When you want to meet your needed financial goals, you can apply with Capitec bank personalized loan. You have to provide all required information to Capitec bank so that Capitec can analyse your financial position for decision making on allowed loan amount. And also based on your credit score bank will decide to make decision on how much interest rate would be charged on your loan amount. Capitec bank allows you to take personalized loan; means you can take loan as much as you need up to R 250,000. You can also select repayment period as per your own financial condition starting from 1 month to 84 months. Capitec bank personalised loan allows you to take required finance at lower rates and other associated fees.
Personalised loan is allowed with in the following range:
- Loan amounts allowed for personalized loan by Capitec bank is: R1,000 up to R250,000
- Fixed Interest rate allowed between the range of: 12.9% minimum to 24.50%. remember this is interest rate and not the APR rate so other cost is not included in this.
- Initiation Fee (one off) of R 1207.50 on whatever amount of loan you take up to allowed limit you have to pay this inhiation fee.
- You have to pay monthly service fee of R 69 for every month of payment period. if you selected 24 months as repayment period you have to pay 24 months fee. And if someone selected payment period of 60 months then he has to pay R 69 for 60 months
- Terms of credit: loan allowed for the period starting from 1 month to 84 months. bank allowed personalized loan as less as for 1 month which is greater flexibility compare to other banks. but you have to keep in mind that interest rate would be higher for selection loan for shorter period. and also, you have to consider that you must pay initiation fee for what ever period you select the loan.
Capitec Bank Personalised Loan Calculation
To understand personalized loan with Capitec bank we can start by assuming that; let’s say you need R25000 loan amount. And you apply with Capitec bank for personal loan for loan term of 12 months. As per Capitec bank loan calculator, you have to R 2491.7 monthly for period of 12 months which includes monthly fee of R69 and initiation fee of R1207.50. but be informed that interest charged on this amount of loan is on the illustrative basis. And interest charge could vary depending on some one personal financial position and credit score. But interest rate would remain within range of 12.9% minimum to 24.50% maximum. This is possible that one person is paying interest rate of 12.90% while other is paying 16% on same amount. Because this depends on someone personal financial position and credit score.
So lower interest will be charged on good credit score and higher will be charged on poor credit score. You can check how loan calculator of Capitec bank work for you.
You can get your credit without leaving home; Just send SMS CREDIT to 43421. you can view more detail on Capitec personal loan here.