Capitec Personal Loan is a loan facility targeted at individuals above the age of 18 with a regular income. The interest rate is personalised, starting at 12.9%. The maximum loan amount is R250000.00.
Capitec bank offers interesting banking products to its customers and it is no exception with its personal loan facility. Capitec personal loan primarily referred to as Personalized loan by the bank offers only one option to choose from.
Considering Capitec’s age in business this is somehow acceptable. As part of the big 5 banks, Capitec has put its focus on one type of personal loan. This gives them an edge to continuously refine the loan offering.
Capitec personal loan is similar to other banks’ term loans. However, their personal loan provides more payment periods than other banks in the big 5.
Personal loan from Capitec gives up to 84 months to repay. However, this implies that more interest will be charged for the extended time.
Applying for Capitec personal loan is easy. Application can take minutes for Mobile app users. For those who are not Capitec customers it can take a day or more depending on document availability.
Application for term loan doesn’t require documentation from existing Capitec customers. Provided you use that same account to receive your salary/income.
Interest rate will vary depending on your credit risk. High risk borrowers tend to receive high interest rate because of the risk factor involved. Making sure that your credit score is good will reduce your loan repayment amount.
You can consolidate existing loans to make repayments easier.
It is important to adhere to the Capitec Bank personal loan requirements. Your credit score is a factor in determining how much credit you can get. The higher your credit score the more likely you are to get approved for the loan. High credit score also means low interests rate for you.
Applications cannot be processed without submitting FICA documents with exception to existing Capitec bank customers. You will need to submit amongst other documents, your Payslip as proof of employment.
To qualify for Capitec personal loan, you must have Credit insurance valid for atleast 7 months or longer. The insurance covers death, permanent or temporary disability, unemployment, the inability to earn an income or retrenchment.
Capitec insurance only covers those with Capitec personal loan. Insurance holders must be 18 years old. The insurance is restricted to those who are below the expiry age. The expiry age is the last day on the month where one turns 65 years.
Permanent disability claims will only be paid after 6 months. This is due to the fact that assessment has to be done to verify the claim. Only the amount outstanding upon death will on be paid to cover the loan debt. For temporary disability, Capitec may waive the 3 months waiting period if the condition is established earlier.
Capitec bank personal loan is easy to apply for. Anyone earning R3000 or more can apply for a capitec personal loan. Can start by checking how much you qualify for. You can visit the affordability checker to get an estimate of how much you qualify for.
You can get information about how to maintain a good credit from Capitec. Capitec bank offer a free booklet to anyone who want to learn about credit. Whether you want to know how to keep a good credit score or being credit savvy there is information in the booklet.
Understing how credit works will help you manage your credit affairs. Getting the right information before getting a loan can keep you from trouble.
The Capitec bank booklet can be a good way to be credit literate. Your credit health is dependent on your knowledge. Knowledge will help you with running, paying and getting your personal loan.
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