The Vision SME loan was designed to cater to clients whose businesses started small using our services and have grown bigger since then. It can be used to finance working capital, acquisition of business assets and infrastructural development.
Main features:
• Interest charged on reducing balance.
• Minimum loan amount UShs 20 million.
• Maximum loan amount of up to UShs 50 million
• Maximum loan period of up to 2 years
• Loan amount approved not exceeding 100 per cent of the forced sale value of the collateral
• No grace period
Basic Requirements:
• Supportive documents (to be submitted based on the nature of the business)
• Application form must be filled out
• Certificate of registration/incorporation
• Articles and memorandum of association
• Company profile
• Partnership deed
• Borrowing resolution
• Audited financial statements for at least 2 years
Benefits:
• Faster and easy way to access business funds
• Affordable interest rates
• Flexible repayment plans
• Insurance policy covering the death of the client, spouse and up to 4 dependants, permanent incapacitation and calamity befalling a business
• Service with a smile
Vision School Fees loan was designed to help parents, guardians and students for payment of school/tuition fees, purchase of uniforms, scholastic materials and text books. The loan applies to all levels of education, right from Nursery, Primary, and Secondary to Tertiary or University level, as long as the beneficiary student is enrolled in or offered a place in a study program in Uganda. One can access a loan amount as low as UShs 100,000/= up to a maximum amount of UShs 5,000,000/=. Approval depends on the borrower's ability to repay the loan and takes into consideration all sources of regular income.
Main Features:
• Repayment period of 4 months for a 3 months school term or maximum 6 months for a semester
• Disbursement is made directly to the institution where the beneficiary is enrolled
Basic Requirements:
• Verifiable source of regular income (s) or Business sufficient to service loan payments
• Valid identification (LC/Employer Card, Passport or Voter Card)
• Beneficiary student must be enrolled or plan to be enrolled in a school or institution of learning
• Borrower must be residing within the branch's designated area of operation or must have established business premise located within the branch's designated area of operation
• Borrower must have a minimum age of 18 years or older
• Filled school fees loan application form
• Circular letter from the school/Institution detailing the beneficiaries fees requirements
• Reputable guarantors
Benefits of the School Fees Loan:
• Ability to manage lump sum school fees needs while managing instalment repayments
• Tailored to school terms
• Can be accessed by an existing borrower alongside another loan
• Fast processing and disbursement time
• Service with a smile
• Insurance policy covering the death of the client, spouse and up to 4 dependants, permanent incapacitation and calamity befalling a business
Borrowers who are regular income earners and are not salaried employees can provide any of the following items as security:
• Land and buildings (registered or unregistered)
• Household property or business assets
• Motor vehicles or motor cycles with a comprehensive motor insurance cover
• Personal guarantors
Benefits:
• Processing within 48 hours
• Affordable interest rate
• No monitoring fee
Short term business loan targeting micro business enterprises.
Main features:
• Interest charged on flat rate
• Minimum loan amount UShs. 100,000/=
• Maximum loan amount of up to UShs. 10 million
• Flexible and regular repayment plans available
• Loan period of up to 12 months
Basic Requirements:
• Movable collateral like vehicles, household property or business assets
• Two personal guarantees for the loan
• Borrower must have a minimum age of 18 years or older
• Application fee of 1% of approved loan
• Administration fees of 2% of loan amount
• Insurance fee of 1%
• Prior inspection of the collateral pledged
• Legal perfection of collateral and guarantees
• Applicant must be resident within the branch designated area of operation
• There must be an on-going business activity
• Bank statement
• Valid identification documentation i.e Voters cards, etc.
Benefits:
• Fast and cheap way to access funds
• Affordable to most low income earners and rural poor
• Informal loan security accepted
• Service with a smile
• Insurance policy covering the death of the client, spouse and up to 4 dependents, permanent incapacitation and calamity befalling a business
The loan targets agricultural business activities in the entire value chain including production, processing and marketing of products, animal production (poultry, piggery and diary projects), fishing and fish farming, bee keeping and food processing (i.e. grain mills, rice mills and coffee hullers).
Main features:
• Loan period for working capital purpose is up to a maximum of 12 months
• No principal loan repayments during the grace period of 2 months except for the interest
• Repayable through equal installment payments whose amounts are dependent on the projected cash flow of the agricultural activity
• Interest charged on flat rate
• Minimum loan amount UShs. 100,000/=
• Maximum loan amount is UShs.10,000,000/= for individuals and >10,000,000/= for group
• Membership in a group ranging from 5 to 20 people (for farmer groups)
Basic Requirements:
• Functional farmer groups with group leadership and a constitution (for group clients)
• Evidence of progressive agricultural activity for at least 6 months and must be in the agricultural value chain
• Business project must be legally accepted and profitable
• Applicant must be resident within the branch designated area of operation
• Applicant must be owner or tenant of the land on which he/she operates
• Securities include land titles, sales agreements/ bibanja lease offers or moveable assets like cows, goats, sheep, household property or business equipment and tools
• Application fee is 1% of the approved loan amount
• Administrative fees of 2%
• Insurance fees of 1%
• Completed agricultural loan application form
• Bank statement
Benefits:
• Friendly service offered with a personal touch by our professional staff
• Attractive interest rate
• Grace period to allow the farmer organise for proper utilisation of loan
• Insurance policy covering the death of the client, spouse and up to 4 dependents, permanent incapacitation and calamity befalling a business
• Disbursement done to match agricultural seasons
The asset loan has been classified under renewable energy like solar, bio-gas, motorcycle, motor vehicle, water and sanitation loans. It’s a loan whose maximum loan period is 24 months and is designed for providing finance to customers who desire to purchase and install solar power at their places of residence or business, purchase boda boda motorcycles, purchase agriculture farm implements and drill shallow wells.
Main features:
• Minimum loan amount term ranges from a minimum of six months to a maximum of 24 months depending on the loan amount applied, the purpose and the capacity of the customer to service the loan
• Minimum loan amount UShs 100,000
• Maximum loan amount UShs 50 million
• Borrower provides equity contribution of 30% to 40% of the value of the asset to be purchased
• Asset purchased becomes security for the loan.
Basic Requirements:
• Individual operating a legally recognised enterprise for no less than 6 months
• Customers premises should be located within the branch's operational area
• Original pro-forma invoice from the supplier of the asset desired
• Loan application fee of 1%
Security Requirements:
• Secured with a combination of securities: moveable, immoveable and guarantors
• Asset purchased must be part of security
• Value of loan securities to cover 150% of loan amount
• Deposit of original land purchase agreement with VFU if loan is secured with a Kibanja as an addition
• Written spousal consent is mandatory if the customer has a spouse(s)
Benefits:
• Processing within 48 hours
• Affordable interest rates charged on flat rate
• Borrower is able to enjoy ownership benefits before they fully clear payment for the asset
• Loan period of up a maximum of 24 months
• No penalty for early repayment