The Ithala loans stand out as a product that has stood the test of time in the social, economic and political history of South Africa. During the heat of the apartheid legacy in South Africa, Ithala was still offering home loans and banking services to black areas in the townships and rural areas of Kwazulu-Natal.
To date Ithala has 51 branches with 450 staff members based in branches throughout Durban and the head office in Durban. Ithala largely sources its business from reliable bond originators.
Some of the loan facilities offered by Ithala include home loans, home improvement loans, property development, commercial loans and personal loans. Ithala also offers the VAT loans which are tailored as a short-term bridging finance facility to newly established industrial companies for the payment of VAT on equipment purchased or newly established medium sized property owning companies for the payment of VAT in respect of property acquisitions.
The company’s auditors are allowed to co-sign the agreement and make a pledge to claim the VAT from the receiver and the address and account details for the payment of VAT refunds to that of the auditors. Upon refund of the VAT claim, the auditors refund the outstanding amount to Ithala. This facility can however only be used for newly established companies only where no output VAT will be applicable which can reduce the amount of claim. The VAT loans run for a 4 months term.
An extension to the home loans provided are the various investment and saving options provided by Ithala. Ithala provides the savings bank book, debit card, club save, target save and the fixed deposit option.
Ithala can be contacted on 031 907 8911.