The Swaziland Building Society (SBS) has increased the scope of financial accessibility with its revised Sipatji Loan Account. The key features of the new Sipatji Loan Account are that:
Central to the revised features is that:
- The loan limit increased from E350 000 to E500 000
- The minimum loan limit has been reduced from E5 000 to E3 000
- The repayment period increased from 5 to 7 years (60 to 84 months)
SBS Head of Distribution Channels, Wesley Groening explains that “one of the main reasons behind the revised features is to address the current demographic nature of Eswatini’s income structure whereby the majority of the population is either in the low income or middle-income group.
“This income structure has excluded many Emaswati from accessing loans from formal financial institutions. Now that SBS has revised its loan eligibility to a minimum of E3000 it has allowed for increased financial accessibility. SBS has also increased its Sipatji Loan repayment period from 60 to 84 months. “
Groening says “more customers will therefore be able to get access to credit that will enable them to meet their personal requirements such as the payment of school fees and other financial needs. The Sipatji Loan Account’s revised features also ensure that customers are left with some financial liquidity so they can live until their next earning cycle.”
Sipatji loan account
The best news for people who do not have a Sipatji Account with SBS is that they can open an account today and instantly qualify for the loan.
To open a Sipatji account, one needs to have a minimum opening balance of E50. The account holders will not only benefit from the personal loan, but also from owning a debit card, access to cellphone banking, banking app, ePocket, Litsemba Funeral cover and stop/debit orders.
The facility can be applied for at any SBS branch, and be approved on the same day that it is made, as long as the applicant meets the society’s requirements. The loan product is also tailor-made to enable customers to borrow for other personal needs apart from school needs. It is repayable over a period of up to seven years (84 months).
The society has a total of 11 branches band a micro-branch strategically situated around the country and is headquartered in Mbabane.
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