BY PATRICK TOM
As the new school approaches, parents, guardians and relatives are preparing for the school year as well as securing funds to see their kids go through without any hiccups.
BSP Financial Group Limited saw an increase of six per cent in the loan upward in the period between 2020-2021.
Group chief executive officer Robin Fleming said BSP recognises the importance of education in the countries they operate in.
“Over the past two decades, BSP has supported parents/guardians with its BSP personal loan product to finance tuition or school fees, and other school related expenses such as uniforms, stationery and travel expenses.”
He said the personal loan product is available throughout the year. However, during the months of January and February, the vast majory of personal loan applications are related to school fees and associated expenses.
“In 2020, BSP financed 49,000 personal loans, while in 2021 53,000 personal loans were financed.
There has been an upward trend over the past 1 year, showing a recovery towards pre-COVID conditions.
“Over the past 12 months BSP personal loan funding has increased by 6 per cent,” Mr Fleming said.
“The BSP personal loan product is available in our branches across PNG. Our staff in each of these locations accept and process personal loan applications.”
He noted that BSP customers are able to borrow from a minimum of K1000 up to a maximum of K75,000 with a BSP personal loan.
The loan can be paid from a minimum of 12 months to a maximum of five (5) years, depending on the circumstances of the customer.
“Our terms and conditions apply for this product which a customer is made aware of.”
BSP processes up to 6000 plus personal loans applications each month.
Mr Fleming said BSP experiences more customers visiting the branches weeks prior to the start of the school year.
BSP encourages parents/guardians to make direct payments using BSP mobile banking and internet banking, removing the need to come to a branch.
There are over 400 schools registered as BSP Mobile Banking School Merchants.
These schools are able to receive payments electronically.
Parents registered with BSP Mobile Banking may dial *131# to make payments.
The months of January and February are the peak period for BSP personal loans and payment of school fees through our branches. BSP will extend its banking hours in several key locations around the country, to facilitate school fee payments.
Extended banking hours will commence mid-January and will run through to mid-February.”
— to postcourier.com.pg