General
How is the Loan amount arrived at – Non UBL employees?
- INCOME:
The borrower’s loan instalment should be equal to or less than 30% of their net pay.
Eg:
Net pay = 1,000,000/=
Loan instalment </=
(30% X 1,000,000) or 300,000/=
SECURITY:
The amount applied for should be equal potential borrower’s savings plus their shares.
Eg:
Borrower’s savings = 1,000,000.
Borrower’s shares = 500,000.
Borrower qualifies for 1,500,000
(1,000,000 + 500,000)
How is the Loan amount arrived at – UBL & UBL Sacco employees?
- INCOME:
The borrower’s loan instalment should be equal to or less than 30% of their net pay.
Eg:
Net pay = 1,000,000/=
Loan instalment </=
(30% X 1,000,000) or 300,000/=
SECURITY:
The amount applied for should be less than or equal to three (3) times the potential borrower’s savings plus their shares.
Eg:
Borrower’s savings = 1,000,000.
Borrower’s shares = 500,000.
Borrower qualifies for 3,500,000
(3 X 1,000,000) + 500,000
Can one qualify for a loan & a salary advance at the same time?
Yes, one can qualify for both AS LONG AS the monthly payback instalments (when added together) are not more than 30% of the individual’s net pay and the total liability is;
- UBL & UBL Sacco Employees - not more that three (3) times the members savings plus share value.
- Non UBL Employees – not more than savings amount and shares value for Non- UBL employees.
What are the requirements of obtaining a salary advance?
- Fully signed advance form.
- Copy of national ID
- Latest copy of pay slip
What are the requirements of obtaining a Loan?
1. Fully signed loan application forms - Obtained from the Sacco (physically or on mail).
2. Fully signed guarantors' form
3. A copy of national ID
4. A copy of the latest pay slip
5. One month’s Bank statement.
6. One must be having savings(at least 3 times what he/she is requesting for)
7. Must have shares.
What are the benefits of being a member of the UBL SACCO?
- Free financial literacy (savings and credit).
- Earning Dividends on shares annually (>/= 10%).
- Earning interest on savings annually(>/=5%).
- Competitive Loan offers (up to 4 yrs, capped at 100m, 15% per year).
- Competitive emergency cash advances.
Who qualifies to be a member of the UBL Sacco?
- Employees of UBL (including contractors)
- Employees of UBL Sacco.
- Former Employees of UBL.
What is the UBL SACCO Mission Statement?
To provide quality financial services to members at a fair interest rate, to enhance their economic and social welfare.