The Small and Medium Enterprise Loan (SME) is provided to Business owners in Uganda with a business that has existed for at least 2 years. This loan product is issued upon receipt of the motor vehicle logbook as security. The motor vehicle logbook must be registered in the exact name of the loan applicant.
Platinum Credit does not park vehicles for clients who take a Small and Medium Enterprise (SME) Loan. The customer continues driving their car upon receipt of the loan and a caveat through URA is placed on the Logbook.
The maximum loan amount issued under the Small and Medium Enterprise Loan (SME) is UGX 50 million while the minimum is UGX 3 million. The short-term loan repayment period is payable within 90 days while the long-term loan repayment period is payable within 24 months.
Requirements
- Verifiable Income
- Business entity that has existed for at least 2 years.
- Business Records / Financials for the past Six (6) months.
- Valid Trading License
- Motor Vehicle Logbook in the applicant’s name.
- Current Six (6) months Bank Statement or Mobile Money Statement
- Business assets as additional securities
- Coloured Passport Photo
- Valid National ID / Passport
- Comprehensive Insurance of the vehicle covering the long-term loan