Capitec is probably one of the youngest banks in South Africa, but they have surely made allot of the bigger banks sit up straight and look at their personal loan products in closer detail.
Capitec personal loans offers personal loans up to R250 000 with their maximum repayment term being 84 months or 7 years. It basically states on their website that allot of factors play a role in determining what you will be able to qualify for and what repayment term you will receive. Factors that they will look at include your credit profile and affordability.
Something that we saw that really impressed us is that they do offer more detail about their personal loans on their website and they have it available in various languages. These languages include Afrikaans, English, Xhosa and Zulu.
They will need all the basic relevant documentation with your personal loan application that will include your identity document, proof of residential address, latest salary slip and 3 months of bank statements. Through their assessment, they will be bale to comb through your financials to determine if you will be able to repay the loan and how much they will be able to borrow to you. If you are self-employed, you will unfortunetely not be able to apply for a personal loan with Capitec.
More and more people are starting to move to Capitec since their banking costs and some of the lowest in the market and their service is of very high standard and we can't wait to see what only personal loan products they are going to present next to the market. We will be following them closely and will keep all our users updated on the latest news and reviews. With such great personal loan options, we will surely be looking at them next time we are in need of a personal loan.
If you do want to apply for a personal loan with them, you can do so online or visit your nearest branch to find out more.