Personal & Social Loans

We understand that individuals (self-employed/paid employments; etc.) would have personal needs arising from time to time (house rent; school fees; etc.). we believe these are short term urgent needs that our clients need not worry themselves about and as such we are positioned to meeting the needs and ensuring our clients keeps smiling day in day out.

Employees Personal Loan (E-PLAN) OR Salary Loan

This product is designed to assist workers in well structured organizations with regular salaries that require funds urgently to meet pressing personal financial obligations. This loan may be given for a maximum tenure of 8 months. Major collateral requirements are post dated cheques on the salary account & guarantor(s).

Personal Loan for Self Employed

This product is designed to assist self employed individuals with good cash flow (shown by bank statements) that requires funds urgently to meet pressing personal financial obligations. This loan may be given for a maximum tenure of 6 months. Due to high risk with this type of loan, applicants must provide additional collateral (e.g. vehicle) apart from credible guarantor(s) which is required for virtually all loan types.

Education Loan

This is a special variant of Education Loan. It is designed to assist individuals (or their children/spouses/relatives etc) who intend to study abroad to secure their travel documents or/and finalize the admission processes. The loan is disbursed into beneficiaries’ account but with a joint mandate of the client and UT(or its staff) with a “post no debit” instruction further placed on it to prevent withdrawals through electronic media. The major target market for this product are pre-university schools that help students secure admissions into foreign schools. Applicable interest & fees are charged with tenures not exceeding 3months.

ASSET & VEHICLE LOAN

This product is structured to cater for both business (equipments/vehicles/plants & machineries) and leisure (personal cars; home appliances) asset needs. The structure and repayment terms are quite flexible and are tailored to ensure stress free repayment over a period of time.

Tenure: 6 – 24months

Rate: 3-4% monthly on a reducing balance

This broad category has 2 main loan types as follows:

• • Equipment Loan (EL)
    This product is designed to support corporate organizations, small scale businesses, institutions, salaried and non-salaried workers to be proud owners of assets(electronics, generators etc) for either personal or commercial purposes. It is a 60% financing deal (i.e. equity contribution of 40% required).
  • Auto/Vehicle Loan (AL)
    This is a 60% unrestricted auto finance deal geared towards assisting salaried and non- salaried workers, corporate organizations, enterprises and institutions to own vehicles for either their personal or operational purposes.This loan can be used to finance both fairly used (maximum tenure of 12 months) and brand new vehicles (maximum tenure of 18 months). This loan is not to be used to finance vehicles for clients for use in transport/haulage business.