EMERGENCY LOAN

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