Baroda Multi-purpose Loan (BML)
Type of Facility
Overdraft / Demand Loan
- Individuals who are
- Salaried Employees or Pensioners
- Professional, Self-employed and others who are income tax payee for last 3 years..
- Age minimum 21 years and maximum 60 years (Legal heir of the main borrower, having property in his name be made as Co-Borrower, if age of principal borrower exceeding 60 years).
- Minimum gross annual income of Ugx 5 Mns.
- Take home salary of applicant considering total deductions should not be less than 30% of total salary/income. The income of the spouse may be considered if he/she is a co-borrower.
Income Criteria in Calculation of Limit
- In case of all salaried/ pensioners, class the total amount of limit should not exceed 20 times of net monthly income(net of deductions).
- In case of other applicants two and a half times of net annual income(average of last three years) plus depreciation.
- Income of all the joint owners of the property who are co-borrowers can be clubbed.
- Future income is not to be considered.
Loan can be availed for any personal needs such as medical treatment, investment, marriage, payment of school/college fees, repairs & maintenance/expansion or extension/ furnishing & modernization of existing house or any other unforeseen emergency, except for financial speculation of any type.
- Maximum Ugx 5 Mns.
- Maximum Ugx 100 Mns.
Limit is subject to income criteria, repayment capacity and advance value of property mortgaged
Demand Loan : Maximum 36 months in equal monthly installments. Repayment to be commenced 3 months after disbursement. Interest to be recovered separately as & when applied
Overdraft Facility : If the balance after application of interest in overdraft account exceeds the limit then interest will be deposited separately. There is no penalty for prepayment.
PLR + 5% p.a. with monthly rests.
* Interest rate is subject to change from time to time. View latest Interest Rate.
** For further details, contact any of our Branches in Uganda