Are There Capitec Loans for Pensioners? Options, Application and Interest Rate
Pensioners usually find it hard to apply for a loan from banks. Even if they do find an entity to apply with, they may have some restrictions. If you’re a pensioner I’ll refer to Capitec loans for you and, I’ll also tell you a little about P2P Lending, which can be really convenient for not eligible borrowers.
What are the options for Pensioners with Capitec Bank loans?
Capitec offers a wide range of alternatives but, for pensioners you may get a Personal loan or, what they call “Credit Facility”, which is a short term loan payable in just 30 days. These two types of loan have basic requirements like, being older than 18 and, get a monthly income and, documents to prove it. That’s why if you’re a pensioner, you can have access to this loan.
Will the interest rate of the loan be different if I’m a pensioner?
The interest rates along with the amount of the loan are determined after going through some affordability assessments and checks. This is done with any applicants so, the loan cost will be settled on the result of previous loan payments the Cpaitec’s applicant may have. For example, when borrowers have good credit and, show good payment behaviour in the past, they have more chances to get lower rates.
Now, if you really need to know more or less how much money you will need or, if you need to figure out how much money can you ask for, you may take advantage of the online calculator Capitec Banks has at your disposal. You will be asked to provide some information and, the result the calculators show, will clarify all this.
Are there other options for Pensioners to get a loan in South Africa?
As a matter of fact, there’s another way which is getting more and more attractive among applicants. I’m talking about Peer to Peer Lending that works like this: there’s an online platform in which lenders and borrowers meet and, work together. Borrowers upload the loan they need to get and, the lenders go over the applications to decide which loans they will issue. The special feature of P2P is that as transactions are done without a bank, there’s a win-win situation for both parties. This means the borrower will get lower rates than with a bank and, the lender will also have a higher profit.
Besides P2P Lending, you can search for payday loans companies. As these are loans issued for small sums of money, they usually have lower requirements. Also, you could get informed about pawn loans, which are loans granted in exchange for collateral. This means, you present an object of value and, you get the amount of money that object is worth, when you repay the loan; you’re given your abject back.
How is it possible to follow up the loan granted by Capitec?
Follow up the loan once you start the application is possible thanks to Capitec Bank’s online tools. After the loan is permitted, you can follow the process via internet by entering into your Capitec account. You will see it’s truly simple and quick.
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Can Pensioners apply for the loan online?
There are 3 ways to get a Capitec Bank’s loan. One of them is online and, the others are in person or, even sending an SMS. No matter which one you choose, these are the stages to follow. You get the estimated cost of the loan by submitting some information. This information relates to personal information about the borrower, their job status and, the loan they are requesting. Bear in mind, you need to support that information with valid documents. Afterwards, Capitec’s assistants will get in touch with you to let you know if you are eligible to get the funds and, the amount you are eligible for. In case you qualify, you’ll obtain the money in your account.
For an SMS application, the procedure is similar to via your computer. If you decide to go in person, all you need to keep in mind is that you must take the documents to prove your information. These are:
1- Identity Document issued by the South African government.
2- The three latest salary slips to demonstrate you get income on monthly basis.
3- A utility bill showing your physical address. Bear in mind, it could be any other valid document that shows your address.
Let’s check out some Capitec Bank’s reviews from their clients
One of the most remarkable features of Capitec is that they give pensioners the chance to get financial assistance. We know pensioners get if difficult to gather the requirements to apply for a loan and, even though this company doesn’t allow them to get home loans for instance, they do provide pensioners with options to get economic help if they need to.
On the other hand, a benefit worth mentioning is Capitec’s assessments over their applicants to see if they can be granted the loan. Whereas this may be seen as a disadvantage by some clients, it represents a positive point and, I’ll explain why. There are entities that will approve your request no matter the amount and, in this way; they may lead you to get in financial difficulty to repay it. If you get behind with payments, you must pay extra late fees, increasing even more the total cost of the loan. What’s more, you may even find it impossible to cancel the loan. So, being granted a Capitec loan will make you feel sure about your monthly expenses.
Before we finish, let’s review important Capitec Bank Information
Capitec Bank application can be developed in 3 different ways.
The interest rate of the loan will always be established based on the borrower’s ability to pay the instalments.
There are personal and short term loans available for pensioners.
Borrowers can keep track of their loan in process.
Capitec group of consultants are eager to help any client.
If you’re a pensioner needing a little help, you can trust on Capitec to give you a hand. Besides, now you know there’re other alternatives for you to get a loan. So, wait no longer and, go for it.
