BUSINESS LOAN
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
