It is nice to know there are institutions you can go to when you encounter sudden financial difficulties for peace of mind.
But this may also be a pitfall if you do not do your homework properly, and it may become a financial burden.
Fortunately, there are financial companies that do provide a financial service without abusing the current situation. Always remember that a loan will still place some kind of burden on your finances.
Who Is Eligible?
For you to qualify for a personal loan at Capitec Bank South Africa, you need to be a resident of this country. You also need to be 18 years or older to legally apply for a personal loan at Capitec Bank or any financial institution.
You must also have a steady income, such as a monthly salary, to be able to apply for a personal loan. Some documents will be required to verify the above-mentioned criteria, and you will need an ID.
You also need the latest payslip from the company you are currently working for and have been in their service for 6 months. They may also require from you at least three months of bank statements from the bank your salary is paid into.
Interest Rates And Fees
Personal loans of R1,500 and up to R250,000 are available at Capitec Bank, and the interest rates may vary. You can borrow money from Capitec Bank at rates as low as 12,9% minimum, depending on your credit rating.
Look at this table to see what the repayment rates will be at Capitec Bank, depending on the amount you want to borrow. There will also be some initiation fees as well as monthly fees involved with the amount you may borrow.
It is sometimes possible to decide for yourself how quickly you want to repay the loan amount. You can go to the following website to calculate your credit rating and for what type of loan you may qualify.
Repayment Schedule
It will all depend on the amount you want to borrow as well as your credit rating, how long you will take to repay. There are different repayment periods available, and they may range from 12 months to 84 months, depending on what you decide.
You should always keep in mind that the longer you take to repay a loan, the more you will pay in the end.
Pros
- You do not need collateral
- Any amount is available depending on your worthiness
- With this, you have plenty of time to repay
- The interest rate is reasonable
Cons
- If you have bad credit, you pay higher rates
- There are high fees involved
How To Apply
To apply for a personal loan at Capitec Bank South Africa, you can go to a branch near your home. There is a branch in every main center all over South Africa, and they are very easily accessible by anyone.
To find a Capitec Bank branch near you, go to this website called a branch locator, and locate the nearest branch. This will help you to quickly find a branch of Capitec Bank no matter where you are at that moment.
If it is not possible for you to get to any of these branches, you can use the Capitec Bank app on your phone. This App can easily be downloaded here to make your banking easy and safe at all times.
Another very convenient way to apply for a personal loan at Capitec Bank is to quickly and easily do it online. If you have a PC or Laptop and have an internet service provider, you easily apply here for a personal loan.
Bank Address And Contact Numbers
Postal: P O Box 12451, Die Boord, Stellenbosch, 7613
Physical Address: 1 Quantum Street, Techno Park, Stellenbosch, 7600
Tel: (021) 809 4599
Fax: (021) 880 1840
E-mail: [email protected]
Capitec Bank South Africa also has more than 840 branches all over South Africa and can be visited during office hours.
Risk Disclaimer
Please keep in mind that there are risks involved when you apply for a loan at any financial institution. See Capitec Bank’s terms and conditions if you need more information.
