Business Loan

BUSINESS LOAN

• Accessible to members who meet criteria of accessing the maximum loan under member’s ordinary loan .
• Any amount in excess of member’s ordinary maximum loan shall be defined as business loan.
• Business loan is two times the allowable maximum ordinary members loan.
• A business loan is secured by other assets other than shares and savings.
• A maximum business loan a mount shall be Ugx 220M . Payable in 60 months.
• Business loan attracts 1.25% interest rate per month.
• Acceptable collateral’s for securing the business loans are; motor vehicle log book,land title,mortgage deed, etc.
• The SACCO will verify and register its interest in any asset pledged.
• A member is allowed to access his/her savings if the loan is performing up to a minimum enough for one installment.