Vapo Credit SMC Ltd
Company Overview
In October 2021, Vapo Credit SMC Ltd began providing unsecured loans to market vendors at Bivamuntuyo Market Kalerwe, leveraging their strong credit histories. Since then, we have evolved into an online platform that offers short-term unsecured loans to salaried staff, guaranteed by their employer organizations across Uganda.
Our objective and mission are centered around delivering financial services to low-income groups while maintaining a commitment to providing short-term financing at reasonable interest rates. Clients can register online through their employing organizations, which serve as guarantors and security for the advanced loans.
Loan Terms
Interest Rates
• The interest rate is capped at 2% per month.
• The maximum Annual Percentage Rate (APR) is 24%, which includes the interest rate along with all applicable fees and costs for a year.
Loan Period
• Minimum repayment period: 3 months.
• Maximum repayment period: 12 months (1 year).
Loan Fees/Charges
• Based on the nature of the loan disbursement process, no loan fees or extra charges are levied.
Loan Limits
• The maximum amount of money that can be lent to a borrower is 2,000,000 UGX (Two million Uganda shillings).
Grace Period
• A grace period of one month is provided after disbursement, during which no payment on the loan is required from the borrower.
Monthly Payment Example
To illustrate the total cost of the loan, here is a representative example:
• Loan Amount: 1,000,000 UGX
• Interest Rate: 2% per month
• Repayment Period: 12 months
Sample Monthly Payment Calculation:
1. Monthly Interest: 1,000,000 UGX * 0.02 = 20,000 UGX
2. Total Interest for 12 Months: 20,000 UGX * 12 = 240,000 UGX
3. Total Repayment Amount: 1,000,000 UGX + 240,000 UGX = 1,240,000 UGX
4. Monthly Payment: 1,240,000 UGX / 12 = 103,333 UGX (approximately)
Interest Calculation
Monthly interest is calculated on the outstanding principal amount after each repayment. This means that interest is assessed against the remaining loan balance, rather than the original principal amount.

Our Commitment
Our loan products are designed to support salaried staff in accessing loan facilities without the bureaucratic hurdles typically associated with commercial banks. To apply for a loan, clients simply register on the app under their employer organization. All approvals are processed online, and funds are disbursed directly to the client's bank account or mobile phone number.
Company Registration
Vapo Credit SMC Ltd is registered as a money lending institution under the laws of Uganda and is regulated by the Uganda Microfinance Regulatory Authority (UMRA).

Contact Information
Address:
Vapo Credit SMC Ltd
P.O. Box 139456, Kampala
Bivamuntuyo Market
Upper Mawanda
Mulago I
Kalerwe Trading Centre
Kawempe Division South
Kampala, Uganda
Telephone: +256701437766 / +256772437766
Email: [email protected]