CenteLand Loan
Product Features
- Loan amount: Up to UShs. 50 million.
- Minimum loan period of 3 months up to a maximum of 60 months.
- Repayment can be monthly, termly, or quarterly, depending on your cash flow streams.
- Insurance premium of 0.45% of the loan amount.
- Application fee of UShs. 20,000.
- Processing fees of 2% one off
- Flexible grace period where applicable.
- Customer contribution: At least 10% of the amount applied for.
- Registered mortgage on the land being bought/ registered and any other acceptable collateral.
Benefits
- No monitoring fees.
- Attractive interest.
- Flexible payment plan.
- Helps clients to acquire or formalize their ownership of land.
Requirements
- A bank account with Centenary Bank.
- Completed loan application form
- Payment of loan processing fee.
- National ID.
- Applicant must be resident in the branch designated area of operation.
- Verifiable source of regular and reliable income(s) to service loan
- Security: Land collateral as primary security or combination of securities.
- Loan Security margin (LSM) of 125%·
- Good credit record for applicants with borrowing history.
- Verifiable source of regular and reliable income(s) to service loan.
- Mandatory contribution of 10% of the total cost of the project·
- Land evaluation report.