Steward Bank has announced that it will be giving out loans of up to US$10 000 to qualifying account-holders so they can pay their school fees. The offer seems limited to those who receive their salaries in Steward Accounts. Steward will not be actually giving out loans in USD, rather those who apply will receive the ZWL equivalent at prevailing interbank rate.

How to apply for the Steward school fees loan?

If you have an account with Steward which you use to receive your salary you can apply by sending an email to: [email protected] Your loan application will be processed in 72 hours. In addition to the conditions outlined above you also need to be aware some of the conditions associated with the loans.

be mindful of the conditions

Who qualifies for the school fees loans?

Civil servants with children school and salaried public and private sector employees with children in school. Usually banks are picky about the companies they will accept so if you work for a less known company your application might be rejected.

Do you need a Steward Bank account to qualify?

Yes this offer is being offered to Steward Account holders only. However, if you are a civil servant you can still apply even if you don’t bank with Steward.

How do you apply for the loan?

As mentioned above you need to email [email protected]

Ho do I repay the loan?

You will have to repay equal monthly installments until the loan is paid up. The exact amount you will pay will depend on the loan amount you took out

What is the minimum loan amount I can apply for?

The minimum about you can apply for is $3 000 ZWL. Why anyone would need to apply for a loan to pay $3000 ZWL is strange but they needed a minimum and they picked that.

What is the maximum loan amount for school fees?

The prevailing equivalent of US$10 000 at the auction or interbank rate.

What is the tenor or payback period for the loan?

The lesser of 36 months, months or years until you retire or your contract period. So if you are an ordinary worker with a permanent contract and are not about to retire the loan term is 36 months. However if you are about to retire say in 3 monhts the loan has to be repaid in 3 months etc

How long does it take to hear back from Steward after you have applied?

24-72 hours

What’s loan interest rate?

45% per annum

The loan can be handy if you are pressed for money but you need to be careful of that interest rate. It’s a bit high but I guess they have to in order to mitigate the risk of lending people money in a turbulent economy.