The Motor Import Finance Loan (MIF) aims to facilitate Ugandans with importing their dream cars from Japan with limited risk and expenditure while eliminating brokers or agents as well. The Customer receives their brand new car within 60 days in their preferred specifications such as car brand, model, shape and fuel consumption.
The Motor Import Finance Loan (MIF) also supports customers who have already initiated the car importation process. We finance and clear the outstanding payments on behalf of customers for cars still at the Mombasa port or already in Uganda.
The maximum loan amount issued under the Motor Import Finance Loan is UGX 50 million while the minimum is UGX 3 million. The short-term loan repayment period is payable within 60 days while the long-term loan repayment period is payable within 18, 24 or 36 months. The customer can clear this loan anytime because early settlement fees will not be charged.
Requirements
- Verifiable Income
- Motor Vehicle Logbook in the applicant’s name
- URA TIN Number / TIN Certificate
- Current Six (6) months Bank Statement or Mobile Money Statement
- If employed, three (3) most recent pay slips or Valid Work I.D or Employment Contract
- Coloured Passport Photo
- Valid National ID / Passport
- Comprehensive Insurance of the vehicle for only the long-term loan
- For tax clearance of customers’ vehicles already in transit, car Importation documents are required such as the Bill of landing, Invoice, Japanese Logbook, T1 and MI7