SOMA

The Beginning of a new school term can bring with it a number of challenges. BANK OF AFRICA's SOMA package allows you to open up a School fees Savings Account that enables you to regularly deposit money to accumulate the lump sum you need for your child's fees.

You can also access our Back to School loan to supplement your Savings thereby ensuring that raising the required education fees is not a problem.

Forget the pressure and hassle towards the opening of the new school term with our School fees Savings Account.

Key Benefits

•  Allows you to put away a little every month to cover your child's Education needs;

•  No queuing during the school fees period since payment can be made directly to the school's account;

•  50% discount on school fees bank drafts;

•  Free standing order on any of your BANK OF AFRICA account for school fees payment;

•  Earn interest on balances above Ugx 100, 000= ;

•  Access to other Bank products.

Account requirements

•  Initial deposit of Ugx 30,000;

•  Minimum balance of Ugx 20,000;

•  2 passport size photographs;

•  1 referee of high repute in society, or the bank's a/c holder;

•  Proper identification documents (I.D, Passport, Driving license, NSSF card, Voters card).

You can access a short term loan for purposes of covering school fees obligations of your children. The loan is backed by your regular salary payments and other recognizable regular income.

Loan amount

•  Maximum of two months net income if you do not have any out standing loan;

•  Maximum of one month net income if you have another outstanding loan;

•  Loan amount requests are backed by School pay slip value(s).

Repayment terms

•  Equal monthly instalments repayable over the period of the school term or Semester i.e. 3 months or 6 months respectively;

•  Where the borrowing is for purposes of payment of annual school fees, then the loan will be repayable in equal instalments for up to 12 months.

No Ongoing Charges

•  No monthly maintenance fees;

•  No early payout penalties;

•  Free standing orders from BOA Current or Savings account.

Eligibility conditions

•  Should be an adult (18+ years) by the date of application for the loan;

•  Be employed with a regular salary or with recognizable non salary income;

•  Non salaried income will be discounted by 50%;

•  Having worked for the current employer for at least 3 months;

•  Have a valid employment contract (for those i n employment);

•  Have a Salary/Income Account with BOA-UGANDA for at least one month.

Customer Requirements

•  Completion of Loan Application form;

•  Undertaking from the employer;

•  Copy of identity card;

•  Latest Pay slip;

•  Proof of income for non salaried individuals;

•  Proof of residence (LC letter/Utility bill);

•  Proof of nationality (Passport/Birth certificate) if a foreigner;

•  Appointment/contract letter.