Overview
Centenary Bank’s Solar Loan is a short term loan for financing the purchase and installation of solar power at places of residence or business premises.
Product Features
Minimum loan amount UGX 100,000 and maximum UGX 20 million
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Minimum loan period of 6 months and a maximum of 24months
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Loan amount shall not exceed 70% of the purchase/installation price of the solar equipment.
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Interest charged on reducing balance basis
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Flexible and regular repayment frequency
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Benefits
Speedy processing (within 48 hours)
Fairly low interest rates
Flexible repayment plans based on borrower’s cash flow
Loan period of up a maximum of 24 months
Government Subsidy for clients located 100 meters or further away from grid
Requirements
Current or Savings Bank account
Completed loan application form
Payment of loan processing fees
Financial card
Repeat borrowers who have promptly repaid 4 successive agricultural production loans
Farmers area under cultivation or cropping has not changed
Security acceptable such as mortgage including kibanja, chattels, crop insurance etc.
Personal guarantee by two (2) Guarantors
Letter of Continuing Security in case of loans secured by mortgage
Loan request-cum-loan document link
Loan officer visit prior loan disbursement at every cycle
