Stanbic Bank Uganda and Ministry of Health have signed a partnership aimed at offering a range of low-interest loans to health workers across the country. The loans range from unsecured salary loans to secured loans, mortgages, vehicle and asset financing loans (VAF).
According to the partnership signed on Monday, health workers will need to open an everyday banking account that has no monthly charges. However, workers with existing and different accounts in the bank shall have the option to change their accounts to the everyday banking account at no cost.
The bank says there will be no arrangement or processing fees charged when health workers seek to top up or take new loans.
“The lending rate for all government health workers will be the bank’s prime lending minus 0.5% or 15.5% p.a. on reducing balance,” Anne Juuko, Chief Executive Stanbic Bank said.
Speaking at the signing ceremony, Diana Atwine, the Permanent Secretary to the Ministry of Health said these affordable loans would make a lot of change in the lives of the health workers and their families.
Those expected to benefit from the arrangement include employees of Ministry of Health, Medical/ health workers and employees who have been posted and have reported to a health facility as their duty station.