The product has the following terms;

• The Eligible borrower must have been a member of the sacco for at least 4 months.
• The Eligible borrower must not be above 65 years of age.
• The maximum loan amount is UGX 60,000,000/= (Sixty million Uganda Shillings only)
• The maximum loan is 10 times the share capital of the individual borrower.
• A borrower must have at least 50% share capital, 50% balance to be offset from the loan disbursed.
• The loan interest rate is 12% per annum calculated on a reducing balance method (amortization).
• The maximum loan repayment period is 60 months.
• A 10% penalty fee is charged for failure to remit any “Due Installment”.
• Loan repayment is by equal monthly installments.
• A loan application is supported by:
  • Salary payslip of the most recent month.
  • Bank statement of most recent 3 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.
  • Borrower’s repayment history.
  • Letter of undertaking from the employer.
  • Staff on Contract need to present a copy of the Contract document from the employer.
• Institutional deductions:
  • The loan processing fee is 0.55% of the loan amount.
  • The insurance fee is 1% of the loan amount.