Capitec Bank – Personal Loans

Capitec personal loans

Capitec Bank offers a Global One product which is an all-inclusive banking solution that allows individuals to save, transact and get access to credit.

Capitec Bank Personal Loans:

Up to R250 000 in finance is offered with a flexible repayment period of up to 84 months. Free retrenchment and death cover is included. The money is available immediately after approval.

Applying for this loan is simple and can be done online or at any Capitec branch nationwide. Before applying, it’s always advisable to use the credit calculator to work out what your monthly repayments will be. When applying online, you’ll need to provide the loan information, your employment information as well as your personal information.

Qualifying criteria you need to fulfil before you can apply for a loan at Capitec Bank:

  • Be above the age of 18 years
  • Provide a recent bank statement
  • Be employed for more than 2 months
  • Earn a salary paid into your bank account
  • Not be under debt review
  • Provide original proof of residence
  • Provide your latest salary slip
  • Provide latest 3 months’ bank statement

Fast facts about Capitec personal loans:

  • The new maximum personal loans offered represent an increase of 53%.
  • Nice to know is that the R230 000 can be paid over between one to 84 months.
  • The amount offered is quite high compared to the big four financial banks in SA.
  • The monthly repayment for a R150 000 loan over 60 months comes to about R5 472.58.
  • According to a Capitec’s website the monthly repayment for a R230 000 loan can range from R4 984 over 84 months at an interest rate of 18.5% or R5 939 over 84 months at an interest rate of 25.2%, depending.
  • It is important to note that Capitec clearly states that these are only examples and the actual rate will be based on the individual’s credit profile and affordability.
  • Taking the repayment of R5 939 you will over 84 months’ pay R498 913 in total for your R230 000 loan.

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