#yakocares
Vehicle Loan
PURPOSE.
To buy personal or business vehicles.
Features.
VEHICLE LOAN: Loan amount is below UGX 50,000,000.
CORPORATE VEHICLE LOAN: Loan amount is beyond UGX 50,000,000.
REQUIREMENTS: (Individual)
- 2 Passport size photographs.
- National ID (for Ugandans) or Valid Passport, Visa and Work permit (for foreigners).
- Driving Permit (Valid).
- Pay slips from work or receipts (business) for the last 3 months.
- roof of business ownership for self-employed people.
- Appointment letter from work and work ID (for employees).
- Bank statement or Mobile Money Statement for the last 6 months.
- Uber Driver Statements for the last 6 months (Uber Driver’s only).
- Financial Card.
- Security; Car logbook of the vehicle to be purchased with Comprehensive insurance.
- Selling Price of the Vehicle
- New Vehicle: Invoice from the Bond
- Old Vehicle: Valuation Report done by Yako Bank
- Cheques (4).
- Proof of Permanent Residence (Water or Electricity bill in the borrower’s names).
- 2 Guarantors (Guarantor requirements)
- Cheques (in case the borrower does not have cheques).
- Proof of Permanent Residence (Water or Electricity bill in the borrower’s names) Only if the borrower has a temporary residence.
- National ID (for Ugandans) or Valid Passport, Visa and Work permit (for foreigners).
- 1 passport photo each
- Savings Account with Yako Bank.
REQUIREMENTS: (Company)
- Certificate of Incorporation or Registration.
- Memorandum and Articles of Association.
- Form 7, 18 and 20.
- Partnership deed in case of a partnership.
- Board resolution (account opening and loan with Yako Bank) registered with URSB.
- Trading license (valid).
- Tax Certificate.
- Audited Books of Accounts.
- Bank statement or financial statements for the last 6 months.
- Proof of works done and current works e.g. contacts.
- Company Debenture Form.
- Financial Cards (for the company and its directors).
- Company Cheques (6).
- National IDs of directors (for nationals), or valid passport, visa and work permit (for foreigners).
- Passport size photos (2 each) for the directors/signatories to the account.
- Security; Car logbook of the vehicle to be purchased with Comprehensive insurance.
- Selling Price of the Vehicle
- New Vehicle: Invoice from the Bond.
- Old Vehicle: Valuation Report done by Yako Bank.
- 2 Guarantors (Guarantor requirements).
- Cheques (in case the borrower does not have cheques.)
- National ID (for Ugandans) or Valid Passport, Visa and Work permit (for foreigners).
- 1 passport photo each.
- Company Savings Account with Yako Bank.
LOAN CHARGES.
- Loan application fees = UGX 10,000.
- Loan processing fees = 2% of loan amount.
- Comprehensive Insurance = Amount depends on the Vehicle valuation (forced sale value).
- Valuation fees only for an old vehicle being purchased = UGX 150,000.
- Financial Card = UGX 30,000 (for first-time borrowers in any money lending institution).
- CRB Fees for each financial card = UGX 20,000 (for non-first-time borrowers).
- Caveat fees (for vehicle security) = 1% of loan amount + UGX 81,600.
- URSB charges = UGX 20,500.
- Tracking Device = UGX 300,000 for 1 year loan period / UGX 400,000 a loan period beyond 1 year.
- Margin = UGX 500,000.
- Yako Savings Account for borrower
- Individual = UGX 10,000.
- Company = UGX 50,000
DOWN PAYMENT.
New: 2006 model and above = 25% of Cost of Vehicle.
Old: 2006 model and above = 50% of Cost of Vehicle.
New: 2000-2005 models = 40% of Cost of Vehicle.
Old: 2000-2005 models = 60% of Cost of Vehicle.
1999 models and below = 60% of Cost of Vehicle
LOAN TENURE.
- Minimum: Subject to client capacity.
- Maximum: 2 years for Vehicle Loan and 3 years (negotiable) for Corporate Vehicle Loan.
INTEREST RATES.
Flat Rate = 2% per month / 24% per annum.
DISBURSEMENT MODE.
By way of credit remittance to the bank account of the seller.
REPAYMENT.
Monthly installment deposits into the borrower’s Yako Savings Account.