Standard Chartered Bank Uganda unveiled its annual Repayment Holiday campaign encouraging its clients to take personal loans before 31 March 2022 to enjoy a repayment holiday of up to 75 days on loan amounts of up to Ugx 250 million before their first instalment is recovered.
During the campaign period, the Bank announced that loans are at a discounted Interest rate of 16% p.a. for New customers, 17% p.a. for Existing customers while for USD they are at 7% p.a. what’s more, the Bank has guaranteed its clients a response within 24 hours or pay Ugx 500,000!
The campaign is intended to alleviate the burden and stress of back to school by making it easier on parents and guardians who are coming from the festive season and could be financially constrained due to competing priorities.
The repayments will be deferred as follows for those willing to take advantage of this opportunity;
|Loan taken between
1st and 15th of the month
|Loan taken between
16th and 31st of the month
|Month of Loan||First Repayment||Month of Loan||First Repayment|
|January||February Salary||January||March Salary|
|February||March Salary||February||April Salary|
|March||April Salary||March||May Salary|
Mr. Moses Rutahigwa Head, Consumer, Private and Business Banking while unveiling the campaign had this to say;
“Coming from the festive season to paying school fees while meeting other obligations coupled with dealing with the shocks of the pandemic has taken a toll on all of us and businesses alike. To support our clients, we decided to simplify borrowing and give them a break, to repay later. We pride ourselves on being a responsible lender that responds to the unique needs of our clients in a timely manner with innovative and practical solutions. I therefore appeal to everyone to take advantage of this offer as it gives them financial flexibility.”
Standard Chartered Bank has run the Repayment Holiday campaign over the past 8 years every after the festive period to help its clients go through the first few months after the festive season comfortably. With this offer, clients are able remain afloat with some liquidity to pay school fees while meeting the various obligations they may have.
Mr. Rutahigwa added;
“Since we run this campaign annually, forward looking customers can actually ask for up to two repayment holidays every 12 months. Therefore, taking a repayment holiday offers financial relief and enables an individual to achieve their objectives in a relaxed, stress-free and planned manner.
The Bank has a set criteria that borrowers are expected to fulfil before they are granted the repayment holiday so they can contact the Bank by calling +256 313294100 / +256 200524100, speak to their Relationship Managers or send an email to Ug.Service@sc.com to further guidance and support.