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Questions and answers
I am 65 years old and receive a pension from GEPFI R11000 per month. Do I qualify for a personal loan at Capitec?
Yes is you receive a pension and have the documents that prove this, you might be able to ask for a Capitec loan for pensioners. However, you should also consider that your affordability and credit record will be taken into account by Capitec to assess if it is safe for them to lend you money or not.
If you are 68yrs old ,can you get a personal loan of 20,000?
If you are 68 years of age but you hav pay slips proving you earn a regular income, you might be able to ask for a loan at Capitec of R20000. However, you will only know this when you provide Capitec with all your personal information, specially when you tell them how much you earn.
I need a loan. I am a pensioner I need loan up R2000. I received the amount of R2200 and other a month that I received accept the pensioner, can you help?
At Capitec Bank you will find credit facilities for those people under employment. As a pensioner, if you receive salary slips, you might be able to qualify. You could try requesting the loan online and wait for Capitec to make a decision regarding your petition for a loan with them.
I get sassa disability R2100 a month. Can I get a loan at Capitec bank? I am at Capitec.
Being a recipient of Sassa disability pensions is not a qualification for gaining access to Capitec loans. This bank asks their clients to provide them with salary slips from their permanent employment. For information about how to get a loan as a Sassa pensioner, please refer to our articles on our web.
How much can I barrow?
With Capitec bank, you can ask for a personal loan of up to R250,000. You will be able to use this money for whatever purpose you might have. For instance, you can use it to buy something you need or to pay for a holiday. This maximum amount will depend on your affordability.
Hi I bank with Capitec as a Sassa pensioner, do I qualify for a loan?
You will not qualify for a loan at Capitec as a Sassa pensioner since this banks requests clients to provide them with their payslips. This is to say they only work with people who have a permanent job. For more information as to how to find loans as a Sassa pensioner, please refer to our articles on that topic.
My mom went to Capitec bank to apply for a loan, but she didn't qualify because she is 77 yrs old.She is earning government pension fund.
We're sorry to hear your mother could not qualify for a loan at Capitec for her age. However, there are other ways to get finance for pensioners. We urge you to read our articles to find out where to apply for these loans and what documents your mother will need.
Can pensioner get loan 77 years?
Capitec Bank offers personal loans to all individuals who can prove they have a regular income. For people to qualify, they must be over 18 years old. However, the age limit is usually 63 years old in most banks. You should contact Capitec to know about their age limit and see if you can qualify.
Hi, my parents are pensioners who get sassa grants about R1800 per month each. My mum use capitec bank as my father uses standard bank. So they like to know is it possible for the bank to loan them at least R10000?
Capitec Bank does let pensioners to request personal loans at their institution. However, these loans are not specific for pensioners. This means that there are no benefits or special conditions for them. SASSA recipients would not qualify as pensioners since they are not receiving a pension but help from the government.
I'm getting a payment of disability permanent at sassa and child grants of my 3 kids. May I qualify for a loan?
Unfortunately, at this time, Capitec does not offer personal loans to SASSA grant recipients. You will need to prove that you have income from a permanent job in order to ask for a loan at Capitec. Check other options by reading our articles about financial institutions that work with clients in your situation.
I want a loan as a pensioner, please help me.
At Capitec, you can ask for a personal loan with really flexible repayment periods. This loan can be very useful for pensioners such as yourself; depending on your specific financial situation, you might be able to ask for as much as R250,000. Also, Capitec offers fixed repayments and convenient interest rates.
I'm not a pensioner, I get a child support grant for one child can a get a loan, I want to start a business.
If you need a loan to start a business but you don't have a way to prove a regular income, this bank will not be the one to go. You should read our articles about loans provided or facilitated by the Government. You will find these articles under the title Loans per Type.
Do you give loans to people who have retired?
If you are retired and receive monthly payments that can be proved with payslips and you have a bank account where those payments are made into, then you will be able to request a personal loan at Capitec. This company offers a maximum of R250,000 that can be paid out in up to 60 months.
Does Capitec give people with disability grant from sassa loans ? If it is permanent?
No, if you are a beneficiary from a SASSA grant, you will not be able to ask for a loan at Capitec because this company. However, there are other institutions that lend money to SASSA grantholders. Check out our web to find all the information about these loans and the companies that offer them.
My mom is a pensioner and don't have a bank account, how can she apply for a small loan?
One of the requirements for people to request personal loans at Capitec Bank is having a bank account, since the money from the loan will be paid through that channel and because one of the requirements is to provide latest bank statements where the payments of the pension are made.
