Best Banks For Diaspora Loan

If you are a diaspora looking to take out a loan but do not know what to do or where to start, then look no further. We got you covered!

The first thing you need to know is that Diaspora loans in Ethiopia are offered for foreign Ethiopians living abroad and foreigners living abroad with Ethiopian origins.

Most of the banks in Ethiopia offer house loans for diasporas that will buy, construct or renovate a residential or commercial building, and car loan for diasporas who will buy a brand new or used car, and those who want a loan for personal use. Read below to choose the bank that suits you well to provide a diaspora loan.

The Best Banks for Diaspora Loans

Dashen Bank

8.5 Rating

13.7% Loan Interest

Amole Wallet

Gold debit card

Green card

Dube Ale , Amole Digital Banking

Pay from your mobile

Read Review Visit Website

Abay Bank

7.8 Rating

15% Loan Interest

Zero Balance Accounts

Muday Services

Agent Banking

Abay Bedeje

A banking service closer to home

Read Review Visit Website

Awash Bank

8.2 Rating

15% Loan Interest

Banking and Services for micro finance institutions

School Tution Fee Collection Services

Lucy Women's Saving

Business Banking

Plenty of business banking choices

Read Review Visit Website

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. Diaspora Saving Account
2. Passport and/or Yellow Card
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
7. Work/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 Mortgage Loan

If you are a foreigner planning to purchase, build, or renovate a house in Ethiopia but require a loan to acquire your dream, banks offer diaspora mortgage loans. Note that a Diaspora mortgage loan is approved if the residential or commercial building that will be purchased is from a real estate company or a legitimate seller.

Most banks have the exact requirement and steps to get a diaspora mortgage loan.

Additional Documents needed to get a Diaspora Mortgage Loan

Most banks require you to qualify for the basic diaspora loan documents to get a diaspora mortgage loan. In addition, to get a diaspora mortgage loan and other services, you need to get all of the required documents listed below:

Diaspora Mortgage Account
Trade/Investment Licence

You need to have renewed trade/investment licenses.

Lease Agreement

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

proforma invoice

Automobile

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.