All you need to know about the Postbank Loans Application

All you need to know about the Postbank Loans Application

Whether you want to save, transact or put some money aside for a rainy day, Postbank has the right product for your financial comfort and peace of mind.

Postbank offers secure, reliable, accessible and affordable banking.

Until recently, Postbank has been a deposit-taking institution, without the ability to offer loans. In July 2016, Chief Executive of the post Office, Mark Barnes, announced that the South African Reserve Bank had approved Post Bank’s application to establish a bank, taking it a step closer to obtaining a banking licence.

Barnes has said that he believes that there is no reason Postbank cannot, in time, begin offering unsecured loans at rates that are far below those other banks offer their customers.

Barnes said that with the state behind a bank the cost of capital could be far lower. He pointed out that there is a massive informal sector that is unbanked and falls outside of the tax net.

Postbank serves the portion of the market that may not qualify for services offered by traditional lending institutions like commercial banks.

How the Postbank Loans Application will work:

The loans will be unsecured, so there will be no need to put an asset up as a form of collateral.

Individuals may need to be aged at least 18 years and above, and may need to provide a valid identity document.

With a Postbank available at every Post Office nationwide, the Postbank Loans Application may be done in-branch, where Postbank consultants will be available to guide loan applicants through the process.

Postbank will become a registered credit provider, so it will be fully compliant with the National Credit Act. Loans will be granted to individuals following a thorough affordability assessment.

To call Postbank, call: 0800 53 54 55

Categories: Loans