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Lesotho

SLB launches new lending proposition

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By Seleoe Nonyane

Standard Lesotho Bank (SBL) says it gives out loans in a responsible manner by ensuring that its customers are still able to meet their other obligations and live comfortably while servicing their loans.

This was said on Tuesday this week by the SLB head of personal and private banking, Rethabile Motsoahae, during the launch of a new lending proposition for personal banking, known as Customer Value Proportion (CVP).

Motsoahae said the new service would enable their clients to borrow more money than they used to. This means up to 60 percent of their net income, particularly government and private sector employees.

“We have made these improvements to enable Basotho to use our lending solutions to particularly create wealth, buy assets and meet their critical needs such as paying schools, starting a business, developing income generating properties et cetera,” he noted.

Motsoahae also revealed that in 2022 alone, their lending book stood at M4,771 billion in loans and advances to Basotho.

This was a clear demonstration of how committed the bank is towards making the dreams of goal-driven clients possible, he said.

He added that the bank also offers digital solutions that have radically transformed their clients’ banking experience by offering more convenience.

It also offers home loans and vehicle and asset finance (VAF).

“With this solution we are responding to our clients’ request where they asked us to enable them to become home-owners instead of tenants,” Motsoahae explained.

He said the Instalment to Income Ratio (ITI) for home loans has increased up to 60 percent, meaning that customers who could not ordinarily afford to have a home can now afford. It also means clients can now acquire homes of a higher value than before.

The term for home loans has now increased from 20 years to 30 years, he added.

“We believe that this is a ground breaking development, especially for new entrants to the job market so that they have the comfort of paying affordable instalments for the houses of their dreams.”

Motsoahae also announced that SBL clients will get a guaranteed cashback amount ranging from M5,000 to M15,000 between now and 31 August 2023 when they buy a car or asset with a minimum loan amount of M300,000 with the financial institution.

With this cash back, new vehicle owners can opt to use that money to cover annual insurance premiums, vehicle extras or towards fuel for the year.

The bank is also running a competition, where a client that has taken any of the three loan types; Unsecured Personal Loan, Homeloan or Vehicle and Asset Finance (VAF) loan, will enter a draw and stand to win one of five cash prizes of M20,000 each.

“We strongly believe that with the right lending for the right objectives, we can bring changes in the lives of Basotho, which ultimately translate into the revival of the economy at large,” he noted. “We capacitate and urge our clients to use our client-centric lending solutions to create wealth, buy assets, invest on worth-while projects/businesses and meet their needs such as paying for school/tuition fees. This is even more critical as we are still recovering from the effects of Covid 19.”

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