Motor vehicle loans
This loan product is tailored for individuals engaged in the transport sector. Target beneficiaries include private car owners, taxi operators, lorry and truck drivers, and anyone operating a transport-based business. It enables members to acquire or upgrade vehicles necessary for their income-generating activities. Upon fulfilling the loan conditions, the SACCO facilitates the financing, with the vehicle itself serving as collateral.
Requirements
- Loan amount ranges from UGX 6,000,000 to 150,000,000.
- Repayment period is up to 24 months, paid monthly.
- Member must contribute 30% of the vehicle’s cost as initial deposit.
- The vehicle acquired serves as collateral; additional security is optional.
- Comprehensive insurance is mandatory throughout the loan period.
