If you are a student in Uganda, you need education loan to help you pursue your studies. The best loans come with low interest rate and flexible repayment terms. Below is a list of the best education loans in Uganda for students:
The bank gives a loan of UGX 100,000 to UGX 5 million. The repayment period is up to 12 months.
If you are aged 18 and above, you are eligible for the loan.
Interest is between 9% and 15% per year.
Higher Education Students Financing Board is the best institution to get a loan for studies from in Uganda.The loan comes with interest of below 5% per year.You will get a loan of up to UGX 5 million.
There are also scholarships awarded to students especially the needy ones.
Requirements for the loan
ELIGIBILITY TO THE STUDENTS’ LOAN SCHEME
Eligibility for First Year Students’ Loan for the AY2023/24
To be Eligible for the First Year Students’ Loan, one should;
- Be a Ugandan Citizen.
- Be Admitted to a Private Chartered University or Public University or a listed Other Tertiary Institution in Uganda. Accreditation is by the National Council for Higher Education (NCHE).
- Applicant must be pursuing any of HESFB’s approved STEM Programmes or Programmes approved under affirmative Action.
- Demonstrate a financial need.
- Be joining in the First Year of study.
- MUST not be a beneficiary of any other Scholarship or Funding Opportunity
General Requirements for Students’ Loan Application include;
- A copy of admission letter from any of the participating HEI.
- A copy of the National ID.
- Copies of academic certificates or result slips and transcripts.
- A copy of a birth certificate.
- A copy of a recent passport photo.
- Proof of payment of the prescribed loan processing fees.
- A copy of a Financial card (Not mandatory at the point of application).
- A sketch map of applicant’s current address/residence.
- A sketch map of applicant’s home of origin (if different from current address).
- A fully filled loan application form submitted online.
I have seen a number of students get loans from Bank of Baroda. They give a loan of up to UGX 10 million. The interest rate is 8% to 14% per year and you have up to 24 months to repay the loan.
As long as you have a bank account at Bank of Baroda and admission letter, you will get the loan. They need your bank statement and admission letter.
Stanbic Bank gives the highest loan for parents. The amount given is up to UGX 250 million.Their interest rate ranges between 7% and 12% per year.
There is also a loan for schools which is up to UGX 500 million.
Bank of Africa offers the best student loan. Their loan is up to UGX 150 million with flexible repayment period of up to 72 months.
Requirements to get the loan
- Completed application form or online application.
- Latest pay slips (last 3 months)
- Copy of financial card
- Copy of employment contract, appointment and confirmation letters
- Employer letter of undertaking
- At least 3 months Bank statement for salary account
- Employee authority to offset loan (for those borrowed in other banks)
The loan attracts interest rate of below 12% per year.
One of the banks that offer education loans in Uganda. You can get up to UGX 50 million for your studies. Repayment period is up to 6 months.
The Microfinance offers a loan from UGX 200,000. Repayment period is up to 6 months.You will get the loan in 3 days.
Documents required
- Valid National ID/Driver’s license with NIN/Passport with NIN and passport photos
- Have a savings account with Pride/Willing to open an account
- Documentation evidence of school fees requirements e.g. admission letter/institution bank slip and student identity card where either is applicable
- Have adequate security e.g. land, motor vehicle or chattels such as household or business assets and guarantor(s).
You will get a loan of up to UGX 5 million. Repayment period is up to 12 months.
The loan covers 100% of school fees.
Their interest rate is between 6% and 10% per year.
TERMS AND CONDITIONS FOR SCHOOL FEES LOAN
1. MAXIMUM AMOUNT: SHS 5,000,000(Five million shillings).
2. MAXIMUM PERIOD: 3 months
3. INTEREST RATE: 5% reducing balance
4. TYPE OF COLLATERAL NEEDED:
i. Land sales agreement shs 500,000 – 5millions
ii. Car log books – 5MILLIONS
iii. Land title –– shs 500,000 -shs 5MILLIONS
5. CLIENTELE CATEGORY: Parents who want to pay fees for their children or themselves for upgrading Must present student’s report, bank slip, admission letter for university students, students’ card.
6. GUARANTORS NEEDED: 1 guarantor and spouse
7. SECURITY EVALUATION: search on both land title and car log book to be done.
EBO Sacco offers cheap school fees loan of up to UGX 5million.Applicant must be above 18 years of age. Short loan period of 3 months for primary and secondary and 6 months for university and tertiary education.
The product has the following terms;
- The Eligible borrower must have been a member for at least 4 months.
- The loan is immediate after fulfilling the obligations.
- The maximum loan amount is UGX 6,000,000/= (Six million Uganda Shillings only)
- The loan interest rate is 1.25% per month.
- The maximum loan repayment period is 6 months.
- For every loan, a contract document is required for those on contract with the employer.
- Interest on this product is charged on reducing the Balance method(amortization).
- A 10% penalty fee is charged for failure to remit any “Due Installment”.
- A loan application is supported by:
- Salary payslip of the most recent month.
- Bank statement of most recent 3 months from the bank which receives client’s salary.
- The guarantors must have the capacity to offset any outstanding loan amounts in case the borrower defaults.
- Staff on Contract need to present a copy of the Contract document from the employer.
- Borrower’s repayment history.
- Institutional deductions:
- The loan processing fee is 0.5% of the loan amount.
- The Loan Insurance fee is 1% of the loan disbursed
- Forms of loan payments:
- By Salary deductions.
- School fees loan of 6M for 6 months at 15% per annum
You need to download the loan Application form online, fill in the details and send the form for approval.
Requirements for the loan
- The applicant must be a member of BFS.
- The amount applied for should match with what is demanded by the institution of learning with evidence.
- Payable in a period not exceeding 24 months though the applicants are normally advised to pay as per their respective periods of study say term or semester.
- These loans attract an interest of 2.5% per month on reducing balance.
Centenary Bank offers school fees loan of up to UGX 5 million. The loan comes with interest of 7% to 11% per year.
The institution gives a loan of up to UGX 5 million and repayment period is 6 months.
Requirements for BUMU School Fees Loan
- Security
- Reliable source of income/business.
- Documentation evidence of school fees payment e.g., admission letter/ institution bank slip and student identity card where applicable.
Contact details
Genesis Plaza, Nakivubo Container village Room GLD 01(2rd floor)
+256761341822, +256754064499, +256709704653
info@bumu-cfc.com
