Group / Club Loans

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About Group/Club Loan and how does it work

This loan product is designed to benefit organized groups that require funds to support their members to grow financially.

Key Features of business loan

  • Very low interest rates that favor group financial growth
  • Quick loan processing i.e. 24 hours of loan processing
  • Minimum loan amount of Ugx 1 million
  • Maximum loan amount of Ugx 30 million
  • Flexible loan repayment plans
  • No hidden loan fees
  • Loan applications are available to only members with active accounts with SACCO.
  • Group must have opened up membership/account with Sacco
  • Provide a security for loan applications exceeding Ugx 3 million
  • Loan given to members with active businesses
  • Group/Club members guarantee each other
  • Up to 5 months’ repayment period for first time borrowers

We usually follow 4 steps to get a better Group/Club loans.

1

Apply for any of our loan products

Online Loan Application Form is available on our website and Mobile Phone Application. You can also access a physical loan application on our office or through our field staff whenever seen.

2

Appraisal

The credit officer makes a physical visit to the applicant’s business premises to establish the existence and performance of business that shall generate income to pay back the loan.

3

Credit Committee

After an appraisal, the credit committee sits and analyses the application whether it conforms to the requirements as stated in the Credit Policy.

4

Disbursement/Decline

After successful appraisal and positive response from the Credit Committee, money is credited on the applicant’s account from which he/she withdraws. A communication is made to the client giving the details of disbursement or decline of application.

Eligibility Criteria

  • Must have an active account with SACCO
  • Group/Club sensitized about Sacco services
  • Members must be having active business
  • Must have proof of business ownership
  • Must be legally registered and with democratically elected leadership
  • Have a security for the application that exceeds 3 million
  • Credit Bureau check/Report
  • Members must be ready to guarantee each other
  • Have a security for the application that exceeds 5million

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