Products
We offer the following types of loans:
SALARY LOAN
Salaried employees may require immediate cash assistance from time to time before their paychecks are due.
The Salary Loan product from Obumwe Microfinance Limited is designed to satisfy the needs of employees who may want emergency financial help.
FEATURES OF THE PRODUCT
- Financing of up to 60% of the employee’s income in advance
- Repayment plan based on monthly deductions
- Flexible Repayment period 1-12 months
- Interest charged on reducing balance/Flat.
- Minimum loan amount is Ugx 300,000
- Flexible collateral requirements
REQUIREMENTS FOR A SALARY LOAN
- Introduction and Recommendation letter from the employer
- Valid Employment ID & National ID
- Copy of the Employment Contract
- Consent form completed by both the employee and the employer
- Introduction letter from the employer
- Any other form of security agreed upon
- Bank statement For the last six Months
- 1% insurance policy.
- Completed Application for a loan
- Processing fees must be paid.
Benefits
- Quick turnaround time
- Competitive interest rate
- Flexible repayment plans
EMERGENCY LOAN
This loan is intended to help members meet unexpected obligations.
It is offered to members based on an allocation adjustment or predicted cash inflow, as well as the remittance of periodic payments directly to a Obumwe Microfinance Limited.
FEATURES OF THE PRODUCT
Loans of up to UGX 20 million are available.
On repayment, 15percent interest rate is offered at a competitive rate.
Payable over a period of 4-6 months in bi-weekly installments/Monthly or in one lump sum.
Collateral: Unsecured/Secured but covered by a 1% insurance policy.
REQUIREMENTS FOR A SALARY LOAN
- Introduction and Recommendation letter from the employer
- Valid Employment ID & National ID
- Copy of the Employment Contract
- Consent form completed by both the employee and the employer
- Introduction letter from the employer
- Any other form of security agreed upon
- Bank statement For the last six Months
- 1% insurance policy.
- Completed Application for a loan
- Proof of income (pay stubs to confirm grade), and business streams (other income sources).
- Completed Application for a loan
- All balloon payments must be made with a postdated cheque (loan plus interest).
- 1% insurance policy.
Benefits
- Quick turnaround time
- Competitive interest rate
- Flexible repayment plans
BUSINESS LOAN
“Begin small and gradually get larger.” Obumwe Microfinance Business Loan is a short-term commercial loan for microbusinesses that can be used to fund any business or productive purpose, such as working capital. These business Loans provide variable payback terms and can be used to resupply businesses as well as purchase business assets such as automobiles, motorcycles, grinding mills, and other machinery. They can also be used to pay taxes, rent, and other company expenses.
PRODUCT FEATURES
- A loan of up to UShs 50 million is possible.
- On Reducing or Flat balance, interest is charged.
- Repayment schedules that are both flexible and consistent.
- A three-month minimum borrowing duration is required.
- A maximum loan term of 12 months is available.
REQUIREMENTS
- a loan application that has been completed
- Processing fees must be paid.
- Examining the collateral
- Fixed and/or mobile assets can be used as security.
- Personal and corporate guarantees
- The applicant must live in the branch’s authorized service area.
- A continuous business activity is required.
- Business must be legal
- Trading licenses
- Sound Guarantor
- Financial Card where Applicable
- Loan processing fees
- Acceptable collateral/ Security or Collateral for borrowing
- Passport Photos
SCHOOL FEES
Right now, the world is seeing unprecedented events. It is difficult for many parents, guardians, and caregivers to raise the necessary funds to send their children back to school.
BENEFITS OF THE SCHOOL FEES LOAN.
- The School Fees Loan has a number of advantages.
- Loans are processed quickly.
- There is no need for security.
- All you need is a source of income that can be verified.
- Large sums of money, up to Shs. 5 million.
- Interest rates that are appealing.
- Repayment terms are flexible, with lengths ranging from 6 to 12 months.
- The loan for school costs is reasonable.
- It is dependent on one’s ability to pay back the loan.
The School Fees loan has certain requirements.
A source of revenue that has been verified.
Collateral Security
Apply for a school fees loan today to get your children’s education back on track.
