STANDARD Lesotho Bank has introduced a new lending campaign designed to enhance the banking experience for customers.

This initiative comes on the heels of the successful 2023 lending campaign, which made a significant impact on individuals and businesses, fostering financial empowerment and community growth.

Running from May to August 2023, the campaign distributed M5.6 million in cashback incentives to numerous clients who availed of lending solutions, contributing to the realisation of their financial goals.

Head of Personal Banking at Standard Lesotho Bank, Teboho Sello highlighted the campaign's objective to provide value and support to customers in their pursuit of goals.

As a market leader, Sello emphasised the bank's commitment to continuous innovation and improvement, aiming to make a positive impact on the lives of its clients.

 "I want to emphasise that we never rest at this juncture. We are continually refining our solutions and incentive framework with the aim of simplifying life for our customers and making a meaningful contribution to our economy. Our lending solutions go beyond mere banking; they signify our deep understanding of our customers' needs and the essential requirements to ensure they fully appreciate what Standard Lesotho Bank has to offer," he said.

Breaking down the components of the lending campaign, Sello said the bank provides unsecured personal loans, vehicle and asset finance, and home loans.

Additionally, he underscored the bank's unique offering of digital loans, asserting its position as the sole institution providing this service.

With digital loans, customers can receive loan offers on their digital devices and secure an instant loan with a simple click.

"This approach has revolutionised our customers' loan experience, making it significantly more convenient. These are the fastest loans, swiftly disbursed as they are pre-approved by our intelligent digital systems, which assess customers' account conduct. Our digital loans can be disbursed within seconds," he said.

In addition, he said the bank extends further benefits to customers by offering life insurance and funeral insurance as incentives for taking loans.
"One notable advantage integrated into our Unsecured Personal Loan is insurance. In the unfortunate event of death, we settle the entire loan and provide the remaining balance to the family. For example, if an individual has taken a loan amounting to M250,000 and passes away after having paid M150,000, we will clear the remaining M100,000 of the loan and reimburse the family with M150,000," he said, adding that similar compensation is offered in the case of permanent disability.

Furthermore, in the event of death, he said the bank provides the family with funeral compensation, covering expenses up to a maximum of M50,000.

"On our Vehicle and Asset Finance (VAF), we offer the option of Vehicle Loan Protection Cover for customers. In the unfortunate event of death, this cover allows the bank to settle your VAF loan, ensuring that the family retains ownership of the purchased vehicle without the risk of repossession," he showed.

Discussing the insurance cash back incentive, Sello said customers who consistently repay their loans are eligible for a portion of the insurance premiums returned by the bank. Currently, the bank is returning M11 million in insurance cash to thousands of Basotho who took out Unsecured Personal Loans several years ago.

"For customers who take Unsecured Personal Loans with a minimum term of four years and consistently repay without defaulting, top-ups, or redraws, they receive a guaranteed 15 percent of the total insurance premiums as cash back at the end of the loan term," he said.

Sello also mentioned the inclusion of Retrenchment Cover, which steps in to cover loan instalments in the event of retrenchment.