If you don’t have electricity, you can buy solar for your home. Centenary Bank Uganda provides loans for solar system, which make up to 70 % of the purchase and installation price. Below are terms of the loan.
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.
Main features:
- Minimum loan amount term ranges from a minimum of six months to a maximum of 24months depending on the laon amount applied, the purpose and the capacity of the customer to service the loan
• Minimum loan amount Ushs 100,000
• Maximum loan amount Ushs 20 million
• 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. 15,000/=
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
