Glory Business loans
This product is offered to our members to boost their businesses.
The following applies to the acquisition of business loans;
(a) The maximum amount of principle sum guaranteed to the member shall not exceed 10 times the members’ share capital because of the added
(b) Currently, the maximum amount of principle business loan is shillings 10 million.
(c) Any amount exceeding shillings UGX 500,000 shall require collateral/ security unless such a loan is fully covered by member’s share
capital/fixed deposits and such a member has not guaranteed anybody.
(d) A minimum of two guarantors is required unless such loans are fully covered by the member’s shares or fixed deposit amount and such a
member has not guaranteed anybody.
(e) The maximum repayment period is twelve (12) months.
(f) An affidavit signed by the society‘s lawyer is required if the payment period exceeds twelve
(g) Business assessment must be done before loan disbursement.
(h) Interest rate is 3% per month on flat rate.
(i) Loan processing of shillings 1% shall be charged.
(j) Insurance of 1% of total loan shall be charged.