A Cente Mobile loan can help someone pay school fees, buy basic needs, pay for electricity, and more, especially during these difficult economic times.
The Cente Mobile loan comes in handy for someone looking to pay school fees, buy basic needs, pay for electricity, and more especially now that our economy isn’t doing well.
It’s a mobile loan given by Centenary Bank Uganda. Through USSD (*211#) and the Cente Mobile application, users can use the microloan service offered by Cente Mobile.
Customers can easily receive small, quick loans for emergencies thanks to this self-service opt-in service.
Cente Mobile Loan Features
- Minimum Loan Amount: Ush 5,000; Maximum Loan Amount: Ush 5,000,000
- Customers can get the loan for 1, 2, or 3 months.
- Repayment options include paying in advance, on the due date, or through an automatic system.
- Loan instalments are paid monthly
- For the selected loan term, an interest rate of 7% is charged each month. The interest for the whole loan period will be applied at the time of offset if you choose to repay your loan before the designated repayment/maturity date. This will be periodically reassessed based on the state of the economy.
Penalties for late loan repayment
1% every day on unpaid debt, up to a maximum of 15%.
Who is eligible for the Cente mobile loan
- Registered customers of Centenary Bank
- Current borrowers
- Non-borrowers that receive payment through Centenary Bank.
Requirements to get Cente Mobile Loans
- Must have a personal account registered on Cente Mobile
- Must have a financial card. This card contains details about your payment history for any debts that have been handled by any financial institution. Any bank can examine these records while determining your creditworthiness for borrowing. The number on this card is also used to provide credit information to a credit reference agency. To maintain a solid credit history, it is crucial to pay all of your loans back on schedule.
Benefits of the Cente Mobile Loans
- Customers have access to emergency loans quickly. They can instantly pay for school fees, healthcare bills, petrol, and other expenses like transportation and fuel. There is no drawn-out loan application process.
- Accessible using the cente mobile app and USSD *211#
- You can use a mobile phone to conduct transactions at any time and from any location.
- There are no loan application or processing costs.
- Security is not necessary but rather depends on the customer’s banking and credit history.
Conclusion
Now you know how Cente Mobile Loans work and what they are. Utilize them whenever you’re in a fix and don’t have enough money to buy food or pay school fees for your children at school.
And, once you get the money ensure to pay early to avoid penalties and also to grow your loan limit.
