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Archive -Seychelles

SBFA reduces lending rates for loans |07 February 2018

 

 

 

The Seychelles Business Financial Authority (SBFA) has reviewed the lending rates for loans, effective from January this year.

The new rate is now 4% for loans up to R75,000 and 4.25% above.

The maximum amount provided by SBFA is R300,000.

The SBFA board has revised the existing lending policy and has reviewed some criteria; among which is the need for clients to get their Credit Information System (CIS) from their respective banks prior to applying for a loan with SBFA.

Clients will now not be able to apply for a loan for transport and import and wholesale, as they are not considered productive sectors.

The chief executive of SBFA, Rosanda Alcindor, says that they have also resumed lending for those interested to apply for a loan at SBFA.

She said that last year, they have managed to clear all pending backlogs.

And on the issue of repayment of the loans, Ms Alcindor states that there has been an increase in the amount collected, mainly due to the campaign done throughout the year to encourage clients to repay their loans and honour their commitments. Last year, they managed to collect R42 million, which has been used to clear the backlog and will also be used to complement the budgeted amount of R25 million from the government to assist more clients.

Since January of this year, SBFA has started lending again and is calling on members of the public to submit their applications.

 

 

 

 

 

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