Stanbic Bank Uganda on Monday launched a new campaign called ‘Immediate Loans’ aimed at providing customers with quick and affordable loans to overcome financial challenges in the aftermath of the Covid-19 pandemic.
As part of the new campaign, bank customers and non-customers will be able to apply for a loan within two minutes.
The loan itself will be processed within six hours, according to Grace Muliisa, head of personal and business banking at Stanbic Bank.
Muliisa told reporters in Kampala that the campaign, which will run for 90 days, will see clients acquire quick loans for an interest rate as low as 15.9% per annum.
However, these loans will only be accessible through the bank’s digital platforms such as online banking and mobile USSD code.
“We understand that the impact of the new Covid-19 pandemic still exists. Many people, both in the private and public sectors, continue to experience financial stress. This, coupled with a high cost of living and late payments, has depleted their savings reserves, ”explained Muliisa.
“It is because of these obstacles that Stanbic has revamped its loan offering to not only enable clients to solve their current financial needs, but also to ensure that these loans take them to the next level of their growth.
Stanbic Bank’s loan product manager Jackson Emanzi said the “immediate loans” campaign will offer personal salary loans, cash advances, unsecured loans and overdrafts based on the loan valuation.
Meanwhile, customers who acquire the loans using the mobile and internet banking platform will receive free annual accident insurance coverage and have the chance to enter our monthly draws to win a variety gifts, including school fees, fuel, vouchers and dinner vouchers, Emanzi added.