or request form that includes the requested loan amount, loan term, regularity of payments, offered collateral, loan purpose, source of repayment, and other relevant information.
   7. Work/Residence Permit
      To get a diaspora mortgage loan, vehicle loan, and customer loan, you need to get a work or residence permit.
   8. Collateral Documents
      • You need a collateral item with proof of ownership along with all the documents.
      • The equity contribution should be in foreign currency.

Diaspora Vehicle Loan

If you are a foreigner in Ethiopia looking for a loan to purchase a brand new or old car, banks offer a diaspora vehicle loan. Most banks provide loans to diasporas to purchase a new or old car. These are the standard documents needed to get diaspora automobile loan:

Additional Documents needed to get a Diaspora Vehicle Loan

Most banks require you to qualify for all of the required documents listed below to get a diaspora vehicle or automobile loan in addition to the primary documents required to get a diaspora loan. Other documents are requested depending on the bank of your choice.

• Proforma Invoice
You need a proforma invoice of the car to be purchased (the initial bill of sales sent to buyers before a shipment or delivery of goods).
• Automobile
  Before getting the loan, banks require you to present the car or automobile to be bought.

Diaspora Customer Loan

If you are looking to get a loan from your banks for reasons other than to purchase or buy a new/old car, banks offer diaspora customer loans. Diaspora customer loans are given for personal reasons as:

• Purchase of household equipment and supplies.
• Cover domestic or foreign travel
• Medical treatment
• Education fee

The amount of loan given to the diaspora depends on the bank’s capital of your choice and your ability to repay the loan.

Additional Documents needed to get a Diaspora Customer Loan

To get a diaspora customer loan, besides the basic diaspora loan requirements, banks require you to present your reason for the loan and proforma invoice for the machinery or equipment you wish to purchase.