Likhefu

The Likhefu loan understands that there will always be some months where you need a little more cash than others. January, in particular, is the month where every client needs more funds in their accounts for education and other expenses. At Select, we value our clients! Our Likhefu Loan provides for such instances. With the Likhefu Loan, clients get a payment break every January to allow them to free up the installment to be used for the educational fees and other needs.

 

Repayment period:

The amount of payment holidays you will receive on your Likhefu loan will depend on the total duration of your loan. For every twelve months of repayment you will receive one payment holiday every January. For the shortest loan repayment of 24 months, you will receive two holidays – therefore your loan period will be 26 months. For longer loans up to 60 months of repayment you will receive 5 repayment holidays.

 

Loan range: E3,000 to E100,000

 

Included Benefits:

The benefits that are associated with Select loans are an important part of the value that we aim to add for our customers.

Likhefu clients have access to our Credit Life insurance as well as increased Funeral Claim plans. For more information about these benefits, please visit our benefits page here.

 

Qualification Criteria

  • Applicants must have contractual capacity, minimum age 21 years.
  • Applicants much be nationals of Swaziland.
  • Tfutfuka loans are available only to permanent Government employees that qualify under the  payment deduction compliancy rule.
  • Applicants must be permanently employed for a minimum period 6 months.
  • For existing Select clients with a good repayment record (no previous arrears on their loans), loans can be rolled over. To find out whether you qualify, please contact our call center.

 

Required Documents

Select requires the following original documents as listed below to complete a loan application:

 

For new clients:

  • National Identity Document (ID)
  • 3 months banks statement or bank book reflecting the last 3 months net pays
  • Graded tax certificate – to confirm employee number for civil servants
  • Last 3 months pay slips. Where the order of the pay slip is not consistent, the recent pay slip is a must plus any other 2 pay slips within the past 6 months.
  • For private sector contract employees and for temporal politicians, a letter of confirmation of employment is required.

 

For existing clients:

  • Last 2 months pay slips. Where the order of the pay slip is not consistent, the recent pay slip is a must plus any other 2 pay slips within the past 6 months.
  • For private sector contract employees and for temporal teachers and politicians, a letter of confirmation of employment is required.
  • Submit bank book or bank statement reflecting the last two months’ salaries

 

How do I apply?

Applying for a Likhefu loan is quick and easy. Just bring all to the documents listed above to one of our branches and receive your loan within 24 hours of your application (conditional on which bank you hold an account with).


Where do I receive my loan money?

Loans get disbursed straight into our clients’ bank accounts. For FNB clients we can disburse your loan on the same day of your application. For Standard Bank, Swaziland Building Society and Nedbank clients we will disburse your loan the following day, and for Swazi Bank the process may take up to 3 days.

 

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