Motor Vehicle Loan
This is an asset financing product with the asset financed serving as security for the borrowing. The desired target market is individuals or organizations with existing income inflows or employees backed by regular salary payment.
This loan can be for personal and commercial use and can be used for purchasing a motor vehicle or financing of an asset.
Short Term: for 6 Months
Disbursement Amount: 80% of Car Value.
ROI: 5.00% PM
Enabling YAKO customers to acquire movable income-generating assets valued at affordable interest rates.
– The asset should clearly be identifiable, movable, durable and insurable e.g. Vehicles/Motorcycles – Commercial only
– Yellow metal-bulldozers, front and loaders, graders, etc.
Actual follow up cost.
– 2% of the Loan Amount as the Insurance Charges
– Passport Size Photograph. (Latest)
– Identity Proof. (Uganda National ID, PASSPORT, Voter ID, NSSF Card, Driving Permit),
– Residence Proof. (Recent Municipal Electricity Bill, Water Bill)
– Trading License, (Original, in his name or Guarantor’s Name.)
– TIN Number. Tax Payment Receipts.
– Business or Personal Bank Account Statement for last 6M/ 1Yr.
– Business Premises with Rent Agreement or Leased Agreement or Title. (In case of Businessmen)
– Loan Will be Sanctioned considering repayment capacity of the Applicant.