Grow your business with a
Business Loan
Getting Started
Xhantela business loans have no (0%) interest and 4% initiation fee (R4 for every R100 you borrow). This is because they are different from other loans in the market.
It is important to understand how these loans work.4
Click the image to see how to get your Xhantela Business Loan
Click the image to see more details on how Xhantela Loans work
Loan Rules
Xhantela business loans are provided to groups of business owners so that they can help each other. We want to help each other and make sure that Xhantela is a place for support and accountability.
We will promote full transparency. Every loan paid out and every loan repayment is confirmed via text message to group so that everyone is aware of all moneys in the group.
When you receive your Xhantela business loan, you agree:
- To use your Xhantela loan to grow your business
- To repay your Xhantela loan on time
- To attend and participate in every one of the weekly Xhantela meetings
- To help others in your group when they are not able to pay their instalment
- To make sure other people in your group only use their loans to grow their businesses
- To make sure other people in your group attend the weekly meetings
- To make sure other people in your group pay their instalments
- To help other group members wherever you can
To ensure everyone’s safety
NO CASH IS ALLOWED AT THE MEETINGS
Frequently Asked Questions
No. Xhantela groups are good arrangements. Working together as a group is the foundation of Xhantela Loans. Group members are there to help each other with advice and support. They can also help when something bad happens that prevents you from trading that week.
Xhantela groups consists of 4 business owners.
Each group member must have their own business (independent of the others in the group).
At least 3 of the people in the group must have existing businesses. One member of the group can join to start their own business.
You choose your who you want to be in your group, so remember: Your Xhantela group members will influence your loan: Make sure that everyone in your group is serious about business and that you can trust them to work responsibly with their money.
You only need to bring your:
- South African ID Card or South African ID Book; and
- proof of your banking details.
You will be asked (and helped) to complete a:
- Application form with your personal and business information
- “Business plan” which helps Xhantela how your business works and how big it is
TymeBank and Capitec print the account number on the bank card, so you can bring those.
For other banks you need to bring a bank statement not older than 3 months.
Mashonistas generally operate illegally. This means that they generally take less information from you than is legally required and charge much more interest than is legally allowed.
Xhantela act within the National Credit Act. The extra information we take allows us to protect Xhantela and the other members in the group while keeping the our loan costs what they are.
The weekly meetings are the foundation of Xhantela loans. At these meetings we:
- confirm that the person who received the loan in the previous week used the loan for their business;
- that everyone paid their instalments;
- pay the next person’s loan; and
- discuss ways in which we can help each other.
At the meetings, short business advice/education is also shared.
We meet every week at the same time at the same place.
Yes. Attending the meeting is a condition of the loan. We keep a register of who attended the meetings.
If something happens that you cannot make a meeting, you have to inform the Xhantela representative that you won’t be able to attend.
At every meeting, we confirm that everyone paid. A text message (WhatsApp or SMS) is also sent to the group to confirm how much each member has paid, who received a loan and how much that loan was.
For everone’s security we don’t allow cash at the Xhantela meetings. Payment must be made from your bank account to Xhantela’s account before the meeting.
Xhantela will pay your loan into any South African bank account that belongs to you.
If you bank with TymeBank or Capitec, the money will be available instantly. If you bank with another bank, you will have to wait for the banking system to take your money from our bank to your bank.
It is also very important that your weekly payment must be in Xhantela’s account before the meeting – so if you bank with another bank you will need to make the payment the day before the meeting.
Xhantela Loans are paid every week before the weekly meeting.
If you pay your loan from a bank other than TymeBank or Capitec, you will need to pay at least 1 day before the meeting to make sure the money is in Xhantela’s account before the meeting.
Xhantela loans start at R500 with the biggest loan being R10,000.
If you join Xhantela and is successful in your loan application, your first loan will be R500.
We start loans small with R500 to protect you and your fellow group members.
The first loan shows us and the group who is serious and can be trusted. The first loan is small so that if someone isn’t able to pay any of their payments, the burden on the group is small.
Once everyone repaid their first loan you can apply for a bigger amount depending on what you can afford.
The biggest loans Xhantela gives is R10, 000.
We start loans small with R500 to protect you and your fellow group members.
The first loan shows us and the group who is serious and can be trusted. The first loan is small so that if someone isn’t able to pay any of their payments, the burden on the group is small.
Once everyone repaid their first loan you can apply for a bigger amount depending on what you can afford.
It sometimes happen that you get sick or that you have to go out of time for a family event which prevents you from trading.
At Xhantela, the groups exist to help each other, so when someone in your group is unable to pay one week, we encourage the group to help that person with the payment.
However, you must never take advantage of this help. The group can choose to replace you with someone else if they feel that you are taking advantage of them.
Here are some guidelines how to go about when something happens that you won’t be able to pay your weekly instalment.
- Speak to your group early. Don’t wait until the meeting to let your group know. If they are going to need to help you pay, they need to plan their money too.
- Be honest. It can feel embarrassing when you need help with money. Being honest with your group members ensures that they trust you and that they know you aren’t taking advantage of them.
- Make an effort. Try from your side to continue with business. Get someone to trade for you while you can’t. And pay the portion you can afford. Don’t just sit back and expect everyone to help you – that will get you removed from the group quickly
It sometimes happen that people get sick or that you have to go out of time for a family event which prevents them from trading.
At Xhantela, the groups exist to help each other, so when someone in your group is unable to pay one week, we encourage the group to help that person with the payment (you might also get sick).
If you feel that the person is taking advantage of the group, you are able to replace them with a new member.
Please remember that no one in the group can get a new loan until everyone in the group have paid their instalments. So even if you get a new member, the last loan of the replaced member must be paid before anyone in the group will get a new loan.
You need to have a South African Green ID Book or South African ID Card to qualify for a Xhantela loan.
Please contact us if you have any other questions.