Standard Chartered Bank has unveiled its annual repayment holiday campaign which encourages customers to take personal loans before March 31, 2022.
During that period, customers will enjoy a repayment holiday of up to 75 days on loan amounts of up to Shs 250 million before their first instalment is recovered.
During the campaign period according to the press statement, the bank announced that loans are at a discounted an interest rate of 16% pa for new customers, 17% pa for existing customers while for those securing dollar loans at 7% pa.
If there is no response within 24 hours, the bank a payout of Shs 500,000 to the applicants. The campaign is intended to alleviate the burden and stress of back to school by making it easier on parents and guardians who are coming from the festive season and could be financially constrained due to competing priorities, said Moses Rutahigwa head, consumer, private and business banking at StanChart.
“Coming from the festive season to paying school fees while meeting other obligations coupled with dealing with the shocks of the pandemic has taken a toll on all of us and businesses alike. To support our clients, we decided to simplify borrowing and give them a break, to repay later. We pride ourselves on being a responsible lender that responds to the unique needs of our clients in a timely manner with innovative and practical solutions. I, therefore, appeal to everyone to take advantage of this offer as it gives them financial flexibility." said Rutahigwa.