Account Opening

Account Opening Requirements


EASY CREDIT – OPEN AN EDGARS ACCOUNT TODAY!

1.0 The requirements for opening an Edgars account are as follows:
1.1 Your original current payslip (and a photocopy of the same should you wish to retain the original)
1.2 Your original National ID, Passport or Driver’s license (and a photocopy of the same)
1.3 Proof of residence in the form of either a water bill or electricity bill (and a photocopy of the same should you wish to retain the original. You can also bring a letter from the Landlord acknowledging that you lease his/her property together with the landlord's proof of residence.)

2.0 Types of Accounts Available – unlimited choice!


For formally-employed individuals:
6 months to pay Account: With a 6 months to pay revolving account, (revolving credit means you can buy any time as long as you have buying power on your account and your monthly payments are up to date), you pay No interest and Zero deposit.
12 months to pay Account: For a 12 month to pay revolving credit Account, you pay only 2% interest per month and Zero deposit. This account type is exclusive to Edgars Club members only (see point 6.0 on Club member Benefits)

No Payslip Account – own company
• If you are not formally employed and you are running your own business (self-employed) over and above the initial Edgars account opening requirements, you can bring your proof of income in the form of a recent three months bank statement in your name or the company’s name.
• You should also bring your CR14 (Company’s registration documents) for us to be able to verify your company details.
• The terms on the informal Sector account are 25% deposit which will fall away after 6 months as long as the account is conducted well (account must no fall into arrears)

No Payslip Account – individual
• If you are not formally employed and you are running your own business (self-employed) over and above the initial Edgars account opening requirements, you can bring your proof of income in the form of a recent three months bank statement or your business’s financial books.
• You will be required to undergo a credit rating test in the store for about 30 minutes which will allow us to allocate you the relevant credit.
• The terms on the informal Sector account are 9 months to pay, and 2 % interest.


Diaspora paid outs Accounts
We can also open an account for customers receiving money from the Diaspora. All they need to bring are three months recent Diasporan receipts as proof of income.


3.0 How long will it take to open account?
On receipt of all documents highlighted on point 1.0 above we take 24-48 hours to open an account. The 24-48 hours is to enable us to do all credit checks.

4.0 Instalment payments
Instalments are due by the1st week of the following month. We will send you a statement SMS a week before the instalment due date. However we expect all our customers to diarise due dates for their instalment payments to avoid unnecessary late payment penalty charges in case SMSes don’t reach them. All customers are obliged to pay their instalment dues on a monthly basis as per the contractual obligation agreed upon.

5.0 EDGARS Club Membership Benefit (Optional for 6 months to pay account holders but compulsory for 12 months to pay account holders)
The Club is a loyalty program exclusive to Edgars Account holders. The membership's ultimate goal is to make it as affordable as possible, next to free really for our most valued customers.  The benefits are, however, unbelievable for customers who keep their accounts in good order.


For a $3 subscription monthly, members stand to benefit from the following:


A. Hospital Cash Plan Benefits;
1. Cash pay-out of $100.00 each day spent in hospital when admitted for more than 48 hours
2. A maximum pay out per claim is limited to $3 000.00 per event and $6 000.00 per year.
3. An Edgars Account debt relief or credit of $200 for hospitalisation of 7 days and above (only limited to the principal policy holder).
4. Immediate cover for accident-caused admissions and 3 months' waiting period for hospitalisation due to illness. 6 months' waiting period for planned surgeries.
5. 100% debt relief of the whole amount outstanding if the principal account holder passes on.
The Edgars Club Subscriber can also add beneficiaries’ e.g. children, mother, father, brother etc at $1.60 per adult and $1.00 per child. The following conditions apply;
1. Cash pay-out of $100.00 for an adult beneficiary and $50.00 for a child beneficiary for each day spent in hospital when admitted for more than 48 hours.
2. A maximum pay out per claim of $3 000.00 for an adult beneficiary per event and $1 500.00 for a child beneficiary and $6 000.00 and $3 000.00 per year respectively.
3. Immediate cover for accident-caused admissions and 3 months' waiting period for hospitalisation due to illness. 6 months' waiting period for planned surgeries.
4. The benefits arising as a result of hospitalisation of beneficiaries are paid to the Club member only.


Required claim documents
1. Completed claim application form
2. Hospital statement
3. Discharge summary
4. Copy of medical aid card or receipts(in cases where there is no medical aid)
5.  Copy of ID for both account holder/claimant and patient
6. Doctor’s letter
Submit claim documents within 30 days of discharge from hospital.

Note that this is not medical aid. You can use the money the way you like, such as buy groceries, pay school fees, and so on.

B. The Club Magazine
We offer you an insightful, beautifully-packaged magazine that will help you navigate fashion trends, entitles you to in store discounts, general information and a wide range of adverts.

C. Promotions
Now and again we will run promotions that include but are not limited to free gift   offerings, in-store discounts, movie tickets etc.


D. Access to our business alliance exclusive offerings.
For example, your Club membership may entitle you to VIP treatment at Econet shops, Spar and other institutions.


E. You may win an Educational bursary for a school of your choice – we give away a total of $10,000 towards educational bursaries for rural schools per edition.

We look forward to serving you as one of our valued customers.

Please note that our credit terms are:

6 MONTHS TO PAY REVOLVING ACCOUNT

(YOU CAN BUY ANY TIME AS LONG AS YOU HAVE BUYING POWER ON YOUR ACCOUNT AND YOUR MONTHLY PAYMENTS ARE UP TO DATE)

  • No interest
  • Zero deposit if you are formally employed
  • 25% deposit if you not formally employed.

12 MONTHS TO PAY

  • 12 MONTHS TO PAY
  • Up to 75% more credit
  • 2% interest per month
  • Access to the Edgars Hospital Cash Plan
  • No service costs or admin fees,
  • And exclusive to Club Members only

 


 

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