If you want to get the best car loan in Uganda with low interest rate,here are places to apply for the loan:
Bank of Africa Uganda
Package Benefits and Features
- Access special offers from our car dealership partners. Look out for special announcements in the press and on our social media pages.
- Enjoy discounted interest rates
- Financing options of up to 100% value of motor vehicle
- Get amounts of up to UGX 500,000,000
- Flexible and affordable monthly repayments of up to 72 months
- Peace of mind with our car loan insurance covers
Fees
- Application fee – UGX 65,000
- Other variable fees including but not limited to valuation, security perfection fees can be accessed through credit pricing guide included in the services and products pricing guide.
ABSA Bank
Start driving your dream car today
- Loan-to-value ratio of up to 100% for a brand new vehicle
- Loan-to-value ratio of up to 85% for a used vehicle
- Loan-to-value ratio of up to 75% for auto equity
- Loan repayment periods of up to 8 years
- Loan amounts of up to UGX500,000,000/USD130,000
Requirements
- Minimum income required: UGX1,000,000 or USD1,500 for USD loans
- The vehicle should not be more than 10 years old
- Available to salaried customers from our vetted list and to self-employed persons
Documents required to apply
- Proforma invoice from supplier
- Passport (Proof of Nationality and date of birth)
- Copy of contract/appointment
- Proof of income by way of 3 recent salary slips
- Work ID (further proof of employment)
- Letter of undertaking from the employer
- Bank statements for the last 12 months
- Loan statement
- Financial card
- E-tax number (TIN number)
Fees
- Comprehensive insurance cover of 4%
- Vehicle asset arrangement fees of 2%
- Valuation fees are tiered to the value of loan
Stanbic Bank
Which type of Vehicles are financed
All Vehicles from reputable brands including but not limited to;
- Ford
- Toyota
- Scania
- Isuzu
- Nissan
- Mercedes Benz
- Volkswagen
- Mitsubishi
- Land rover
- TATA.
What you need
Salaried customers
- Appointment letter and pay slips for past 3 months
- Undertaking from the employer that salary will continue to be remitted through the Stanbic account
- Proof of benefits received if this is the source of repayment (if transport/ car allowance is provided for in a separate document other than the appointment letter)
- Copy of Financial card
- Proforma invoice for the required vehicles
Self employed
- Company profile giving details of current management and business operations.
- Proforma Invoices for assets required
- CRB card (Financial Card) for company and shareholders/ directors
- Bank statements for accounts held with other banks – 12 months
- Registration documents of the business/entity
- Copy of valid trading license
- Audited accounts for the last 3 years prepared by an audit firm approved by the Bank.
- Cash flow forecast covering the period of the facilities
- Contracts on hand/pipeline and a list of the main customers and suppliers of goods/raw materials.
- Offer letter and loan statement for other bank facilities
What it costs
- Down Payment of up to 20% of the cost of the vehicle or asset.
- Prime +margin interest rates.
- 2% of the Loan Amount arrangement fees.
Equity Bank Uganda
Asset Finance Loan
Great features
- Loan amount is based on the customer’s ability to pay.
- Loan Period is up to 60 months (5 years) for second hand vehicles and up to 120 months (10 years) for brand new vehicles.
- Financing Margin – up to 100% financing.
What you require to sign up
- Three original latest payslips
- 2 Copies of the ID & PIN certificate
- An Introduction/Appointment/Confirmation letter from the employer
- Duly signed authorization forms
- Duly completed loan application and appraisal form
- Pro forma Invoice / Sale Agreement
- Valuation Report
- Original Log Book
Additionally Why you should sign up for this product
- Equity must have an existing MOU with the customer’s employer.
- Salary is not a prerequisite for some employers.
- Must have the ability to pay.
- Ability to effect loan deductions on check-off.
NCBA Bank
Top of Form
Bottom of Form
Car Loans
Get up to 90% financing to buy your dream car. Our car loans make it possible for you to buy new and used cars, with competitive rates and favourable repayment terms. Features Maximum car age of 10 years. Loan is available in USD, EUR, GBP or UGX. Up to 90% financing on new cars. Up
Get up to 90% financing to buy your dream car. Our car loans make it possible for you to buy new and used cars, with competitive rates and favourable repayment terms.
Features
- Maximum car age of 10 years.
- Loan is available in USD, EUR, GBP or UGX.
- Up to 90% financing on new cars.
- Up to 80% financing on used cars.
- Maximum repayment period of 5 years for new cars, and 4 years for used cars.
- Interest is calculated on a reducing balance basis.
- Comprehensive car insurance at 5% of the value of the vehicle to be paid annually, arranged through NCBA Insurance Agency.
I&M Bank Uganda
Key Features
- Asset Finance
Age
- Saloon Cars
New/Used
- Commercial trucks/Pick-ups
New/Used
- Prime Movers/Heavy Commercial Trucks
New/Used
- Earth Movers/Construction Equipment
New/Used
- Other Equipment
New
- Tractors
New
- School buses
New
- Motor cycles ( Fleet Purchasers)
New
Key Benefits
Quick and simple application process.
Financed assets are self-securing.
Option of direct import finance through selected dealers.
Insurance Premium Financing (IPF) available.
Effective working relationships with vehicle. dealers/vendors country wide.
