Cente Education Loan
Cente Education Loan is targeted at parents, guardians and students for payment of school/tuition fees, purchase of uniforms, scholastic materials, text books, personal computers or laptops, study kits for professional educational programmes like ACCA, CIMA, CIPS, ACIB, CPA, CFA etc. 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 or offered a place in a study program in Uganda or in foreign internationally recognized educational institutions. One can access a loan amount as low as UShs 100,000/= up to a maximum amount that will be determined by the borrowers' ability to pay taking into consideration all the available sources of regular income earnings.
- Account with Centenary Bank
- Verifiable source of regular income (s) sufficient to service loan payments
- Valid identification ( LC/Employer Card, Passport or Voter Card)
- Beneficiary student must be enrolled or plan to be enrolled
- Borrower must be residing within the Centenary Bank Branch's designated area of operation or must have established business premise located within the Branch's designated area of operation
- Filled Education Loan application form
In case of borrowers who are salaried employees and intend to use their monthly salary remittances for paying the loan installments, the following requirements have to be fulfilled:
- Open/operate a salary account with Centenary Bank.
- Employed on permanent terms for a minimum period not less than one year. Salaried employees on contract terms will be allowed to apply provided the loan period does not exceed the validity period of the employment contract.
- Original copy of salary payment slip
Salaried employees can provide only the following as security:
- Indemnity/Undertaking from employer confirming that the employee's salaries will continue to be channeled through Centenary Bank.
- Assignment of terminal, death or work compensation benefits.
- Lien on the account balances that gives the Bank a right to offset the loan principal and accrued interest in case of default.
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
- Centenary Bank Fixed Deposit Receipts
- Personal guarantors
- Processing within 48 hours
- Affordable interest rate
- No monitoring fee
- Flexible repayment period of up to 4years
- No penalty for early repayment
- No collateral for salaried employees