You may be someone who is looking for finance to improve your home. someone who has dream to travel the desired destination of this beautiful earth but lacking money. Or someone who need money for special festivals such as Christmas to enjoy with family. You would be someone who has weeding plan and would-be needing finance to meet this wedding rememberable. People would be needing finance for unexpected emergency happenings; human life is uncertain and emergency case could happen. Or someone who wants to consolidate your existing debts Capitec would help you. So, an individual would be needing finance in every aspect of life and Capitec want to stands with him. Capitec Bank personal loan in South Africa will offer your personal finance at affordable interest rates to make your dreams come true.
Capitec Bank Personal Loan Amounts and Period
Bank offers personal loan amount up to R 250,000 depending on someone personal financial conditions. The period allowed for personal loan is starting from 1 month to 84 months. Customer can borrow any amount of loan up to R 250,000 depending on their finance needs. Also they can choose any repayment period ranging from 1 month minimum to 84 months maximum. But keep in mind loan amount allowed to you would be depending on your credit score also.
Eligibility Criteria for Loan Application
Following are the requirements to Apply with Capitec bank for personal loan
- Should be South African citizen
- He/she has to be employed and present most recent salary slip
- Applicant should have bank accounts and must present 3-month recent bank statement,
- Individual should have steady income
- Applicant should not be under debt counselling Benefits of Capitec Loans
Interest Rates and fee charged by Capitec bank
Capitec bank charge fix interest starting from 12.9% minimum to 24.50% maximum. But keep in mind that this interest is not the only cost that you have to pay on loan amount. You have to pay different fees also which will be charge by Capitec bank. How much interest rate will be charge on your loan amount; will depend on your credit score. Credit score is based on your debt repayments history where any past default in debts could be analysed. Interest rate charged on a person with excellent credit score would be lower then charged on poor credit score person. But it will fall within above-mentioned range.
Capitec bank charge fees on personal loans which should not be ignore while comparing with other banks cost. Bank charge initiation fee (once off) which is R 1,207.50; for any amount of loan, you have to pay this. It charges monthly services of R 69 irrespective of loan amount within allowed limit. Both fees are charged irrespective of loan amount if a person take loan of R 25,000 and another take loan of R 250,000 Both have to pay same initiation fee. And also, they have to pay same monthly fees. You can view more detail on interest and fee here.
Capitec Personal loan benefits include
- borrower can apply online and easily
- Capitec bank credit approval process is very fast; it approves in minutes and transfer the money immediately
- flexibility in repayments of personal loan
- Capitec offers loan for debt consolidation