This is a loan product targeting members engaged in business activities or planning to start. The loan can be used to finance working capital needs or acquisition of business assets and expansion.
Product Features
- Maximum Loan amount of up to UGX 100Million
- Maximum loan period of up to 3 years
- Loans above UGX 50m to be secured by tangible collateral
- Loan size is based on capacity to pay and collateral value
- Business cashflow to be assessed.
Pricing
- Interest rate of 13% per annum
- Processing fee of 1% of the loan amount
- Insurance fee of 1% of the loan amount
Requirements
- Members’ savings and share capital
- Capacity to pay back
- Trading License and business records
- Business Rental receipts to prove ownership
- Integrity of the prospective loan applicant
- Membership, Qualification for a loan requires one to have saved with SACCO for (6) months from the date of joining the SACCO and in addition, to have purchased at least fifty (50) share.
- Bank Statement showing the last 6 months salary deposits is a must.
- Must have a minimum of 2 guarantors
- Must present a passport photo and copy of national ID
- Provide 3 most recent payslips
- Provide copy of appointment letter
- Recommendation from the regional chairperson.
