REQUIREMENTS FOR INDIVIDUAL BORROWERS UNDER LABOUR EXPORT ASSISTANCE SCHEME
Product Name: Labour export assistance scheme.
Purpose: To assist persons recruited for employment abroad to pay for Visa, Air ticket and other related requirements.
Nature of Loan: Short Term.
Maximum Loan Amount: UGX 5,000,000.
Rate of Interest: 3% PM Flat Rate with Monthly Rests.
Loan Security Fund: 10% of the loan amount is required.
Charges: 4 % of loan amount
Repayment Period: Up to 12 Months.
Any individual referred by a duly registered labour export company. Opening of savings account with Yako (MDI) is a must to avail the loan facility
- Passport Size Photograph- 2 (Latest)
- Identity Proof- Uganda National ID, PASSPORT, Driving Permit
- Recommendation for financial assistance from the company sending the applicant abroad.
- Recommendation from the area of residence
- Demand Promissory note to be signed by the co-borrowers.
- Guarantee of 2 other persons who should sign guarantee forms and should provide post dated cheques.
- Personal guarantee of the director of the company exporting the labour
- Adequate security e.g. Vehicle log book, title deed or land agreement which is verified with the issuing authority.
- Applicant to co-borrow with a relative or a suitable party who remains resident of Uganda during the tenure of the loan
- Borrower Profile Form
- Loan Application Form
- DP Note Form
- Loan Agreement
- Guarantee Forms