Loan Facilities

This scheme helps our members to grow their businesses, do investments and many others.

Terms and Conditions

  1. Completed application form.
  2. Interest rate of 3% per month.
  3. Should have shares worth 10% of loan applied for (individual loans only).
  4. Loan should not exceed 40% of the value of the security offered.
  5. Borrower should allow SACCO staff to assess his or business and security.
  6. Loan sizes shall depend of the client’s ability to pay.
  7. Borrower must repay his or her full installment on the agreed date without fail.
  8. Loan insurance of 1%.
  9. Loan process fee of 1%
  10. Repayment period (12 months) for individual loans
NB: Terms and Conditions apply on different products
Requirements for a Loan
  1. Should have an account with the us
  2. Photocopy of identity card
  3. A running business or salary
  4. A business plan for business loans
  5. Recommendation letter from employer for salary earners
  6. 2 guarantors
  7. Collateral security (land agreement, title, log book)
  8. Recommendation letter from LC1

Business loan

This product is offered to our members to boost their businesses.
The following applies to the acquisition of business loans;
  1. The maximum amount of principle sum guaranteed to the member shall not exceed 10 times the members’ share capital because of the added collateral.
  2. Currently, the maximum amount of principle business loan is shillings 30 million.
  3. Any amount exceeding shillings UGX 500,000 shall require collateral/ security unless such a loan is fully covered by member’s share capital/fixed deposits and such a member has not guaranteed anybody.
  4. A minimum of two guarantors is required unless such loans are fully covered by the member’s shares or fixed deposit amount and such a member has not guaranteed anybody.
  5. The maximum repayment period is twelve (12) months.
  6. An affidavit signed by the society‘s lawyer is required if the payment period exceeds twelve (12) months.
  7. Business assessment must be done before loan disbursement.
  8. Interest rate is 3% per month on flat rate.
  9. Loan processing of shillings 1% shall be charged.
  10. Insurance of 1% of total loan shall be charged.

Personal Development Loan

This is given to members who are doing personal development activities like buying land, building personal houses, vehicles, and house hold equipment (items).
The following applies to the acquisition of personal development loans:
  1. The maximum amount of principle amount guaranteed to the member shall not exceed 10 times a member’s share capital or fixed deposit amount.
  2. Currently, the maximum amounts of principle development loan is shillings 30 million. (c) Any amount exceeding Uganda shillings 500,000 shall require collateral/security unless such a loan is fully covered by members share capital/fixed deposits and such member has not guaranteed anybody.
  3. A minimum of two guarantors is required unless such loans are fully covered by member’s shares or fixed deposit amount and such a member has not guaranteed anybody.
  4. The maximum repayment period is eighteen (18) months.
  5. An affidavit signed by the society‘s lawyer is required if the payment period exceeds eighteen (18) months.
  6. Interest rate is 3% per month on flat rate.
  7. Loan processing fee of 1% shall be charged.
  8. Insurance of 1% of total loan shall be charged.

Group Loan

This is given to a group of five members where each member is accountable for each other. This loan is paid by a team on a weekly basis: it has been the greatest means of supporting the youth and women who don’t have collateral/ security.
The following applies to the acquisition of Group loan;
  1. The maximum amount of principle sum guaranteed to the member shall not exceed 25 times the member‘s share capital.
  2. Currently, the maximum amount of principle group loan is shillings one (1) million (UGX).
  3. Any amount exceeding shillings UGX 1,000,000 shall require collateral security unless such a loan is fully covered by member’s share capital/fixed deposits, and such member has not guaranteed anybody.
  4. All group members shall be required to guarantee unless such loans are fully covered by member shares or fixed deposit amount and such a member has not guaranteed anybody.
  5. The maximum repayment period is six (6) months.
  6. An affidavit signed by the society‘s lawyer is required if the payment period exceeds six (6) months.
  7. Business assessment must be done before loan disbursement.
  8. Weekly payments of installments are required.
  9. Interest rate is 3% per month on flat rate.
  10. Loan processing of 1% of loan amount shall be charged.
  11. Insurance of 1% of total loan shall be charged.
  12. Compulsory saving of 1% of loan amount shall apply to all members on a weekly basis.

