Building Expo 2024: Demerara Bank Ltd unveils same-day approvals for home, car loans

With just two days remaining until the highly anticipated International Building Expo 2024, Demerara Bank Limited is poised to provide eligible persons with immediate approvals for their home and car loans.
On Tuesday, the bank said that this initiative is a bid to facilitate faster and more affordable homeownership as the bank continues to introduce several attractive financing options at the expo. It also aims to provide unmatched convenience for all expo attendees.
On the heels of this also comes whoppingly low Interest rates, as the bank is offering competitive interest rates on home loans using the reducing balance method. These interest rates start as low as 3.5 per cent per annum for loans up to $4M. For loans above $4M and up to $9M, the rate is 3.7 per cent per annum. Loans between $9M and $20M carry a rate of 5.7 per cent per annum. For amounts above $20M and up to $30M, the rate is 6.9% per annum. For loans exceeding $30M, the interest rate is eight per cent per annum.
According to the bank, the rates are designed to make homeownership more affordable and accessible.
Additionally, Demerara Bank is offering flexible payment terms. Qualified applicants can enjoy repayment terms of up to 30 years, providing a stable and manageable payment plan. Extra benefits include a 50 per cent discount on legal fees and a waiver of all processing fees for applications made at the booth, making it even more convenient and cost-effective to secure a new home loan.
The release added that there will be no anticipatory interest stating, “Demerara Bank ensures that customers face no penalties for early repayment, allowing them to pay off their loans ahead of schedule without incurring additional charges.”
Meanwhile, the bank said that as growth goes into the exclusive home loan promotion, it is also offering an exciting promotion where 10 lucky winners will receive amazing prizes, including six months of installments paid by the bank, home furnishings for four winners, and a $100,000 repayment on five credit cards. These rates are designed to make homeownership more affordable and accessible.
The bank said on Tuesday that it is also pleased to highlight its DBL VISA Credit Cards range of credit card services. Attendees at Building Expo 2024 can learn about the benefits of Demerara Bank’s Visa credit cards, which offer competitive interest rates, attractive rewards, and enhanced purchasing power.

Existing borrowers
The bank also said that it remains dedicated to supporting its existing borrowers and presented the EquiLoan, a groundbreaking product designed to help homeowners leverage the equity in their property for long-term financing.
“This innovative solution is perfect for those looking to transition from short-term interim financing to a stable, long- term option. The EquiLoan offers the flexibility needed for various purposes, including purchasing a new car, renovating a home, furnishing a living space, or financing education expenses,” the release stated.
In addition to its loan and credit card services, Demerara Bank will provide a range of other services at its booth. These include accepting new account requests and handling general banking inquiries. (G2)