StanChart starts promotion to entice borrowers

October 19, 2017 in Companies, Finance, Financial Services by Editor

October 19—Salary account holders at Standard Chartered Bank Uganda (StanChart) are being encouraged to take out personal loans in a new promotion dubbed ‘Live Your Dream’ which ends on December 13, 2017.

Top StanChart officials display some of the prizes in store for borrowers who exceed expectations.

According to the Head Of Retail Banking, Israel Arinaitwe, the promotion is part of the bank’s global campaign that celebrates 125 years of Liverpool Football Club, who have been sponsored by Standard Chartered Bank since 2010.

“We want to be able to give our customers a life experience while giving them financial assistance that will change their businesses and lives for the better. For that matter, three lucky winners from this campaign will win a fully paid trip to Anfield, the home of Liverpool FC among other gifts like Liverpool bottles, jerseys, caps, umbrellas and many others for all customers who will take up a UGX15 million loan (about $4000),” Arinaitwe said.

Salary earners can apply for personal loans of up to UGX20 million shillings at reduced interest rates of 18.9% per annum with a 72 months tenure and a repayment holiday of up to 75 days.

“Any client who has an active salary account with us and earns up to UGX450,000 is free to participate in this campaign. Once you get a loan of up to UGX20 million, you will be given a coupon and enter a draw. At UGX100 million, you get four coupons which increase your chances of winning this trip.”

Albert Saltson, the StanChart CEO said the new campaign is aimed at helping customers to develop their businesses and finish other dreams with subsidized loans.

Referring to the risk of unpaid loans, Saltson said the bank has a strategy that ensures loan recovery. “Of course we understand the challenge that comes with loans. However, before we offer the loan, we go through a process that guarantees the payment of the loan. This we do in 24 hours and our customer, once approved, can receive their money. We call upon our customers to take advantage of the low interest rates and borrow as much money as they can to achieve their dreams,” Saltson said.