While accessing/applying for soma loans, these are critical terms and conditions that
you must agree with:
● A person or student accessing or applying for a loan is a real student of a
particular school mentioned and school documents provided are valid.
● The address provided on the application form is valid and agrees with us to
know more about it physically.
● You must provide all the requirements needed fully signed before the loan can
be given
● Where you fail to pay the loan in a given period, we have the right to take the
loan obtained so long as it is above the age of eighteen to legal actions as
required by the law of the republic of Uganda.
● 7% penalty fee on all loans where you fail to pay on time every week the loan
gets due
● You are free to terminate your loan application within 3 days even after
obtaining the loan and you will never pay any interest rate(applicable to a loan
which hasn't be withdrawn)
● Parents should sign a consent form; This is the form which consents that the
parent/guardian is the one responsible for his or her student.
● Students below the age of eighteen cannot request for this loan type. They
can only request by the help of their parents or guardians and any relative in
charge.
● Report cards or any academic document like certificate, recommendations,
and UNEB results will be held by us in case your Soma loan is not fully paid.
