With the re-opening of schools for the third and final term, some parents may find themselves still being in a quandary of unpaid school fees.
The Swaziland Building Society (SBS) has a solution to this problem with the 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.
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).
Manzini Branch Manager Sindi Simelane explained that: “Eligibility is limited to those who are salaried through SBS.”
Simelane said: “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, ePocket, Litsemba Funeral cover and stop/debit orders.
It is important to note that 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:
- 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 five to seven years (60 to 84 months)
Simelane 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.
“If you are salaried through the society, our Sipatji Personal Loan can be your solution, the society also offers short term loans to meet customer’s immediate needs.
“These loans enable customers to borrow against their investment accounts held with the society.
“Customers can be borrowed up to 90 per cent of the amount invested, to be paid over a reasonable period of time with a maximum term of 60 months (five years),” added Simelane.
“The investment accounts which can be put up as security for short personal loans are, fixed deposit and subscription shares and Notsa Natsi Investment Account,” she adds.
Personal loans may be used for debit consolidation, repayment, medical expenses, home improvements, emergencies, funeral expenses, vehicle maintenance, tuition fees, vacation, wedding and much more.
The society has a total of 12 branches, strategically situated around the country with its headquarters in Mbabane.
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