You might want to consider the Capitec Bank Loan if you’re looking for a personal or home loan with value. For the personal loan, you can borrow up to R 250,000 with competitive interest rates and fixed monthly payments. Applicants can apply online and manage the credit using Capitec Bank app.
With loans, you can pay for your education, improve your home, buy an appliance, furniture, and basically improve your lifestyle. You can make those big purchases and then pay the total amount back in small increments monthly, so you can still enjoy life and get some breathing space to pay it all back.
If you are shopping around for a loan, it is important to do your research. We have compiled a guide here to walk you through the loan features, application process, requirements, fees, and contact information. Read through everything before deciding whether or not this loan is for you.
Capitec Bank Loan Features
The best thing about a Capitec Bank loan is the personalized credit you get based on your financial capacity. Applicants can choose a loan amount up to a maximum of Rs250,000 for personal loan and Rs5,000,000 for home loan.
Once the loan amount is approved, borrowers can enjoy fixed monthly repayments. Having a fixed repayment gives you control over your finances. The Capitec Bank Loan also features an insurance to cover the inability to earn an income due to disability, unemployment, or death.
Finally, the Capitec loans have a lower interest of 12.9 percent fixed for the personal loan. Home loans are a bit complicated because the bank will determine the interest based on the applicant’s credit score.
Application Process and Requirements
Applying for the Capitec Bank loan is easy with the online facility. To qualify for the loan, you must be at least 18 years old, employed for more than two months, and have a bank account. Additional requirements include a latest salary slip, original identification document, and bank statements.
There are four ways to apply for the loan: through the Capitec Bank app, online facility through the Capitec Bank website, calling the Capitec hotline and via nearest branch.
Interest Rate and Other Fees
Aside from the interest rate of 12.9 percent, other fees included in applying for a loan includes service fee, initiation fee, default administration charges, collection fees, and credit insurance for credit terms up to 7 months and more.
Capitec Bank provides the exact costs of the mentioned fees. To learn about them, you can contact the bank through their customer service hotline.
Capitec Bank Contact Information
Connect to a customer representative by dialing 021-941-1377 or +27 21-941-0770. The hotline is serviceable for 24 hours. You can also reach the bank through their email at clientcare@capitecbank.co.za.
The bank’s main address is located at 1 Quantum Street, Techno Park, Stellenbosch, South Africa.
Conclusion
Applying for the Capitec Bank Loan is easy and hassle-free thanks to the online application. With fixed monthly repayments and lower interest rate, you can make big purchases and pay them back in increments that are affordable to you over a period of 7 months up to 84 months.
For more information regarding the loan, visit the website of Capitec Bank.
Note: There are risks involved when applying for a loan. Please see the bank’s Terms and Conditions page for more information.
