{"id":69765,"date":"2023-10-18T11:41:24","date_gmt":"2023-10-18T08:41:24","guid":{"rendered":"https:\/\/www.kfm.co.ug\/?p=69765"},"modified":"2023-10-18T11:41:24","modified_gmt":"2023-10-18T08:41:24","slug":"bankers-abolish-early-loan-repayment-charges","status":"publish","type":"post","link":"https:\/\/www.kfm.dembefm.ug\/staging_h\/bankers-abolish-early-loan-repayment-charges\/","title":{"rendered":"Bankers abolish early loan repayment charges"},"content":{"rendered":"

By Ronald Ssenvuma<\/strong><\/p>\n

The Uganda Bankers\u2019 Association\u00a0(UBA)\u00a0has abolished early loan repayment charges on outstanding loans.<\/p>\n

This means that borrowers will now\u00a0not be penalized\u00a0for clearing their loan obligations early after the association agreed to drop what has for a long time been regarded as an \u201cunfair\u201d requirement.<\/p>\n

According to the UBA Executive Director Wilbrod Owor, this was resolved during the monthly CEOs\u2019 meeting held on October 13, 2023.<\/p>\n

In a press statement, Owor says the move is in response to concerns raised during the Governor\u2019s meeting with member CEOs on August 23, 2023.<\/p>\n

He says the CEOs\u2019 meeting also agreed that the Bank of Uganda be notified of the decision with immediate effect and that members handle applicable communication to their customers as appropriate.<\/p>\n

“This correspondence serves to notify you that at our monthly CEOs meeting held on Friday 13, October 2023, a decision was reached to drop\/abolish the practice of early loan repayment fees charged on outstanding loans across our membership\/industry,” Owor said in a statement.<\/p>\n

The meeting further agreed that BOU be notified of this decision with immediate effect and that members handle applicable communication to their customers as appropriate.<\/p>\n

Early repayment charges are usually calculated as a percentage of the amount still outstanding on one\u2019s loan, usually between 1 and 5 %.<\/p>\n

This charge is based on the loan amount charged. The amount is equal to 58 days\u2019 interest on the amount one repays early and the actual number of days remaining.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Ronald Ssenvuma The Uganda Bankers\u2019 Association\u00a0(UBA)\u00a0has abolished early loan repayment charges on outstanding loans. This means that borrowers will now\u00a0not be penalized\u00a0for clearing their loan obligations early after the association agreed to drop what has for a long time been regarded as an \u201cunfair\u201d requirement. According to the UBA Executive Director Wilbrod Owor, this was resolved during the monthly CEOs\u2019 meeting held on October 13, 2023. In a press statement, Owor says the move is in response to concerns raised during the Governor\u2019s meeting with member CEOs on August 23, 2023. He says the CEOs\u2019 meeting also agreed that the Bank of Uganda be notified of the decision with immediate effect and that members handle applicable communication to their […]<\/p>\n","protected":false},"author":37,"featured_media":69766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"episode_type":"","audio_file":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","date_recorded":"","explicit":"","block":"","filesize_raw":"","jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-normal","show_share_counter":"0","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"F j, Y g:i a","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"1","number_popup_post":"3","show_author_box":"1","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[3],"tags":[351],"class_list":["post-69765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank-of-uganda"],"_links":{"self":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/posts\/69765"}],"collection":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/comments?post=69765"}],"version-history":[{"count":0,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/posts\/69765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/media\/69766"}],"wp:attachment":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/media?parent=69765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/categories?post=69765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/tags?post=69765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}