Cente Youth Loan
Product Features
- Interest charged on declining balance.
- Minimum amount of UShs 100,000.
- Maximum amount of UShs. 5,000,000 for individuals.
- Minimum loan amount of UShs 500,000 and maximum amount of UShs. 25,000,000 for companies and partnerships.
- Maximum loan period of 4 years for development and 2 years for working capital loans.
- Repayment through regular and equal monthly, bi-monthly, quarterly or staggered instalments (including principal and interest) based on the nature of business and cash flow.
- Grace period maximum of one year applicable on a case-by-case basis.
Benefits
- Helps youth with capital to improve their businesses, thus creating employment.
- Less stringent terms and conditions than normal loans.
- Moderately low interest rate.
- Easy loan processing.
Requirements
- Current or Savings Bank account.
- Completed the loan application.
- Payment of loan processing fee.
- Trading license and any other acceptable evidence of business ownership such as market due receipts.
- Existing enterprise, at least 3 months old.
- Must have or open an account with Centenary Bank.
- Additional Requirements based on type of legal entity.
Individuals:
- Proof of existence of a business.
- Proof of identity like birth certificate, national ID, passport with National ID Number.
- Guarantors who must be persons of good repute within the local community.
- National ID.
Companies:
- Certificate of Incorporation.
- Certified Memorandum and of Association.
- Trading license.
- National ID of Directors.
- Shareholder personal guarantees.
Partnerships:
- Partnership Deed.
- National ID of Partners.
- Valid identification (National ID, passport with National ID Number,) of all signatories.