Loans In Uganda

Top 5 Business Startup Loans In Uganda

Today we will review the top quick loans in Uganda , stating their features which will guide you and give you options on which one to choose from when you are in dire need of a quick loan without collateral.

It’s not really a good thing to be collecting loans from anybody but we all need money, so we can’t actually try to dodge away from the fact that we actually need money to do something urgently and this is where you might need to collect a loan.

Below are some loans in Uganda that might be interesting for you. So please read carefully and pick the loan of your choice.

Instant Online Loans In Uganda

Below are some selected companies that offers loans in Uganda.

1. Standard Chartered Bank Loan 

Standard Chartered Bank Uganda Limited is one of the top banks that has existed for long and one of the top bank that give loans in uganda.

Standard Chartered Bank Uganda Limited is an international Bank with a rich history of
spanning over 106 years of existence in the Ugandan market and having opened its doors on 12th August 1912, making it the longest established commercial bank in the country.

It currently has a total of 8 branches in Kampala and Jinja, 32 ATMs, 2 digital banking outlets located at Shell Ntinda and Shell Kaazi, 5 Cash Deposit Machines and a staff complement of over 530.

Their purpose as Standard Chartered Bank Uganda is “Driving commerce and prosperity
through our unique diversity”.
Our brand promise, Here for good, captures the essence of who we are. It is about standing
by our clients and demonstrating our involvement in local communities across Asia, Africa,
the Middle East and around the world, and captures the changing sentiments of the future.

Details Of Standard Chartered Bank Loans

At Standard Chartered Bank,  they offer two types of personal loans in Uganda:

  1. Salary Transfer Loan;
    An unsecured personal loan facility for customers who receive their salaries in a Standard Chartered account.
  2. Deduction At Source;
    This is a personal loan for employees of a company, which is administered through an agreement between Standard Chartered Bank and any participating organization.
    In most cases, repayments are made directly from payroll. This loan is also tailored to meet personal expenditure.

Eligibility And Documents Required For Standard Chartered Bank Loan

For loans in Uganda 🇺🇬

    1. A minimum net pay of Ugx 500,000 per month for non scheme and Ugx 400,000 for employees under scheme.
    2. Proof of income (Certified copy of pay slip).
    3. Introduction letter from employer on company letterhead.
    4. Appointment letter or employment contract.
    5. Three Months original bank statements from current bankers showing salary credits.
    6. Copy of ID such as passport or national identity card.
    7. Work Identity card.
    8. Proof of residential address..
    9. Copy of the Financial card.
See Also; 

Top Loan Apps For Students 

2. Absa Bank loan

Absa Bank Uganda Limited is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent.

Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees.

They’re committed to finding local solutions to uniquely local challenges and everything we do is focused on adding value. To this end, they offer their clients a range of retail, business, corporate and investment, and wealth management solutions.

They also ensure a positive impact in all the countries where we operate.

They’re a truly African brand, inspired by the people we serve and determined to always be brave, passionate and ready so that they can make their continent proud.

Details for Absa Bank loan

There are specifically two types of loans that Absa Bank offers and they are mentioned below:

1. Absa Loan

You can use an Absa Loan to further your studies, finance a car or finally buy that house that you desire.

2. Scheme Loan

Scheme loan is a contract they sign with your company to lend you money and then deduct it off your salary.

Eligibility And Documents Required For Absa Bank Loan

For loans in Uganda 🇺🇬

All you need is

Zikel Designs
  1. Your ID book or card
  2. Proof of residence (not older than 3 months)
  3. Last 3 months payslips or bank statements
  4. To apply for a personal loan over 12 months or more, you need to:
    • earn a regular monthly income of at least R2 000 per month
    • have a bank account into which your income is paid
    • be 18 years or older

    To apply for a smaller personal loan over 2 to 6 months, you need to:

    • earn a regular monthly income of at least R1 500 per month
    • have an active Absa bank account into which your income is paid
    • be 18 years or older.

3. PostBank Uganda (PBU)  Loan

PostBank Uganda (PBU) is a public company limited by shares and formed under the Public Enterprises Reform and Divestiture Statute of 1983 and the Uganda Communications Act, 1997.

