Solar Loan

Centenary Bank's Solar Loan is a short term loan for providing finance to customers who desire to purchase and install solar power at their places of residence or business.

Product features: 

• Minimum loan amount term ranges from a minimum of six months to a maximum of 24months depending on the laon amount applied, the purpose and the capacity of the customer to service the loan
• Minimum loan amount Ushs 100,000
• Maximum loan amount Ushs 20 million
• Loan amount shall not exceed 70% of the purchase/ installation price of the solar equipment

Basic Requirements: 
  • Centenary Bank Savings or Current account
  • Verifiable source of regular income
  • Customers premises should be located within the branch's operational area
  • Original pro-forma invoice from the supplier of the solar equipment
  • Loan application fee of UShs. 15,000/=

Security Requirements:

  • Secured with a combination of securities: moveable, immoveable and guarantors
  • Solar equipment purchased must be part of security
  • Value of loan securities to cover 150% of loan amount
  • Deposit of original land purchase agreement with the Bank if loan is secured with a Kibanja.
  • Written spousal consent is mandatory if the customer has a spouse(s)
  • Processing within 48 hours
  • Affordable interest rates charged on declining balance
  • Flexible repayment plans based on borrower's cash flow
  • Loan period of up a maximum of 24months
  • No penalty for early repayment