Our salary loan is an unsecured loan tailored for salary earners, meant to cater for personal needs.

The salary loan comes in two types:

Personal Loan:
The personal loan is extended to customers based on letters of undertaking from employers to remit monthly salary to the bank through the borrower’s account.

Scheme Loan:
The Scheme loan is a personal loan for employees of a company, which is administered through an agreement (Memorandum of Understanding) between HFB and any participating organization. The schemes usually have special terms that are already agreed upon.

Eligibility:

• Applicant’s employer should be vetted by the Bank
• Applicant must have a salary account with HFB.
• At least one salary payment should have been received in the HFB account for the applicant
• Must be confirmed in present employment
• Minimum net salary of UGX. 100,000
• For employees under contract terms of employment, the loan period should be within the remaining period to the expiry of the contract

Features:

• Maximum Loan of a period of 60 months
• Letter of undertaking from the employer to remit salary to the customer’s HFB account.
• Monthly repayment must not exceed 50% of the customer’s monthly net income
• Loan amount: Min: UGX.500, 000; Max: UGX. 120,000,000
• Borrowers qualify for a top-up loan after 6 month’s repayment available in UGX and USD
• Personal Loan Protection Insurance – In case of death, disability, loss of employment.

Benefits:

• Availability in UGX and USD
• Personal Loan Protection Insurance – In case of death, disability, loss of employment.
• Discounted interest rates.
• Access to an unsecured loan of up to 120m.
• Ability to top up after 6 months.

Requirements:

• Deed of Undertaking (on employer’s headed paper and signed by authorized signatories)
• Employee’s Appointment/ Contract Letter
• 2 Latest / most recent Pay Slips
• Valid Identification document and CRB card
• 2 Recent colored passport Photos
• Signed Consent to CRB
• Salary Account Statement (if salary account is not held at HFB).
• A sketch map to applicant’s residence