Swift Loans

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:

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