Kampala, Uganda | THE INDEPENDENT | Stanbic Bank customers can now expect to enjoy flexible terms when accessing loans including an increased loan tenure of up to 84 months and zero percent arrangement fees on all salary loans, it said on August 30.
The promotion is a continuation of the ‘Get It Done’ loan campaign that was launched by the Bank in May 2022 and will run from August 29 to October 21, 2022.
Other benefits of the promotion include an unsecured loan of up to UGX250 million accessible within two minutes using Stanbic Mobile Banking service on *290# and a cash-back of UGX500,000. A total of 100 winners will benefit from the cash-back offer. Cashback winners will be chosen through separate draws conducted via select radio stations across the four regions of the country and announced every two weeks.
According to Israel Arinaitwe, the Acting Head, Consumer & High Networth, the promotion is building on the success of the ‘Get It Done’ loan campaign to make it possible for Stanbic customers to finance their projects in a convenient and timely manner.
“We are unveiling these opportunities at a time when parents are returning their children back to school for the third term and also addressing those circumstances where our clients and individuals need an urgent financial boost as the year comes to an end,” said Israel Arinaitwe.
“The loan tenure of 84 months means that customers who get salary loans during this period can pay back smaller installments and have more disposable income to attend to their daily needs as the economy improves. The increase in the loan tenure also gives our existing borrowing customers an opportunity to consolidate their loans with us, top up and pay back in affordable loan repayment amounts,” he adds.
Explaining the waiving off arrangement fees and cash back Arinaitwe said, “0% arrangement fees reduces the cost of borrowing. This has been waived for loan buyoffs, new salary loans and top-ups for existing customers. The cash-back offer is to give clients a boost and support them to attend to their recurrent needs during this challenging interlude.”
The promotion will benefit customers from different sectors including education, agriculture, health, security, manufacturing, Oil & Gas, housing/real estate and tourism – both private and public sector.