The swift product helps members solve emergencies.
The Loan is processed immediately if all requirements are submitted to the credit committee in time.
The product has the following terms;
- The Eligible borrower must have been a member for at least 4 months.
- The maximum loan amount is UGX 5,000,000/= (Five million Uganda Shillings only)
- The loan interest rate is 2% per month.
- The maximum loan repayment period is 6 months.
- Interest on this product is charged on Reducing Balance rate method.
- A 10% penalty fee is charged for failure to remit any “Due Installment”.
- A loan application is supported by:
- Salary payslip of the most recent month.
- Bank statement of most recent 6 months from the bank which receives client’s salary.
- The guarantors must have the capacity to offset any outstanding loan amounts in case the borrower defaults.
- Staff on Contract need to present a copy of the Contract document from the employer.
- Borrower’s repayment history.
- Institutional deductions:
- The loan processing fee is 0.5% of the loan amount.
- The Loan Insurance fee is 1% of the loan disbursed.
- Repayments:
- By Salary deductions: