Glory Motor vehicle/cycle loan
The society buys the motor vehicle or motorcycle in its name on behalf of the member. The member begins to repay the loan and on completion, the
motor vehicle/cycle is transferred into the member’s names; in the meantime the member may start using the motor vehicle/cycle as he/she makes
The following applies to the acquisition of glory Motor vehicle/Cycle loan
a. The maximum amount of principle guaranteed to the member shall not exceed 10 times the member’s share capital.
b. Currently, the maximum a mounts of motor vehicle/cycle loan is UGX 15 million.
c. 30% of the required loan amount shall act as an initial deposit by the member.
d. The motor vehicle/cycle in purchase shall act as collateral/ security for such members.
e. A minimum of two guarantors is required unless such loans are fully covered by the member shares or fixed deposit amount and such a member
has not guaranteed anybody.
f. The maximum repayment period is twelve (12) months
g. An affidavit signed by the society‘s lawyer is required if the payment period exceeds twelve (12) months.
h. Interest rate is 2% per month on flat rate
i. Loan processing fee of 1% shall be charged.
j. Comprehensive insurance shall be paid by the member.