My husband get a monthly pension of R3300 from Sanlam can he qualify for a loan of plus minus R100000. Many thanks have a wonderful day.
The amount your husband earns each month is one of the factors that Capitec will consider in the process of deciding if they can lend the money to him. However, it is not the only one. Things like his banking history, other expenses, credit records, and the like will also play a part in this decision.
Can capitec bank borrow money to someone who is self-employed and banking with capitec. No payslip.
Unfortunately, up to this moment, Capitec Bank requests clients to provide payslips in order to prove that they have regular income and job. But don't be discouraged, there are other reliable financial institutions that do offer loans to self-employed individuals. Find which they are in our articles about types of loans.
I’m a pensioner and receive a pension from Transnet, plus rental of property Total R10800. I need cash to do repair work on my house after hailstorm amount R38000 over 4 yrs. Do I qualify to obtain a loan from you? My house is fully paid for and I have no debt or dependents.
You will be able to ask for a loan at Capitec if you can provide the bank with your pension receipts and bank statements. You can start your loan application online where you will find out if you can borrow the number you need; this will be assessed by checking your affordability, banking history, and other records.
I want a loan as a pensioner. Please help me, I want a loan of 250000
When pensioners need a R250000 loan, this is the moment in which a loan application may take the longest. When the loan amount is the maximum that a client can apply for and a pensioner is the one who needs it, Capitec will go through every item of the loan application. You can apply but they may ask more documents.
I am a pensioner, I want to know how long does the loan process take? I need this loan like before Friday
When applying for a loan at Capitec or any other bank, the time for the loan process varies. Sometimes it may take just a couple of hours and some other times it may take days. For the process to run smoothly, it is advisable to have all the documentation at hand and own a good credit record.
I am a pensioner, can I get a loan?
Capitec does not offer pensioner loans per se. Still, you may apply for a regular loan or for a credit facility. This financial resource works as a payable loan in thirty days and it is short in term. You will need a monthly income to apply, but most of its requirements are basic and you may meet them.
Will a 68 old man get a loan of 30.000?
There are banks offering loans to people up to 75 years old. The sum of money you ask for is key to the approval of the loan, though. Because the bank needs to make sure you’ll finish paying the money borrowed plus the fees and interest, if you ask for a long term, you can be rejected. On the other hand, if your repayment term is short, your loan can be approved.
I'm a pensioner would like to borrow r50000.00.
As getting a R 50000 loan approval may not be that simple, you should have some points in mind. Take the income you get and subtract all the deductions the Government makes. Then, you need to withdraw the expenses you pay monthly and the financial obligations you may have, such as debts, credit cards, insurance and so on. Finally, you’ll find out how much money is left to use it on the loan installments to see if you can afford a R50000.00 loan.
Is it true that they have different rates in each province?
In fact, interest rates depend on the eligiblity of each customer so that is not the case.
How do I know when I need to make the first payment for my loan?
Your first payment is generally due on the month following the month of application.
I am 63 years old. Sassa pensioner. Income of r1600 a month. Can i get a loan of r2000 please. I am debt free
Of course, you can get a maximum of R 250 000. The first thing you must do is to contact the bank either by phone or email so as to check your affordability and based on yoour income and credit record, the bank. Please phone on 21 941 1377.
Do they have any agents that can come to my home? I have difficulties in getting transportation to get to a branch.
The do not have that service but you can certainly do it over the phone or online.
Hi I am a pensioner earning r4600 and i want a loan of r5000 do i qualify?
The minimum requested is R 2500 so your income is enough and you can apply at Capitec for a R 5000 loan by paying installments of about R425 for a year
I'm a pensioner with an income of 3200 i need a loan of at least R 2000, can i get it?
As long as you have a proof of income, your salary is more than enough so as to obtain R 2000. Remember the company can offer you up to R 10 000 without problems. Of course you will need to have a good credit record with other financial companies and also submit statements with your current bank
I am retired on a pension and looking for R 60,000 to finance a car, how much will i pay?
You can apply for a loan at Capitec so as to get a loan by financing monthly installments ofR 2,605 and interest rates of 4% during 2 years
I want to take my niece back to school do i qualify for the loan even if i get a salary of R 1600?
Capitec loans are given to clients whose payslips or income is of at least R 2500 but you can look for a relative or a trusted person to serve as surety of the loan.
I am 65 years old and still operate my own business where i employ 4 staff members. I need a loan of r20000 for salaries in december 2017 as i have had to lay out a lot of cash for raw materials for new orders. My gross turnover is r60000 and my salary is r25000
You can apply for a loan ofR 20 000 at Capitec and repay for it in 2 years by paying installments of R868,50 and the interest rates will be of 4%
My mom is a 68 and a pensioner earning r4600 every month can she qualify r6000 loan?
