For the second consecutive year, Housing Finance Bank (HFB), the leading mortgage provider and one of the fastest-growing financial institutions in Uganda, has launched a salary loan campaign in a bid to enable customers to access funds for their personal financial needs at a favourable interest rate and record repayment period.
The campaign that will run for 90 days will enable customers access up to UGX300,000,000 in just 48 hours at an interest rate of 16.5% and an extended period of 84 months. It comes at a time when the Government of Uganda is opening up the economy and enterprising Ugandans are preparing to revamp or establish businesses after the long lockdown period.
Commenting about the campaign, Mr. Patrick Oyuru, the Head of Marketing and Communications at Housing Finance Bank noted with pride that Housing Finance Bank is the first and only institution in Uganda to offer a repayment period of 84 months for a salary loan.
“We know that the past two years have posed significant challenges for Ugandans across the country due to the Covid-19 pandemic and the subsequent lockdowns. Access to adequate financing is a key component of economic recovery and we are excited to be the provider of this finance – up to 300 million shillings – at a favourable interest rate and extended repayment period,” he said.
“This campaign also offers zero arrangement fees for those Ugandans who are transferring their loans from other banks to Housing Finance Bank. I implore you all to come and take advantage of these unprecedented offers and take the necessary steps towards achieving your dreams,” he added.
According to Mr. John Baptist Kaweesi, the Housing Finance Bank Head of Mortgage and Consumer Banking, this new campaign exceeds the market offerings but is also in line with the needs of Housing Finance Bank’s customers.
“We are happy to have a solution that exceeds market offerings. A lot can be done with UGX 300 million shillings – homes can be built, businesses started, homes furnished, cars acquired and other aspirations. All of this can be achieved through this campaign at an interest of 16.5%, which translates to 1.375% per month. There is no need to borrow from other expensive sources and those with existing loans in the bank can come for top-ups and enjoy the new interest rates of 16.5%,” he noted.
“I would like to declare the Double-Double salary loan campaign open to the public with special offerings for the next 3 months,” Kaweesi concluded.
In order to ease access to the loan, Housing Finance Bank has further reduced the requirements and processing time to allow customers to maximize the purpose for which the funds are sought. Customers simply need a salary account and an employment contract with their organization to qualify for the loan and the bank is guaranteeing a 24-hour response for all fully completed applications. Furthermore, customers do not need to have banked with the institution to borrow.