Stanbic IBTC provide solutions to school fees payment burden
Stanbic IBTC Bank has provided a solution to help parents minimize financial burden as schools reopen for a new term.
The bank is encouraging parents to take advantage of its bouquet of payment solutions to assist its customers. The solutions include Short Term Loans, Salary Advance (SALAD) for salaried workers, and Credit Cards that parents can take advantage of to pay the school fees of their children/wards without negatively impacting the family income.
The lender said its prepaid cards are available to load pocket money for children/wards, while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees. The school fees payment solutions underline the importance the financial institution attaches to education, it added.
Executive Director, Personal and Business Banking, Mr. Babatunde Macaulay, said the educational development of children is the key to unlocking a prosperous future for the family and the bank is desirous to offer the necessary assistance to parents/guardians to ensure they bequeath their children this important legacy.
“Stanbic IBTC understands the pivotal role education can play in transforming a society, which is why we have developed these products tailored to the needs of our customers as they endeavour to provide quality education for their children/wards,” Macaulay said.
Other benefits of the school fees loans, according to Macaulay, include low-interest rates, access to a revolving line of credit, flexible repayment terms and the opportunity to access credit up to 100% of the customer’s income. With schools resuming for a new term, the school fees loans will help to alleviate the financial burden parents and guardians may face in paying school fees.
On how to access the products, Macaulay said the beneficiary must be a salary account holder with Stanbic IBTC Bank after which the customer can walk into any branch of the bank and apply for any of the loans in a few easy steps. The application is then processed within one week and the customer is contacted with feedback.
