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Can I get a Personal loan at Capitec Bank? Fast Estimator

We all need financial help in some points of our lives. If it weren’t for this service, many of us wouldn’t be able to own a house, or a car, or pursue our dreams. This is true everywhere in the world, and it is, of course, true in South Africa. Luckily, there are important and trustworthy companies that provide financial services in our country. Here we will discuss the loans offered by Capitec Bank: we will walk you through the different loan options, the application procedure, waiting times, contact numbers, and more. Our goal is for you to get all the info you need to make a smart decisions when it comes to taking out a loan.  

What are the Types of Loans Offered by Capitec Bank?

Not all loans suit everybody, that’s why Capitec Bank has designed a great array of loan possibilities. In this article we will go over some of them and tell you all you need to know in the event you want to apply for them. We’ll talk about personal loans, business loans, and credit facilities. Keep reading and don’t forget to leave us a comment or ask questions below if you have doubts.

Does Capitec Bank Give Personal Loans?

Capitec Bank is a retail bank of South Africa that offers numerous financial services, such as loans, insurance, transactions, and other services (like insurance, transactions, and saving programs). If you need cash to make an important sale, refurnish your home, or taking a vacation, you might consider Capitec Bank personal loan.

In this bank you can borrow up to R250000 with a personal loan and the lowest interest rate starts at 12.9%. However, the amount of money and the interest rate you can qualify for is strictly based on your income and your credit profile. The higher your salary, the more money you will be able to borrow. Conversely, the healthier your credit history, the lower interest rate the bank might be able to provide you.

This might be hard to visualize. You might ask yourself, how do I get to know the number of installments I’ll have to pay? Or what interest rate will I probably get? If you ask yourself these questions, you are ready to use our loan calculator. There you will have to enter the amount you need to borrow and the number of months in which you think you’ll be able to pay it back. Our calculator will show you a great number of options from different banks. This is great because you will be able to compare the approximate interest rates these different companies offer.

How do I Apply for a Capitec Loan Online?

One of the miracles of the 21st Century has to be being able to do things online. Who doesn’t love this? We live in hectic times, and having to make lines can be a waste of time for us. It may even cause us trouble at work! This is not only good for customers, banks also benefit from offering online platforms where their clients can operate on. In this way, their branches are not crowded with people at all hours.

Capitec Bank is no different. They do have an online platform where you can start applying for your loan. You only have to fill in the application with your personal and financial information. Also, they have a cellphone application that you can download to your phone to start applying for your loan. The app is available bot for Android and IOS devices.

What Documents do I need to Apply for a Loan at Capitec Bank?

In order to qualify for a Capitec Bank loan you need to be a South African resident, over 18 years of age, and have a steady job. This is standard in almost all lending companies. When you take out a loan under your name, you are responsible (and liable) for it: the bank needs to make sure you know this.

Capitec Bank needs certain information to make you an offer, that is, how much money they will be able to lend you, in what term period and with which interest rate. Also, they need this info to verify that you will be able to repay the loan. For this, they need these documents:

  • Your ID

  • The last pay stub

  • A bank statement of an account under your name where you’ve been deposited your last 3 salaries

Can I Increase my Capitec Loan?

Once your application process is completed, and you got a quote from the bank stating the amount of money you can borrow, you cannot increase the amount of the loan. For this reason, it might be a good idea to carefully consider if the amount you’ve been quoted will help to cover your expenses before you accept the loan.  

Can I Consolidate Loans with Capitec Bank?

Owing money to different creditors may not be a safe financial behavior for you. Think it this way: you have different people to pay to, different due dates, and different interest rates. It can turn into a major headache.

Even though this is not a safe behavior and it’s not advisable, many people end up in this situation. Why? Simply because sometimes there are no other options available. They need to ask for financing. That repair on your wall cannot wait, right?

If this is your case, you might want to consider Capitec Bank consolidation. This company lets you consolidate your loans by taking a loan of up to R250000 over a time period of 84 months. With this loan you will be able to pay off your other loans, and you will be left with only one loan. This loan will be easier to pay since you only have to worry about paying to only one creditor. This will probably give you greater peace of mind.

Does Capitec Have ATM Loans?

Capitec Bank does not offer ATM loans as such, but they have a similar tool that you might take advantage of. If you are coping with an emergency and need money you can consider taking out a credit facility with Capitec Bank.

With this instrument you can get up to R5000 within some minutes. The money will be available at once and you will be able to start operating from your online banking or cash the money at an ATM or tills in supermarkets. This loan is payable each month.

The maximum amount of money you can borrow will depend on your credit history and salary. There are rates and fees to this loan, though. There is a fee for initiating the service and then you will have to pay a monthly fee of R35 if you don’t have an outstanding balance and of R69 if you do. The bank will review your situation every 9 months to see if you’re fit to continue asking for this credit facility.

How to Apply for a Home Loan at Capitec Bank?

Who hasn’t dreamt about owning a house? Renting is money you spend each month that goes to someone else’s pocket. With Capitec Bank that dream might become a reality. This company gives home loans for people between 18 and 60 years old.

With Capitec Bank you can borrow up to R5 million and have a repayment period of up to 240 months. After you apply for the loan and send out all the documents required, if accepted, your loan will be approved within 5 business days.