It was incorporated under the Companies Act in 1998 and is owned by the Government of Uganda with 100% shareholding.

Benefits of PostBankLoan

  • Flexible repayment period of up to 60 Months
  • Top Up loans available
  • Competitive interest rates
  • Apply from any of our branches country wide.

Eligibility And Documents Required For PostBank Bank Loan

For loans in Uganda 🇺🇬

  • Hold a PostBank Account
  • New customers can provide bank statements from their previous bankers
  • Business should be operational for at least 6 months.
  • Business registration documents
  • Security for borrowing
  • Two guarantors

Types of Postbank Loan

  • Salary Loans
  • Personal Loans
  • MFI/SACCO Loan
  • Business Loans
  • Kyappa Loans
  • Solar Loan
  • School Loans
  • Quick Loans
  • Group Loans
See Also; 

How To Get Instant Jumia Loan 

4. ABC Capital Bank Loan

ABC Capital Bank started its journey in 1993, as a Micro Finance Institution trading as Capital Finance Corporation Limited (CFC Ltd), licensed and supervised by Bank of Uganda under the Financial Institutions  Act 2004.

Capital Finance Corporation Limited offered a wide range of products such as savings accounts, business accounts, fixed deposits, business loans and remittances. The target market was mainly small and medium enterprises, individual and salaried class.

In 2010 Capital Finance Corporation Limited, converted into a fully-fledged commercial bank and changed the name to ABC Capital Bank.  This was after partnering African Banking Corporation Bank, a Kenyan incorporated private bank of over 30 years.

ABC Capital Bank is now a fully owned subsidiary of African Banking Corporation and regulated by Bank of Uganda.

The Bank has four branches, located in various parts of the Central District of Kampala.

In 2017, the Bank changed the Core Banking System to Finacle 10, one of the most robust core banking system in the world.

This has enabled the bank to offer customers a wide range of banking solutions; some of which tailor made to the customers.

Eligibility And Documents Required For ABC Capital Bank Loan

For loans in Uganda 🇺🇬

  • You can borrow any amounts between Ugx. 1,000,000 to a maximum of Ugx. 10,000,000. Subject to fulfillment of Bank’s requirement.
  • Need confirmation employer
  • ABC Capital Bank salary loan does not require any security, and is processed instantly, hence very flexible.

Types Of ABC Capital Bank Loan

  • Overdrafts
  • Salary Loan
  • Guarantees
  • Term working capital loans
  • Invoice/ Bills Discounting
  • Insurance Premium Financing
  • Documentary Credit.

5. Centenary Bank Loan

Centenary Bank, which is headquartered at Mapeera House in Kampala City, is one of the country’s leading commercial microfinance bank, serving more than 1.8 million consumers, employing over 2754 staff and has an asset base of UShs. 3.567 trillion as of December 31, 2019.

Types Of Centenary Bank Loans

  • Cente Micro Business Loan
  • Bank Overdraft
  • Cente Youth Loan
  • CenteSME/Corporate Business Loans
  • Cente Lease

Eligibility And Documents Required For Centenary Bank Loans

For loans in Uganda 🇺🇬

  • A current or Savings account
  • A completed loan application form
  • To be a regular income earner (salary or pension)
  • To be a resident in the branch’s area of operation
  • Undertaking from the employer to inform the bank on any changes to employment status
  • Permanent employment for at least a year
  • At least 2 salary payments made to the account
  • A copy of the appointment letter

BENEFITS Of Centenary Bank Loans

  • Loan repayment periods of up to 5 years and secured Salary loans up to 10 years
  • Loan processed within 24 hours
  • Friendly Interest rates charged on reducing balance
  • Access to your account using your phone with CenteMobile
  • Access to over 171 Centenary Bank ATMs, Visa enabled ATMs and interswitch banks
  • SMS alerts on every transaction made on the account.
See Also;

How To Get LionCash Loan 

In Conclusion

For loans in Uganda, While most of these platforms claim to offer quick loans without any collateral, it is advisable to carefully study their Terms & Conditions (T&C) before throwing in an application.

Another factor to consider for loans in Uganda  is the interest rate and payback period. As a business, you will not want to go in for loans in Uganda or meet anyone with a very short payback period except you very sure you will earn back the money in no-time.

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