Compare the best loans of South Africa and find the lowest rate
When choosing a financial entity to help you out with your troubles, it is important to choose wisely. There are plenty of banks offering loans and services that could do the trick, such as African Bank, Wesbank, FirstRand Bank, Nedbank, Albaraka Bank, Sasfin Bank, Standard Bank, Mercantile Bank. An example that was not mentioned here of an excellent bank that may have everything you need is Capitec Bank. Keep on reading and you will find more about the loans it has, the assets endorsed, the calculators and simulators that you can use, rates and terms, among other interesting details.
What are the assets endorsed by Capitec Bank?
Capitec stands out mainly for having the following assets:
Who is Capitec?
The company was started in the year 2001, which makes it a newer company among other entities in the industry. Although it can be considered quite new, it already has 10 million active clients. There are 826 Capitec branches spread all over South Africa. In the company, there are working more than 13 333 employees. Throughout the years, Capitec was able to creat a solid convenient company that could bring some sort of financial relief to its clients.
What can you do at Capitec?
At Capitec you can do the following:
All these actions are possible at Capitec. Each has different rules and regulations that you can check at the website of the company. This article in particular will deal mainly with obtaining money as a loan.
What are the benefits of obtaining a personalized loan?
With a personalized loan at Capitec you can have a loan made just for you. It will be useful if you need to carry home improvements, purchase a reliable vehicle to travel safely, cover the costs of your family’s education or pay off a debt. You will receive an offer that will strictly be based on your personal profile with fees that are lower and convenient rates. Your installments will be affected by the term chosen. You will have a whole term in order to pay your installments per month.
What are my options?
You can obtain R250 000 in a period of 1 to 84 months.
Indicate Capitec Bank what your desired amount is like and choose the number of installments that could suit you best.
Explore the possibilities that mean having a lower interest rate
Capitec approves your credit in just minutes.
The money you applied for will be ready immediately
Repayments are fixed so that the value remains the same per month
Rates start at 12.9%
You can consolidate the loans you already have so that the system for monthly repayments gets easier
You can also add credit insurance
You will be able to handle your credit by making use of the app Capitec has
How can you apply at Capitec for a loan?
In order to apply at Capitec for a loan, you can turn to your cell phone or computer and apply online. If that does not appeal you, you can download the Capitec application on your phone and use it there. You can even call the bank and apply for the loan through your mobile or simply visit a Capitec office. Here you can find some additional bits of information you may appreciate of the bank. If you were to contact this company in person, then you can search through their map or office locator to find an office close to your area of interest.
Present your ID with proof of residence
No email address yet
How does the offer work?
When you apply at Capitec, you have to make an offer. This could be either accepted or rejected by the company. What will they take into account? Your credit profile and affordability will be tested. They will test the following:
Your banking history
Your credit history
Your expenses and income to check whether you can afford the installments
Your stability regarding the sources of income
Your advantage is that you choose the amount and the installments, and then the bank will put all those items into consideration to make a decision.
Do you need credit insurance?
At Capitec, if you chose 7 months terms, then you are required a credit insurance.This should be used for covering disability (temporary or permanent), death, retrenchment, death or unemployment. You can get a credit estimate at their website.
Do I need documents at Capitec?
You will certainly need an ID. Your name must match the one present in your ID and residence document. You are probably going to be asked to provide proof of residence (original), your salary slip and a bank statement.
How are rates and fees at Capitec?
Each value changes with each option that you choose. If you want R5 000 with credit facility, your monthly rate would be of 20.75. Your monthly service would range from 35 to 69. Now, if you want R25 000 with a term of 12 months, then you would have to pay a fee of 69, and your interest rate would range from 12.90 and 27.75. Your initiation fee would be of R1 207.50. This would only be paid once.
Are the rates similar for credit cards at Capitec?
In the case of the rates and fees of credit cards, they are a little bit different. The initiation fee is of R100 and the monthly fee is of R35. In this case, the interest rate ranges between 10.25% and 20.75&.
Conclusions: is Capitec to trust?
In conclusion, if your objective is to work with a company that offers loans and endless possibilities, then Capitec is definitely a good choice. It offers you ways to affordability, flexible solutions and simulators that can help you predict your installments. You can also turn to Capitec for loans of different sort, credit cards and other ways of financing.