Parallel Card-credit online 1.0

The maximum validity period for credit activation (referring to the credit limit) is two years.

The available credit line ranges from 160,000 UGX to 550,000 UGX.

The repayment terms vary from 180 to 280 days.

The annual percentage rate (APR) spans from 12% to 30%.

To facilitate understanding of our products, consider the following examples:

• ①Suppose your credit limit is 160,000 UGX and you withdraw 50,000 UGX. The repayment term is set at 180 days, with an annual interest rate of 12%. A one-time processing fee of 300 UGX applies. Daily interest is calculated as 50,000 * 12% / 365 ≈ 16.4 UGX. If you choose to repay after 150 days, the total repayment amount is computed as follows:
  • Principal: 50,000 UGX
  • Processing fee: 300 UGX
  • Interest: 50,000 * 12% / 365 * 150 ≈ 2,460 UGX
  • Total repayment: 50,000 + 300 + 2,460 = 54,760 UGX
• ②Alternatively, if your credit limit is 550,000 UGX and you withdraw 150,000 UGX over a period of 280 days with an interest rate of 30% annually. The processing fee remains at 300 UGX. Daily interest is calculated as 150,000 * 30% / 365 ≈ 123 UGX. Repaying after 200 days results in:
  • Principal: 150,000 UGX
  • Processing fee: 300 UGX
  • Interest: 150,000 * 30% / 365 * 200 ≈ 24,600 UGX
  • Total repayment: 150,000 + 300 + 24,600 = 174,900 UGX

The Parallel Card functions as a personal line of credit (PLOC), providing a preset borrowing limit. Upon approval, you can withdraw any amount (subject to minimum withdrawal limits) multiple times within your approved limit. Repayments can be made flexibly at any time within the maximum repayment period; interest is charged only during the period when the credit line is utilized. After repayment, the available limit resumes accordingly.

Advantages include:

• No fees incurred if no withdrawal is made after approval.
• Extended and flexible repayment periods allow borrowing and repayment at your convenience within the maximum duration without additional charges.
• The ability to withdraw multiple times or in any amount within your limit according to your needs.
• Immediate restoration of your available limit once a repayment is completed.

Application Eligibility criteria include:

• Ugandan citizenship
• Possession of a fixed income source
• Age between 20 and 65 years

For further inquiries or application submissions, please contact us at:

• Address: 300 metres off Kampala - Entebbe Road, Kitende, Uganda
• Telephone: +256 0741998072
• Email: [email protected]