Standard Chartered Bank Uganda has unveiled its annual Repayment Holiday campaign aimed at encouraging its clients to take personal loans. The customers will be accorded a repayment holiday of up to 75 days on loan amounts of up to Shs 250 million before their first installment is recovered.
In tandem, the campaign is peddled at alleviating the burden and stress of back to school by making it easier on parents and guardians who could be financially constrained amidst the pandemic.
The Bank revealed that loans are at a discounted Interest rate of 16% for new customers, 17% for existing customers and 7% on USD. The Bank guaranteed its clients a response within 24 hours or pay Shs 500,000.
Mr. Moses Rutahigwa, the Head Consumer, Private and Business Banking said: “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 Eight years every year 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.
“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,” he said.