Salary Loan

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