loan - Uganda Multimedia News & Information

Salaried workers demand better loan conditions

Gerald Businge — Mon, 08 Oct 2012 21:29:00 +0000

2011 MLS Salary Grid (Photo credit: Bernhardt Soccer)

Finance to pressurize commercial banks to treat the salary loans differently.

Members of parliament say that salaries more especially for civil servants don’t change

and therefore the interest rates and the period of payment for salary loans should not be changed.

Samia Bugwe north Julius Maganda says salary earners took the loans long time but banks increased interest rates without considering the income of such people.

He says that government should come up with a policy that protects low income earners who survive on loans.

He says government should not allow banks to change the salary loan agreements because they are sensitive.

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Members of parliament want clear policy on students loan scheme

Thu, 04 Oct 2012 17:53:14 +0000

The proposal by President Museveni to divert the funds for the State house scholarship to the students loan Scheme has attracted mixed feelings among the lawmakers.

Museveni inspecting a jatropha farm in Masaka

Recently after several complaints about the abuse of the State house scholarship, President Museveni proposed that the funds meant for the state house scholarships are allocated to the Students loan scheme.

The proposed has been welcomed by the central region youth MP Patrick Nakabale saying that a well funded students loan scheme would be all embracing and benefit more students based on merit rather a few favored ones.

However Bukooli North MP Stephen Baka Mugambi who worked at the State house for a long time is of the view that the State House Scholarship and the Student’s Loans Scheme are both important that should be maintained.

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Finance Minister Maria Kiwanuka fails to convince MPs on Youth Fund

Gerald Businge — Thu, 23 Feb 2012 08:43:56 +0000

MPS have thrown out the ministerial statement of the minister of finance on the youth venture capital fund meant for youth entrepreneurs.

This came after the minister of finance; planning and Economic Development Maria Kiawanuka Nabasirye failed to convince them on the friendly modalities on how the youth can access funds for job creation.

Maria Kiwanuka, Uganda Minister of Finance

The mps said that the conditions put for the youth to access youth funds are road blocks for the them to get secure the loans from the banks.

This forced the minister of finance Maria kiwanuka to withdraw the statement and pleaded with MPS to allow her bring another next week signed by the managing directors of DFCU, Stanbic bank and Centenary bank where these banks do not exist.

Some of the conditions put by banks and government to access youth fund include each youth borrower shall be able to provide employment to at at least four people over loan period ,each youth borrower of the youth fund will be fixed interest rate of 15% on this loan fund lent out until june this year when its reviewed.

Other conditions indicate that each borrower of this fund should demonstrate evidence of having invested at 10% of the loan amount in the business venture and the eligible businesses must have been in operation for a minimum period of three months with a demonstratabale potential to grow. Some mps had proposed that the youth fund should be put in prominent SACCOs where the youths can easily access the funds.

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Money meant to run youth activities out next week

Gerald Businge — Wed, 01 Feb 2012 15:01:05 +0000

It seems the youths across the country are full of smiles since the government has announced that they can access low interest loans from banks starting by next week.

The government has put a side 25 billion shillings for the youth to borrow. The minister for finance, Miria Kiwanuka says that the youths can access this money from DFCU bank, Stanbic Bank and Centenary Bank among other commercial banks inUganda.

Addressing journalists inKampalatoday, Ms Kiwanuka said that the interest rate of 15 per cent will be charged per youth loan acquired.

She says that the interest rate will remain unchanged for the period of six months running. Ms Kiwanuka says that the loan will be available for only first time borrowers and it will be paid back within four years with a grace period of one year. The youths’ category to access the loans must be aged between 18-30 years old and they can borrow up to five million shillings.

By James Okello

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How Bobi Wine’s family got dream studio

Gerald Businge — Wed, 25 Jan 2012 10:26:14 +0000

Shocking details have emerged on how Producer Eddie Yawe, a brother to Ghetto president, Bobi Wine got his dream studios.

We have been told that Yawe using his brother Bobi Wine as an assurance that he would pay got the machines he is currently using in his studio on loan which he has failed to clear up to day.

Yawe got the loan four years back. A source in Bobi Wine’s Firebase crew has told our news desk that Yawe got the machines from a Ugandan businessman based in US pledging that he will settle the debt within one year. But now it is four years down the road.

We hear that the businessman has already reported the matter to the police in US such that it connects with their counterparts in Uganda to see how they can open up charges against Yawe and perhaps Bobi Wine because he was the guarantor.

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Captain Juma Seiko declared national treasures

Gerald Businge — Wed, 28 Dec 2011 13:46:58 +0000

Captain Juma Seiko’s 11 daughters hit Club Rouge in Kampala last night dressed in miniskirts and caused massive erections. Indeed we overheard one of the bouncers at Club Rouge asserting that the captain should be declared a source of National treasures.

The bouncer went on, ‘I am sure Captain Seiko can easily get a bank loan out of these girls because they look like pure gold.” When the girl entered into Club Rouge they found singer Grace Nakimera performing on stage and they also jumped on stage. We don’t know whether the event was stage-managed. The way these girls had dressed set the Rouge on fire.

Ms Pamera, one of the waitresses at the club jokingly said that Seiko’s girls had dressed as if they were going to participate in a blue movie. Their dance style and moves hypnotized men and set their harmonies raging. When these girls danced, funny noise came from the males.

By Moureen Nakyanzi

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UPDF to give veterans loans

Gerald Businge — Thu, 15 Dec 2011 12:43:56 +0000

The UPDF veterans now have all the reasons to smile, start off businesses or marry wives because statehouse and the UPDF have pledged to give them loan starting next financial year.

A source working in the office of the presidential advisor in charge of the UPDF has told our informer that president Museveni has directed the ministry of finance to make sure that the UPDF veterans; widows of the fallen UPDF soldiers access the loans next financial year.

However, not all UPDF veterans and widows are to get the loans. The people to get the loans are those members registered under UPDF veteran associations across the country and those veterans under the NRM national league.

So if you are a UPDF veteran and you are not a member of NRM league and not a member in veteran associations better register now.