Johannesburg - South African clothing retailer Edcon and banking group First National Bank (FNB) have teamed up to offer qualifying Edcon store-card clients access to personal and home loans.
Further partnerships and product offerings would be announced in due course, the parties said on Wednesday.
The partnership will provide personal loans in excess of R10 000 and home loans for both first-time buyers and customers already in the housing market.
The loans will be available to Edgars and Jet customers with a proven credit track record and who therefore represent a low credit risk, supporting competitive interest rates.
Edcon currently has over 4.1 million store-card customers, 84 percent of whom are current and able-to-buy.
Edcon financial services executive Ian Wood, said: "It's a logical next-step for us to move from providing many of our customers with their first line of credit into the home loan space, helping them buy their first house.
"Similarly, access to finance has been on the national agenda for some time and supporting our country's priorities where possible fits into our business model." - I-Net Bridge