Do not forego your dreams and plans because your salary hasn’t come in yet. Standard Chartered Bank Personal loan and Salary overdraft can help you achieve your goals with the utmost convenience and flexible repayment terms.
In this article, we explain these loan types, their repayment periods, and the requirements you need to get them.
Personal Unsecured Loan
With a standard chartered bank’s unsecured loan, you can get up to UGX250M with no security required.
Key Features & Charges
- The bank will appoint a company to send your salary consistently throughout the loan’s term.
- Credit Life insurance coverage to cover your payments in the event of your death, complete and total disability, or layoffs.
- You can borrow in Uganda Shillings or USD (if your salary is in USD).
- After borrowing you can top up your loan after six months.
- You are charged application fees of UGX 20,000 and CRB monitoring fees of UGX 5,000 per month.
- The maximum loan amount is UGX 250,000,000. Loan Amounts are varied by your income eligibility and the bank’s Credit Policy.
Eligibility & Required Documents
- You must receive a salary.
- Your employer must agree to pay your salary to the bank continuously throughout the life of the loan. In some cases, your employer may be contacted.
- A monthly minimum net wage for non-scheme workers of UGX500,000.
- A monthly minimum net salary for employees under the plan of UGX400,000.
- Proof of income (Preferably a certified copy of your paycheck).
- Introduction letter from employer on company letterhead
- New accounts are requested to provide the last 3 months’ bank statements
- Copy of National ID / Valid passport
- Provide a copy of a valid work permit and an employment introduction letter or contract for non-residents and expatriates.
Salary Overdraft
With standard chartered banks’ Salary overdraft, you can withdraw up to UGX13.5M without collateral thanks to an overdraft setting, giving you flexibility.
Key Features & Charges
- Access to borrowing up to 70% of net income with security
- Enjoy an amount of UGX 13.5 million, or 70% of your net income, or less.
- Your income eligibility and Standard Chartered Bank’s credit policy will determine what loan amounts you qualify for. Use the loan calculator to get an estimate, it is encouraged.
- Interest is only charged on the amount used and the number of days used.
- Depending on your employer or length of service, the loan tenure may change. Click “Apply” to request more information.
- Get your Standard Chartered salary account’s overdraft limit marked so long as all supporting documentation is included with the application.
Eligibility & Required Documents
- Copy of National ID / Valid passport
- Paid a minimum gross monthly pay of UGX 2,000,000.
- It is necessary to have a salary account with Standard Chartered Bank.
- Income documentation (certified copy of a paycheck)
- Introduction Employer’s letter on business letterhead
- Bank statements over the last three months (for new accounts)
- Provide a copy of a valid work permit and an employment introduction letter or contract for non-residents and expatriates.
Conclusion
With Standard Chartered Bank Salary Loan overdraft, you get your salary when you need it most.
You get it fast and through a hassle-free process. The same goes for Standard Chartered Bank’s Personal Unsecured loan.