You don’t need to be a customer of Capitec Bank to apply for this loan. To start the process you can either apply online or at a Capitec Bank branch. If you apply online, you might be able to finance the total amount of the value of the house, whereas if you apply at a branch you may be able to finance a 90% of this value. Some government employees might qualify for special deals for home loans with Capitec Bank.

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To request a home loan with this company you will need the following documents:

  • Photocopy of the purchase offer, which has to be signed

  • ID

  • Photocopy of marriage certificate

  • Pay slips for three months

  • Three bank statements, which must be stamped

Does Capitec Offer Vehicle Finance?

There’s no doubt that owning a car gives you great independence. You can get wherever you want while you’re able to manage your own time. You don’t have to rush to get the bus or travelling long journeys in a crowded space: it’s more comfortable.

However, when you don’t have the money to buy a car, you need financing. It’s important that you study your situation in depth before you apply for a loan. You need to consider, for instance, what kind of car you need and can afford, if you should get a short-term or a long-term loan. Remember, the longer the term in which you pay the loan, the higher the interest rate.

Once you thought through these issues you are ready to ask for a loan. Capitec offers the possibility of buying a car through their personal loans. Remember that you can borrow up to R250000. With these tips in mind you’ll be able to safely borrow money to buy the car you need.

Does Capitec Offer Temporary Loans?

The difference between a long-term and a short-term loan is the amount of months in which you can repay it. A short-term loan can be repaid up to 24 months. The advantage of these loans is that have lower interest rates. Capitec offers short-term loans and you can request them online. The amount you will be able to borrow will depend on your salary and affordability records.

There are two ways in which you can repay your loan. You can either pay the minimum or pay the full balance. Consider that when you pay the minimum (at least 5% of the outstanding amount), your loan accumulates interests. That is, you will pay more money in the end.

How does Multi-Loan Work at Capitec Bank?

Capitec Bank does no longer offer the multi-loan facility. This was a credit loan that allowed you to borrow small amounts of money and to borrow again once you have cancelled it.

Although this loan is no longer available, there are other options. Above we’ve discussed the credit facility, which allows you to access to immediate financing, for instance. Also, you can consider applying for a personal loan and only ask for the amount you need. Once you repay your loan you might be able to apply for a new one.

Does Capitec Bank Give Loans to Pensioners or Students?

Capitec has not designed a credit line specifically for pensioners or students. But that doesn’t mean student or pensioners cannot receive financing from lending companies. One of the requirements for borrowing money from Capitec is being able to prove that you have a regular income. So, if you are a pensioner you can qualify for a credit facility or a personal loan. If you are a student with a steady job, you might be able to request a home loan, as well.

Can I Take a Capitec Loan Without Pay Slip?

All lending companies need to have certain guarantee that you will pay back your loan. Thus, they request certain documents and make an investigation on your credit history and assess your affordability. The only case in which Capitec Bank may allow you to take out a loan without Pay Slips is if you own a business, for instance. If your business is duly registered as a company (Incorporated, Close Corporation, Trust) in South Africa, you will be able to prove Capitec that you are capable of paying through your bank and you will be able to take out a business loan.

Are there Payday Loans at Capitec Bank?

With a payday loan you can get access to cash and then repay it when your salary is deposited into your account. This is really useful when you have emergencies. For instance, it’s the last week of the month, you’re short of cash and your car breaks down. You need to fix it because you work with your car, but how do you pay for it if your payday is not till one week later? In this case, you can solve that problem with a payday loan.

At Capitec there’s a similar loan: the credit facility. You can borrow money immediately, solve your problems, and pay back for it the following month.

Can I take out a Loan if Unemployed at Capitec?

When you are unemployed, it is really hard to get financing from reputable financing companies. These companies need to have your income as security. If you are unemployed, don’t own a company, or you have no means to prove that you have a regular income you cannot request loans with Capitec.

Perhaps if you are currently unemployed and know that this situation won’t last long, you can ask someone you trust to take out the loan on your behalf.

Can I have a Payment Break in my Capitec Loan?

Some months are tougher than others, and sometimes you just can’t make ends meet. No shame in that. We’ve all been there. With Capitec you can’t take a payment break but you can easily reschedule your loan. You can extend the time in which you repay the loan. The amounts of the installments will be lower (more manageable), but you will have more installments. And even though you pay lower installments, the amount of the outstanding balance will be higher since interests apply.

How long does Capitec Take to Approve a Loan?

Capitec prides itself of providing simple, easy-to access and fast services. So, they work hard to get everything going in a timely manner. On the other hand, after you provide all the documents, Capitec has to check that you are able to pay them back. For this, they’ll perform credit checks on you and study your affordability. This might take up a week. Once this is done, the money will be immediately transferred to your bank account.

What is the Contact Number for Capitec Loan?

You can access to all Capitec services online. Also, this company has a banking application downloadable to your phone, from where you can operate. With this app you can even apply for personal loans and credit facilities, you can check your outstanding balance, and more. But, if you don’t like using apps or the computer, you can also contact Capitec Bank over the phone. You can contact them on 0860667789.

Getting finance in South Africa has become more easily thanks to Capitec Bank. This retail bank has been operating in our country for over 18 years with the premise of accessible and simple finance services. Here we’ve described the types of loans they offer, how to apply for them, and what is needed to qualify. If you’d like, you can comment on the comment section if you know the services provided by Capitec, or you can make any question you might have.

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