How To Apply for A Capitec Loan in South Africa
Thinking of applying for a Capitec loan in South Africa?
Get an estimate online or use Capitec banking app to apply for a loan of up to R250 000.
Capitec bank makes it easy to acquire credit, move to a simpler way to get credit by applying for a term loan.
About
A retail bank in South Africa is called Capitec Bank.
With 120,000 clients establishing new accounts each month, the bank was the second largest retail bank in South Africa as of August 2017.
According to the 2015 Chief Financial Officer's Report, the bank has over 6.2 million clients and has 500 retail locations nationally. It also has 3418 ATMs that it owns or works with.
309,000 of these consumers use internet banking, while 3.5 million use mobile banking.
The asset base of Capitec Bank exceeded R53.9 billion, with R11.6 billion in equity, and retail savings deposits growing by 32% for the year to R19.3 billion and retail fixed savings increasing by 19% to R10.7 billion for the year, according to the annual results for the 2015 financial year.
Net transaction fee income totaled R2.6 billion, while earnings and headline earnings for the 2015 fiscal year came to R2.547 billion compared to R2.017 billion in 2014.
Personal Loan Benefits?
| Benefits of Capitec personal loans. |
|---|
| Get up to R250 000 over 84 months. |
| Choose what works for you – the amount you want, the lowest monthly instalment or the lowest interest rate. |
| Credit is approved in minutes and the money is available immediately. |
| Pay fixed monthly repayments. |
| Get interest rates from 11.75% |
| Consolidate all your existing loans for easier monthly repayments. |
| Add affordable credit insurance, including retrenchment and death cover. |
| Manage your credit using Capitec app. |
Capitec Interest rates and other fees
One of the most critical aspects of every type of borrowing you do, whether you are buying a car, home or taking out a personal loan, it's an interest rate.
You need to know if you are getting a good deal or not, you need to know the price of the package.
Many people love to borrow money from Capitec because they have best competitive loan interest rates by far.
You many take a review on the below table.
| How much are the Capitec loan Interest rates. |
|---|
| Interests at 12.9 - 24.5%. |
| Once-off initiation fee: R1207.50 for an R25 000.00 amount. |
| Monthly service fee: R69.00 for an R25 000.00 amount. |
| Credit life insurance: R4.00 - R4.50 for every R1 000.00 |
| The sum and duration determine the set monthly repayments. |
What Do You Need to Apply for A Capitec Loan
For every reputable financial institution, to apply for any loan, you will be required to submit documentation.
Documentation is important to the lender to ensure that they are lending rightfully, these will put them at ease that they will get their money back.
First and foremost, there is a qualifying criteria.
How to Qualify
- You must 18 years of age.
- Applicants must a South Africa citizen with a Valid ID.
- Applicants needs a regular income.
- Credit checks will be performed to ensure that you qualify.
Papers Required (Documentation)
- Valid ID Document
- Proof of income, latest three months’ bank statements
- Proof of residence not older than 3 months
How To Apply for A Capitec Loan
| How to apply for a Capitec Bank Personal Loan? |
|---|
| You can apply for the Capitec website |
| Download Capitec bank app and apply from the app. |
| Apply from one of their branches. |