Salary Loan

Loan offered to salaried employees of reputable organizations and/or companies whose mode of salary payment is through monthly remittance of net salary by the employer to the borrower's salary account held at Centenary Bank. The loan can be used to finance consumer needs like payment of medical bills, payment of household utility bills, purchase of land, purchase of household furniture and equipment, and financing any other domestic need. Only employees of organizations and/or companies pre-qualified by the Bank can access this loan facility.

Main Features:

• Minimum loan amount is UShs. 100,000/=
• Maximum loan amount is UShs. 25million.
• Repayable in regular equal monthly loan installments.
• Loan period of up to 24months for ordinary salaried employees but negotiable up to 5years for Members of Parliament.
• Interest charged on declining balance.

Basic Requirements:

• Applicants must have a salary account with Centenary bank.
• Indemnity/undertaking from the Employer confirming that the employee’s salary will continue to be channeled through Centenary Bank
• Employment on permanent terms for a minimum period of one year.
• Deposit of original copies of salary pay slips for two months prior application.
• Additional security may be required on a case-by-case basis.
• Minimum of at least 2 net salary remittances made to account prior to application.
• Deposit of copies of employment appointment letter and/or contract.
• Application fee of UShs. 15,000/=.
• Commitment fee of 2%.
• One passport size photograph.

Benefits:

• Faster processing speed.
• Loan finances numerous needs desired by the applicants.
• Manageable loan installments whose amounts based on the borrowers net salary.
• Attractive interest charged.