Yes, your mom can qualify for a loan at Capitec of R 6000 by repaying for it in a year and the installments, whose interest rate is of 4% are R510,90
I need 2000 emergency plz can i get help?
Capitec has an alternative to get money borrowed fast called Credit Facility. This alternative will let you enjoy money to pay for your cards or, to get cash fast at ATMs, for example. Besides, you can also get cash from supermarkets tills. You must remember, this credit facility has to be canceled completely each month.
How much can I get for a loan if am 67 years?
The loan amount always depends on the money you earn and the money you spend every month. Besides, how you have cancelled previous loans, paid your credit cards and bills will be very important when deciding about how much to lend you. You can take advantage of the affordability calculator Capitec offers their possible clients to know about a loan estimation.
What is the interest rate for Capitec?
At present, Capitec Bank manages interest rates as low as 12.20 % and, as high as 27.40 %. However, if you want to know exactly what’s the interest rate you will be charged, you need to apply and discuss it with the bank. This is so, because the rate they set is based on the applicant’s information and, mostly, on their credit score.
Hi, I just want to know I open an account at Capitec in February and. I apply for pension. My income per month is r3500 and I have no bank statements, can I still get a loan r10.000?
Unfortunately, if not all the requirements Capitec Bank sets are met, you can’t get a loan from them. Among those requests, they ask the applicant to have pay slips and bank statements to show the entity so, as you say you don’t have them, this bank can’t help you with your loan request. You may look at Absa to see if you can get the money.
I'm a pensioner, how can I apply for a loan?
The best you can do to start your loan request is, first of all, find out about the cost the bank will charge you for the money borrowed. You can do this with our loan simulator which, in fact, will show you the cost of the loan for many banks. This way, you’ll clearly see which of those banks charges the lowest rate.
My granny is a Sassa pensioner, does she qualify?
Banks usually sets their clients must have 75 years old maximum to have access to their loan products. So, to start, your grandmother may qualify if she is that age or younger. Then, there aren’t many banks in South Africa issuing loans to pensioners but, she can look for other alternatives like, for instance, Peer to Peer Lending.
I’m 65 years and, I wish to apply for a loan from Capitec. Do I qualify?
As regards your age, yes, you can apply if you are 65 years old as, the top age allowed to get loans, in most cases, is 75. Then, whether you qualify or not will be stated having in mind other aspects. For example, if you have a job and you get your salary through a bank account. Also, how much you earn from that job is essential for the approval of the loan.
I’m a pensioner getting r1420. How much do I qualify?
Pensioners have a great alternative that may work best for them: Peer to Peer lending. P2P works this way: you enter a platform and submit your loan request and, your personal and financial information. Then, there’ll be many investors analyzing your request to see if any of them can assist you on your loan. Finally, if any investor chooses you, you’ll agree the terms for the loan and, you’ll get your financial support.
Good day, I’m a pensioner with a permanent income and, I need a loan of r15 000 and will repay it in 12 months. How much is the installment?
A 15000 rands loan to cancel in just 1 year will have a monthly cost of 1557 rands, supposing you get the lowest rate of 12.40%. As Capitec Bank’s interest rate ranges from 12.40% to 27.75%, the cost of your loan will vary according to your rate. If, for example, you get the highest rate, you will have to pay around 1674 rands per month.
Where can I apply on line for a loan?
There are many entities granting loans online. You can go over different ways. For instance, you may find the application button in their website or, you can send them a message for them to get in contact with you. As regards the documentations you need to submit, you can also do it through the internet or, you can reach a branch to make sure everything is ok.
I am a pensioner and I have an existing account. Do have freelance work that give me some other extra income. Can I have a loan?
Having that freelance work will absolutely help you to get a loan. However, Capitec Bank does not work with self-employed South Africans. You can, either way, try with First National Bank as, they do accept self-employed citizens. To be approved, you need to show your banks statements from the past 6 months showing stability on your income.
Can old people get a loan?
Yes, of course they can! Even though it may be more difficult for them, it is possible if you aren’t older than 75 years and, if you have no problem on showing regular income. Keep in mind, that income must be sufficient to pay for the loan and, also, the bank will carefully study your payment capacity and credit score.
