Standard Chartered offers repayment holiday for personal loans

By George Mangula

Standard Chartered Bank Uganda has launched its annual repayment holiday campaign where it is encouraging everyone to transfer their salaries to Standard Chartered and take a personal loan before 29th February 2020 to enjoy a repayment holiday of up to 75 days.

Furthermore, customers of the Bank will stand a chance to win Back to School Gift Vouchers of Shs200, 000 with each loan of at least Shs 50 million. This offer applies to both new and existing customers of the bank.

The campaign is intended to make going back to school in the new year smooth and easier on parents and guardians who are coming from the festive season and could be financially constrained due to competing priorities.

Moses Rutahigwa Head, Retail Banking, while unveiling the campaign said: “I am delighted to announce that we are giving our clients an opportunity to borrow money and pay later by giving them some time out from repaying their loans with a holiday of up to 75 days. We pride ourselves on being a responsible lender and responding to the unique needs of our clients in a timely manner. We are happy to once again offer this break to our clients which will give them a bit of financial flexibility when it is needed the most to relieve their financial burdens and stress.”

“Since we run this campaign annually, it means that smart planners can actually ask for up to two repayment holidays every 12 months. We are aware that this is the kind of break they are looking for in every way and we are happy that we can offer it. We have set criteria borrowers are expected to fulfil before we grant them the repayment holiday,” he added.

He said the repayment holiday campaign is timely as it is coming in after the festive period.” It will help clients go through the first few months after the festive season and more importantly, enable them remain afloat with some liquidity to pay school fees that is required to take the children back to school,” he said.