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BARODA Multi-purpose loan (BML)


Type of Facility: Overdraft / Demand Loan
Eligibility:
  • 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.
Purpose: 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.
Limit:
  • Maximum Ugx     5 Mns.
  • Maximum Ugx 100 Mns.
Limit is subject to income criteria, repayment capacity and advance value of property mortgaged
Repayment Period:
  • 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.
Interest: *
  • 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