Motor Import Finance (MIF) aims at helping an average Ugandan import their dream car from Japan with limited risk and expenditure. The loan product targets both employed and business persons that are interested in owning a new car. The advantage of Motor Import Finance (MIF) is that the client receives a brand new car in their preferred specifications for example model, shape and fuel consumption.
Eligibility.
For a client to qualify for the MIF product
- Must be an adult between 24 -60 years of age as a first-time borrower.
- Should have affordability to repay the loan advanced including interest and any fees.
Requirements.
Below are some of the requirements for Individuals and Companies:
Individual
- Copy of original National ID or Passport – Mandatory.
- TIN / TIN Certificate – Mandatory at loan completion.
- Current passport photo – Mandatory
- 6 months Bank statement – Mandatory
- 3-6 months mobile money statements – Upon request
- Completed probation period for salary earners or a valid employment contract.
- Personal post-dated cheques / Current account.
- CRB – Upon request.
Companies
- Certificate of incorporation
- Certified MEMATS
- Authority to borrow- Certified
- TIN/ URA TIN Certificate
- Bank mandate (if the director is using company statements to borrow