How to get Numida business loans using the app
Are you an entrepreneur running a business in Uganda and requiring additional funds to top up your inventory? Fear not, as Numida Business Loans are tailored to meet the needs of business owners like you, providing both small and large loan options to boost your operations.
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Numida stands out as the leading and most extensive mobile platform in Africa, dedicated to delivering digital and accessible financial solutions specifically for semi-formal African micro and small enterprises. They provide a range of loan amounts at reasonable interest rates and favorable repayment conditions.
What types of businesses qualify for the loan?
Numida finances businesses like retail or wholesale shops, salons, clinics, and spare parts businesses, among others. It is a business loan, and there must be proof of a business to receive the loan.
What types of loans does Numida offer?
The lending platform provides unsecured business loans to its clients, prioritizing the delivery of digital and user-friendly, financial services tailored for small businesses in Uganda. Ownership of and evidence supporting the business are required for loan approval. Loan amounts are dependent upon the size and nature of your business.
What is the loan limit on Numida business loan app?
As a newcomer to the application process, you can access loans ranging from 200,000 to UGX 1,500,000, depending on your business profile. The Numida app will assist you in ascertaining your eligible loan amount. As you consistently repay your loans punctually and establish a reliable relationship with the platform, you’ll have the opportunity to increase your loan limit, enabling you to borrow up to UGX 20,000,000.
What are the interest rates for Numida business loans?
Interest rates for initial loans range from 10% to 16% for a one-month period, contingent upon your credit history. These rates are subject to potential changes based on the loan amounts extended and their respective repayment durations. To gain a comprehensive understanding of Numida’s loan interest rates, download and install Numida App. https://da.gd/r6Zg
What are the Loan Requirements for Numida Business loans in Uganda?
To be eligible for Numida Business Loan, you must:
- Have a valid Ugandan National ID
- Own a registered business
- Hold a trading license
- Have a business bank account or mobile money
What are the advantages and disadvantages of Numida Loans?
| Pros | Cons |
| Quick loan processing within 24 hours Convenient application process Competitive interest rates Flexible repayment options | Only applicable to business owners Privacy concerns |
How can I apply for a loan at Numida ?
Follow the steps below to install and apply for a loan at Numida:
1. Open the Google Play Store on your Android device or the App Store on your iOS device.
2. Search for the Numida Business app in the search results and tap on it.
3. Tap the “Install” button to download and install the app on your device.
4. Once the installation is complete, you can open the app and create an account after accepting the terms and conditions.
5. In the app, go to the ‘loan’ section and select ‘apply for a loan.’ Answer the questions and submit information that applies to your business.
6. After submitting your application, wait for a period of 24 to 72 hrs for approval,and then after that, the funds will be sent to your mobile money account.
Note that Numida may not contact incomplete applications or those with insufficient proof of business.
Are there any penalties charged on outstanding loans ?
Loans that are overdue are charged the next day after the loan is due, and there is an outstanding balance every day. The penalty fees charged vary per loan amount and term. Borrowers are encouraged to communicate with their credit officers in case they are unable to pay their loan on time.
What is share and earn about on the Numida app?
It is a unique opportunity offered for users to get discounts on their loans through share and earn on their platform. You can do this by referring friends and colleagues to Numida’s services
Can I pay back Numida Business Loans via MTN mobile money and Airtel Money?
Follow these steps to assist you in paying back your loans.
MTN Mobile Money Instructions
1.Type *165# to access the MTN mobile money menu.
2.Select option “4. “Payments”.From this menu, you need to select 4. Goods & Services
3.Enter the Numida Merchant Code.
4.After that, enter your payment Reference. “numida”.
5.Lastly, enter the amount you would like to pay and enter your pin to confirm
Via, Airtel Money
1.Type *185# to access the Airtel Money menu.
2.Select option “4. “pay bill”.
3.Select option “9. “others” and enter the business number.
4.Enter the exact amount that you are paying to Numida.
5.Then enter your reference/reason for payment.
6.Confirm your payment with your Airtel money pinYou can also make payments from the Numida business loans app.
Editor’s Remarks
This lending platform is excellent for small business owners. The available loan sums can support your business requirements and boost sales. Numida Business loans offer advantageous interest rates and adaptable repayment terms, making them convenient for expanding your business with extra cash.
You can also check out A complete list of registered online money lenders in Uganda with various loan amounts and competitive interest rates.
