In a bid to uphold its position as Uganda’s leading financial institution, Stanbic Bank continues to play a fundamental in transforming lives and businesses across Uganda through the provision of affordable financing, advisory, and investment. We had a chat with Israel Arinaitwe, Stanbic Bank Head of Personal Banking to expound more on their ongoing Oli Sorted campaign and how different sectors can tap into it to achieve their dreams and goals.
Briefly, tell us about Stanbic Bank’s OLI SORTED campaign.
We are still in the first quarter (Q1) of the year, and people all over the country are still struggling with all sorts of bills and financial obligations. Individuals and many businesses are worried about how they are going to make it through this time because of the crazy expenses of school fees as well as business operational expenses that must be taken care of. That is why we came up with the Oli Sorted campaign to help individuals and businesses — to all of this, we say… Oli Sorted with Stanbic Bank!
What offers will customers enjoy from this campaign?
All salary earners working in private sector institutions and government institutions can access the Stanbic salary loan and enjoy Zero arrangement fees, interest rates as low as 16% (an equivalent of 1.34% monthly), and a repayment holiday of up to 75 days. In addition, our customers will enjoy a flexible loan repayment period of up to 84 months for unsecured personal loans and up to 25 years for Mortgages.
Businesses during this time of the campaign can get a Business loan of up to UGX250 million at zero arrangement fees in 48 hours.
When you say zero arrangement fees, what exactly does that mean?
Arrangement fees of 2% are usually applied as and when a client applies for a loan. However, for the Oli Sorted campaign period, customers who take loans will not be charged the 2% arrangements fees. The reason for this is to support our customers going through the back-to-school period with limited costs, meet other expenses, and achieve their goals set aside for 2024.
Who is eligible to apply for the salary loan?
As I mentioned earlier, all salary earners working in private sector institutions and government institutions are eligible. Additionally.
- Institutions that would like to have an MoU with Stanbic Bank can approach any of our Stanbic branches and we will commence the process of signing the MoU so that the bank can offer unsecured personal loans to the employees of the respective organization.
- Employees belonging to institutions that currently have MoUs with Stanbic Bank are free to apply for the loan at any of our branches or via any of the bank’s self-service channels.
- New clients to the bank and existing clients that have not yet borrowed with us.
- Customers who wish to switch their loans to Stanbic Bank as well as existing borrowers who wish to top up on their loans are eligible.
Is there a provision for applying online?
Yes, with our online application process, we offer a more seamless, efficient, and personalized experience. Customers who are already banking with the bank and are prescored for loans make it possible to access digital loans in 2 minutes on the Online Banking platform or Mobile. Banking by dialing *290#.
On the business side, as an SME owner, must I first have a Stanbic Enterprise account before I can apply?
Yes, you must have a Stanbic Enterprise account before you can apply. We have simplified the account opening process and now, within 24 hours you can have an account. The idea is not to only have an account, but to use it frequently to run your business through many of our various digital and physical channels like Enterprise Online, Agents, etc. The more you use your account, the more you qualify for in terms of unsecured funds.
Supposing there are already deductions on my monthly salary or off my business account, can I still apply?
Yes, existing borrowers (Salary earners and businesses) who have been servicing their loans very well can apply for loan top-ups. Clients with loan deductions in other banks can also apply and switch their loans to Stanbic.
How does this campaign relate to the entire agenda of Stanbic?
This campaign is in line with our purpose, Uganda is our Home We Drive her Growth. It is important for us to support our customers to go through this challenging period with the right solutions tailored to their needs. By supporting customers through this campaign, we are directly supporting Uganda’s economy to thrive. Because, when you grow, Uganda grows… When Uganda grows, we grow.
What are your concluding remarks?
I would like to encourage all our salaries and business customers and those who have not joined our bank to do so to be able to enjoy the benefits of this campaign and those that are in the pipeline. Stanbic Bank is always responsive to the financial needs of our customers. We hope that during this demanding interlude, our customers take full advantage because, with us.
