The school fees loan product is intended to promote education within families of our members.
The Loan is processed within 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 loan is immediate after fulfilling the obligations.
- The maximum loan amount is UGX 6,000,000/= (Six million Uganda Shillings only)
- The loan interest rate is 1.25% per month.
- The maximum loan repayment period is 6 months.
- For every loan, a contract document is required for those on contract with the employer.
- Interest on this product is charged on reducing the Balance method(amortization).
- 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 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.
- 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
- Forms of loan payments:
- By Salary deductions.
- School fees loan of 6M for 6 months at 15% per annum
Download school fees loan application Form