BBS launches loan consolidation scheme

The company's head of corporate affairs, Sipho Showa said the mortgage bank offers customers an opportunity to consolidate their loans at reasonable interest rates. He said the rates are both below the prime-lending rate at 14.5 percent for people aged 30 years and below and 15.25 percent for the general public.

Showa said loan consolidation eliminated multiple payments and allows a borrower to make an affordable single monthly repayment to one lender. He said BBS will be able to refinance loans, by way of loan consolidation from other institutions such as commercial banks as long as the customers avail the latest valuation of their property.