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. Loan repayment plans are flexible depending on the individual cash flows of customer and the loan term ranges from a minimum of six months to a maximum of 24months depending on the loan amount applied, the purpose and the capacity of the customer to service the loan. One can access a loan amount as low as UShs 100,000 up to a maximum amount of UShs. 15million, however the 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. 5,000/=
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)
Benefits:
- 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