Credit Line


Product Description

Short term loan from 1 to maximum 12 months which is granted to business customers having procurement contract.


Features
  • Repayment flexibility according to the procurement contract.
  • 80% of the total contract.
  • Interest rate is 2% per month declining.
  • Repayment term up to 1 Year.

Benefits
  • Tender execution facility.
  • Repayment flexibility according to the procurement contract.
  • Turnaround time of 7 - 14 days.
  • Execution of contract, sub-Contract or PO.
  • Attractive interest rate.

Requirements
  • Application letter.
  • Payment domiciliation in UB.
  • Company Registration Certificate/ID copy of the applicant and his guarantor.
  • Procurement Contract, Sub-Contract or Purchase Order.
  • Legal status certificate.
  • RRA Tax Clearance Certificate.
  • Valuation report of the collateral (done by a valuer which has a partnership with UNGUKA Bank Ltd).
  • Collateral title documents.
  • Act of lending property if the collateral doesn’t belong to the borrower.
  • Life insurance is mandatory.
  • Fire insurance.
  • Notified Board resolution for companies - Bank statements for the last 6 months (if account held with another financial institution).
  • Service completion certificate.