Why do I have to open a BSB transactional account when accessing Express loan?
BSB transactional account is mandatory and is tied to the Express loan for purposes of depositing the proceeds of the loan in the account.
What documents do I need to bring along?
-Certified copy of ID/Passport or resident/work permit for non-citizens
-Latest original payslip
-Certified 2 month bank statement for customers with already existing loans 3 months for those clients who don’t have existing Motheo/Lecha loan but with deduction from source
-Proof of residence
-Confirmation of employment
How long does it take for Express loan to be processed?
It takes 12 hours to be processed.
Can the pre-approved amount be more or less than what has been communicated?
The pre-approved loan can be less than what has been communicated depending on the customer’s current salary and commitments
How do I access Express loan when I am in Kasane and do not have any plans of going to Francistown any time soon?
Unfortunately a client has to come to the nearest branch to submit the documents and give consent to the Loan terms.
What charges do I have to pay to access Express Loan?
Charges incurred on processing express Loan are administration fee at 1% of the loan applied for (min P100.00 maximum P750 VAT exclusive) and insurance.
How long do I have to pay it?
To be repaid in 6 months
How much interest rate will I be paying?
Interest rate is at 2.08% every month.
Do I have to come in to sign for the pre-approved amount or it will just get credited to my account?
Yes you will have to come and sign for the approval amount to get your consent of the set terms and conditions as well as for positive identification by the Bank.
Does this mean the pre-approved amount is going to be added to my existing Motheo loan balance?
No, the express loan is not added on the existing Motheo/Lecha loan, it is independent and deducts for only 6 months.
What is meant by pre-approved?
Pre-approval here means that you are eligible for a loan of / you can be given a loan of certain amount considering other terms and conditions
How does it affect my existing Motheo Loan?
Express Loan is independent of any loan facility provided by BSB, so it does not directly affect the existing Motheo Loan.
What is Express loan?
It is a BSB Short Term loan facility that has a minimum of P2500 – up to your gross salary and payable in a maxium of 6 months