Absa Bank Uganda has announced a two-month repayment holiday on salary loans to enable parents meet school fees obligations ahead of schools reopening next week.
According to the bank the offer is available on salary loans with competitive interest rates for sums between Shs1 million to Shs250 million.
“The pandemic has created economic pressures sending many into financial distress. With the impending school reopening, we are aware that parents will face challenges meeting school fees obligations. With this salary loan offering, we will be able to provide support to our customers by providing a two-month repayment break valid for all salary loans with zero arrangement fees,” Musa Jallow, Absa’s Retail Banking Director said.
Jallow added that customers can also apply for loan top-ups online using Absa’s robust digital platforms.
Education institutions have been closed since March 2020 due to the coronavirus pandemic adversely affecting both learners and parents.
According to the Ministry of Education, the new school calendar will resume on January 10, 2022.
The bank says, it is hopeful that this offer will support a smooth return to school as learners resume their education journey.
“As a bank, we believe that education remains a key driver supporting positive social-economic development in our communities and we are happy to provide financial support to ease the burden many parents are facing,” Mr.
To take advantage of the offer, customers can visit any of the bank branches countrywide.