School Fees Loan

This product is given to members to pay school fees Members deposit money on the school fees account and in case the money needed for fees is more, then the society tops up with a loan advance.
The following applies to the acquisition of school fees loans:
  1. The maximum amount of principle sum guaranteed to the member shall not exceed 10 times the members’ share capital because of the added collateral.
  2. Currently, the maximum amounts of school fees loan is 3 million Uganda shillings.
  3. Any amount exceeding shillings UGX 200,000 shall require collateral/security unless such a loan is fully covered by members share capital/fixed deposits, and such a member has not guaranteed anybody.
  4. A minimum of two guarantors is required unless such loans are fully covered by the member’s shares or fixed deposit amount, and such a member has not guaranteed anybody.
  5. The maximum repayment period is three (3) months
  6. An affidavit signed by the society‘s lawyer is required if the payment period exceeds three (3) months.
  7. Interest rate is 10% on flat rate. For the three month
  8. Loan processing fee of 1%of the loan applied for shall be charged.
  9. Insurance of 1% of total loan shall be charged

Emergency Loans

In the Glory Sacco context, emergency loans are provided in form of overdrafts to cater for any unforeseen circumstances beyond a member’s control (affecting a member directly, his business, or his/her immediate family members).
The following policies are the basis for the repayment and handling of emergency loans:
  1. A member can take an emergency loan at any time as long as it doesn’t exceed his/her share capital/ fixed deposit amount.
  2. The maximum repayment period of this loan is three (3) months.
  3. Any amount exceeding UGX 500,000 shall require collateral/ security unless such a loan is fully covered by the member’s share capital/fixed deposits and such member has not guaranteed anybody.
  4. Interest rate is 10% per month on reducing balance.

Taka Loan

The society buys the land or property in its name on behalf of the member. The member begins to repay the loan until completion, and on completion, the property is transferred into the member’s name, in the meantime, the member may start using the property as he/she makes loan payments.
The following applies to the acquisition of glory individual taka/land loans:
  1. The maximum amount of principle guaranteed to the member shall not exceed 10 times a member share capital.
  2. Currently, the maximum a mounts of Taka/land loan is shillings 30 (UGX) millions.
  3. 30% of the required loan amount shall act as initial deposit by the member. (Interest of 2% p.a given to 30% deposit).
  4. The property in purchase shall act as collateral/ security for such members.
  5. A minimum of two guarantors is required unless such loans are fully covered by member’s shares or fixed deposit amount and such a member has not guaranteed anybody.
  6. The maximum repayment period is thirty six (36) months.
  7. An affidavit signed by the society‘s lawyer is required if the payment period exceeds thirty six (36) months.
  8. Interest rate is 2% per month on flat rate.
  9. Loan processing fee of 1% shall be charged.
  10. Insurance of 1% of total loan shall be charged.

Church Taka Loan

This product is given to churches that need to buy land for church establishment
The following applies to the acquisition of glory church Taka/land loans:
  1. The maximum amount of principle guaranteed to the church shall not exceed 10 times a member share capital.
  2. Currently, the maximum amount of Taka loan is UGX 30 million.
  3. 30% of required loan amount shall act as initial deposit by the member. (Interest of 2% p.a given to 30% deposit).
  4. The property in purchase shall act as collateral/ security for such members.
  5. A minimum of two guarantors is required unless such loans are fully covered by church shares or fixed deposit amount and such a member has not guaranteed anybody.
  6. The maximum repayment period is thirty six (36) months.
  7. An affidavit signed by the society‘s lawyer is required if the payment period exceeds thirty six (36) months.
  8. Interest rate is 2% per month on flat rate
  9. Loan processing of 1% shall be charged.
  10. Insurance of 1% of total loan shall be charged.

Jaguar Speed Loan

A Solution to members' micro emergencies at 10% interest rate. This loan type can be received within 24 hours using Chattels.
Terms and Conditions Apply

Vuga Motor Loan

This caters for the members that want to drive
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