Labour Export Loans

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.

Eligibility Criteria

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

Identification Requirements
  • 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
Security
  • 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
Documentation
  • Borrower Profile Form
  • Loan Application Form
  • DP Note Form
  • Loan Agreement
  • Guarantee Forms