Capitec Loans Review
♦ Personal loans up to R200,000
% Low-interest starting from 12.7%
↵ Repayment up to 84 months
The bank offers personal loan between R1,000 and R250,000.
Like many other lenders who offer loans in South Africa, Capitec Bank also offers personal loans and Business loans to its consumers to solve their financial emergencies.
But, to receive a loan, you should be considered as a trustworthy consumer which requires you to maintain a good credit profile and make your payments on time. Fees and possible interest rate will be based on your profile and your need.
Interest Rates | Capitec Bank Loans Review
If borrowers are not secure with assets, they generally charge high interest rates due to the risk of not being repaid. For example, if you borrow R25.000 to repay monthly (12 months), then you will be charge between 12.90% and 27.50% interest rate and your repayment will be R2444 to R2661 for each month.
The interest rate for a personal loan depends on your individual credit profile and affordability. You also have an option to choose any term for your loan (up to 84 months) to make your monthly payments more affordable. If you apply as a business owner, you will receive a loan in your own personal capacity, not as a business.
Affordability And Credit Profile
For Capitec Bank loans, the offer you will get for a personal loan depends on several factors such as your banking and credit history, your income and expenses, the stability of your income, the credit amount that you want and the monthly installment that you choose. Also, for credit terms of 7 months or longer, credit insurance is required. To cover death, permanent or temporary disability, unemployment or retrenchment.
On the other hand, while applying for a business loan. As an owner or a member/shareholder/director of a business, your business must be registered as an association not for gain. A close corporation (CC), incorporated (Inc), public (Ltd) or private company (Pty Ltd) earn a monthly salary. Providing a loan to informally self-employed individuals (including freelancers and sole traders) can not be granted.
Capitec Bank Loans – How To Apply
If you want to get a personal loan from Capitec Bank, you can apply loans online. With their app, by visiting the nearest branch or by phone. You need to apply with an original identification document (must be 18 years or older). Marriage certificate/divorce court order/ name change letter (if your name or surname differs from your identification document). Your latest salary slip. An original bank statement showing your latest 3 consecutive salary deposits into an account in your name.
To apply for a business loan, you can only apply in branch. You will need South African identity document (if you are a new client). Latest 3 monthly salary slips and latest 3 month bank statement when applying.