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Wednesday, February 28, 2024

News- Appnomu introducing Soma Loans to boost education system

soma loans

Children are back to school after the long wait of schools to be re-opened. We have decided to be among the pillar of education boosters in Uganda and Africa at large with our services.

Appnomu has confirmed introducing another module “SOMA LOANS” this is a service for students and parents.

Now students and parent can request the soma loans from Appnomu Business Services and pay later after the student being able to attain the education.

Soma loans only works to students from nursery to senior six  where, a parent requests for a loan or any child above the age of eighteen.

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 agree 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 obtainer so longer as 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 after obtaining the loan and you will never pay any interest rate
  • Parent should sign a consent form; This is the form which consents that the parent/guardian is the one responsible for his or her student.
  • Student 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

Qualifications for this type of loan

Though Soma Loans is a financial support for students, Conditions set must be complied with by the parent or student  before given support;

  • Soma loans is for student from selected districts; Iganga, Bugiri, Mukono, Tororo and Namayingo district and student to obtain must present the documents, a valid school admission letter, school ID, school recommendation letter from deputy or headteacher of the school, report card for the previous term, a passport photo, recommendation letter from LC, parent’s national ID and student ID if candidate student.
  • Students only obtain a loan from UGX200,000 to UGX10,000,000.

Soma Loan

We aim to promote education and to make sure that all students can have the best education regardless of the finance strategy and we are to provide the best loans to  students in Uganda under selected districts.

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