Terms
- Finance of up to 80% on cost over loan duration of 48 months is availed for assets under the above categories subject to credit evaluation.
- Concessions for lower deposit and extended loan tenure available under structured joint dealer/staff car loan schemes.
Mogo Uganda
Logbook loans
Lowest Monthly Payments with MOGO Logbook Loans
Best Price Guarantee
- Get Quick Logbook Loans for Any Car & Keep Driving it
- Loan of up to 50,000,000 UGX with Flexible Repayment Period – 36 Months
- Swift Process – Get Approved in Just 24 Hours
What do I need to secure a Logbook Loan with MOGO?
To get a loan from Mogo, you need to meet these criteria:
- Original National ID or Passport
- Have a logbook in your name
- Age 23 – 70
Bank of India Uganda
BOI STAR VEHICLE LOAN
Main Features
- For new vehicle; Up to 90% of cost of vehicle, vehicle registration, lien noting fee and insurance – subject to a maximum loan amount as per BOIUL Guidelines.
- For second hand vehicle; Up to 80% of value of vehicle assessed by approved valuer, subject to maximum loan amount as per BOIUL Guidelines.
- In case of salaried employees net take home pay after deducting monthly installment of the proposed loan should not be less than 25% of the gross monthly salary.
- Indicator Prime Lending Rate + as shall be advised by BOIUL at the time of loan application
- Repayment Period; Maximum term of up to 60 months for new car and Maximum term of up to 36 months for second hand (used) car.
Basic requirements
- Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
- Financial Card Number for the borrowing entity.
- Third party guarantee of persons with adequate worth. (Can be waived at the discretion of BOIUL depending on the standing of the borrower)
- BOIUL will register a first charge on the Log book of the vehicle being purchased from the loan.
- The vehicle must be comprehensively insured noting BOIUL as the beneficiary to the vehicle. A copy of the vehicle insurance policy must be obtained from the borrower before drawdown of the loan.
UBA Bank Uganda
Features
- Tailored for salary earners
- Access up to USD50,000
- Maximum Tenor: 60 Months
- Financing available up to 90% of Asset Cost
- Secured by Car Logbook
- Competitive interest rates
Benefits
- Flexible repayment arrangements
- Insurance cover in the event of Death or permanent disability
- It provides an opportunity for customers to purchase New Vehicles
Requirements
- Salary account with UBA
- Employment Contract/ Appointment Letter
- Valid Residence Permit/ Work Permit for Foreign Nationals
- National ID & Work ID
- A Clean CRB
- 3 Recent payslips
- 6 Months Bank statement
- Invoice from Authorized Car Dealer
- 10% contribution on the UBA account
Yako Bank
Vehicle Loan
PURPOSE.
To buy personal or business vehicles.
Features.
VEHICLE LOAN: Loan amount is below UGX 50,000,000.
CORPORATE VEHICLE LOAN: Loan amount is beyond UGX 50,000,000.
REQUIREMENTS: (Individual)
- 2 Passport size photographs.
- National ID (for Ugandans) or Valid Passport, Visa and Work permit (for foreigners).
- Driving Permit (Valid).
- Pay slips from work or receipts (business) for the last 3 months.
- roof of business ownership for self-employed people.
- Appointment letter from work and work ID (for employees).
- Bank statement or Mobile Money Statement for the last 6 months.
- Uber Driver Statements for the last 6 months (Uber Driver’s only).
- Financial Card.
- Security; Car logbook of the vehicle to be purchased with Comprehensive insurance.
- Selling Price of the Vehicle
- New Vehicle: Invoice from the Bond
- Old Vehicle: Valuation Report done by Yako Bank
- Cheques (4).
- Proof of Permanent Residence (Water or Electricity bill in the borrower’s names).
- 2 Guarantors (Guarantor requirements)
- Cheques (in case the borrower does not have cheques).
- Proof of Permanent Residence (Water or Electricity bill in the borrower’s names) Only if the borrower has a temporary residence.
- National ID (for Ugandans) or Valid Passport, Visa and Work permit (for foreigners).
- 1 passport photo each
- Savings Account with Yako Bank.
REQUIREMENTS: (Company)
- Certificate of Incorporation or Registration.
- Memorandum and Articles of Association.
- Form 7, 18 and 20.
- Partnership deed in case of a partnership.
- Board resolution (account opening and loan with Yako Bank) registered with URSB.
- Trading license (valid).
- Tax Certificate.
- Audited Books of Accounts.
- Bank statement or financial statements for the last 6 months.
- Proof of works done and current works e.g. contacts.
- Company Debenture Form.
- Financial Cards (for the company and its directors).
- Company Cheques (6).
- National IDs of directors (for nationals), or valid passport, visa and work permit (for foreigners).
- Passport size photos (2 each) for the directors/signatories to the account.
- Security; Car logbook of the vehicle to be purchased with Comprehensive insurance.
- Selling Price of the Vehicle
- New Vehicle: Invoice from the Bond.
- Old Vehicle: Valuation Report done by Yako Bank.
- 2 Guarantors (Guarantor requirements).
- Cheques (in case the borrower does not have cheques.)
- National ID (for Ugandans) or Valid Passport, Visa and Work permit (for foreigners).
- 1 passport photo each.
- Company Savings Account with Yako Bank.
