Glory School fees loan
This product is given to members to pay school fees
Members deposit money on the school fees account and in case the money needed for fees is more, then the society tops up with a loan advance.
The following applies to the acquisition of school fees 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 amounts of school fees loan is (one) 1 million Uganda shillings.
c) Any amount exceeding shillings UGX 200,000 shall require collateral/security unless such a loan is fully covered by members 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 three (3) months
f) An affidavit signed by the society‘s lawyer is required if the payment period exceeds three (3) months.
g) Interest rate is 10% on flat rate. For the three month
h) Loan processing fee of 1%of the loan applied for shall be charged.
i) Insurance of 1% of total loan shall be charged