Good Life Loan Scheme
Orient Good Life Loans are essentially a bridge and an access to buy personal household assets.
Who is eligible
- Customers with salary accounts at Orient Bank
- Those who cannot bring their salary accounts to Orient Bank
- Self-employed individuals with Orient Bank accounts
Main features
- Interest rate: 21% p.a.
- Arrangement fees: 2% of the loan facility
- URA stamp duty: UGX 15,000
Conditions
- Legal ownership of the items bought will reside with Orient Bank throughout the tenor of the loan, and the Bank shall at all times during the facility retain original documents, receipts, invoices and other evidence of ownership.
- The borrower undertakes to obtain the written consent of the Bank before securing any other form of credit facility. The Bank reserves the right to either restrict or allow the borrower to secure such additional credit facilities from other banks or financial institutions.
- All legal fees, costs and expenses arising from the facility, or of enforcing its terms and conditions should the occasion ever arise, shall be claimed from the obligor.
Default clause
In the event of default by the obligor to meet his or her obligation to the Bank in accordance with the terms and conditions of the offer, the Bank shall be at liberty to sell all the equipment provided as security to the Bank in order to reduce the obligor’s indebtedness to the Bank. This is without prejudice to the Bank’s further right of recourse against the obligor until the obligation is fully repaid.
Basic requirements
For Orient Bank salary account holders
- Three months’ account statement showing net monthly salary
- Duly executed letter of undertaking and salary domiciliation
- Post-dated cheques to cover the full tenor of the facility
Standard requirements for all
- Proforma invoice for the preferred Good Life product
- Copy of CRB card
- Copy of international passport
- Valid ID card
- Two passport photos
For those who cannot bring their salary accounts to Orient
- Duly executed letter of undertaking from the employer authorising deduction at source
- Six months’ statement of account with pay slip
- Security for the loan
- Post-dated cheques to cover the full tenor of the facility
For the self-employed
- Should have banked with Orient for at least 24 months
- Copy of trading licence
- Provide a 50% equity contribution
- Security for the loan
- Site visit: verification of business and residential address
- 24 months’ statement of account
Need more help?
Contact Orient Bank by phone or email, or visit any of our branches.