Hi I'm 89 years and I need a loan, can capitec bank assist me? I need r5000
I regret to inform you that due to your age, you may find some big difficulty on getting a loan. You can try another alternative, though. For instance, as you only need R5000, you can search for payday loans which are paid in just 1 to 6 months. Some lending companies granting these short terms loans are Wonga and, Letsatsi Finance
Good day, I'm a pensioner with a permanent income from of r7550 a month, I would like to make a personal loan of r10 000 terms of 54 months if possible. What’s the cost?
Capitec Bank may offer you a rate of 14.20 % for a 10000 rands loan over 54 months, which leaves the monthly installment on 383 rands. All the same, the monthly cost can be different if your loan gets a higher interest rate to pay for. I must also refer to the fact that you’re a pensioner and, Captec requests applicants to show their pays lips to apply.
Am an old man and I need a r10 000 loan, is it possible to get one at Capitec?
It will be possible for you as long as you’re under 75 years old and, you receive monthly and stable income to afford paying for the service fees and interest rate charged apart from the money you took. Bear in mind that as Caitec sets personalized loans, the amount and terms may be different than the one you asked for.
Can I apply online with Capitec for a pensioner loan?
Capitec Bank provides their clients with few alternatives to apply for a loan. For example, if you like face to face interactions, you can visit any of their many branches in the country to deal with the process in person. But, if you prefer to do it from your home, you can either call them on the phone or, get through the procedure online.
Allan Gray pensioners can also apply for a loan?
Yes, if you meet the requirements and you have your South African documents to present, of course. If you meet these two points, then, you’ll be under some checks the bank carries out to inform you about the approval of the loan and, the loan terms you can apply for. This means, the bank may offer you a lower amount.
Can a single mother with one child get a loan of r5000?
If you get paid for a job, yes, you have chances of getting a loan. Of course, you will get the loan confirmation as long as you can present he basic documents banks ask for to know who you are, where you live and how much money you receive monthly. Apart from those points, they will check your credit history.
I want to send my grandchild to do her matric. I get pension, I need a loan of r1500 to pay school fees
Pensioners may find some difficulty when being assisting for a loan. However, Capitec may be the company willing to help you if you get enough income and, have built good credit score. On the whole, the sum of money you ask for and the terms are factors that also contribute to the approval or denial of the request. What you can do is to ask Capitec for an online estimation to find if the amount of money they’re willing to lend you is enough to pay for your needs.
I am 59 year old that took early retirement. I earn r10 000 every month. Is it possible for me to get a loan of r120 000 to consolidate my accounts?
Having such monthly income and being less than 70 years old, we can say you have high chances of getting a loan with Capitec. The only point left you need to consider is your credit score as, this is crucial on the decision making stage. Capitec always checks their applicants have good credit history so they can rely on the fulfillment of the payments.
How much a pensioner can apply for?
Capitec has to know about the complete financial status of the applicant before stating about the loan amount available. Therefore, you have to enter your loan request, in which you’ll present your personal information, to allow the bank to calculate your quote. After Capitec shows you the terms, you can decide to take the loan if you think they’re reasonable.
Hi, I’m a pensioner earning r1600 and I need a short term loan for r7000, do I qualify?
Short term loans, as its name indicates, are paid within few months. This means that the loan amount you receive plus the rates and fees you need to pay for that loan are divided by the period you choose. So, if you ask r7000 over, for instance, 7 months, the monthly cost of the loan would be R1264, depending on the rate you get. Clearly, that would take almost your entire pension. But, if you extended the period over a year, the monthly cost may be round R 793. So, you may ask for an online estimate to see the quote you qualify for.
Can my father (62years) get a loan of r6000? He's the pensioner receiving r1600 per month
Getting just R1600 may not be sufficient to take a loan at Capitec. All the same, he can try to apply to get the official answer as; such answer will be agreed after carefully studying the client’s credit score, income and expenses. If he has a good history on their past loans, he might get the approval for R 6000.
Can I apply for a loan of r16000 for my car?
Sure! You may ask up to R250000 to spend it on whatever you need. The installments to pay are fixed from 1 to 84 and, the interest rate starts at 12.9%. These are the general terms Capitec manages but, remember your loan will get terms specifically stated after going deeply into your finances. The interest rate, for instance, is directly related to the applicant’s credit profile.
My mother is a pensioner earning 2000 per month, can she get a long term loan of r 20000 from Capitec?
If she has taken loans in the past and she has paid all their liabilities properly, she has chances of Capitec approving this loan request. She will have to pay attention to the sum of money the bank will accept to grant her. According to her credit assessment, the loan terms may differ from what she asked for.
I get 1700 a month, can I get a loan of 3000 to 4000 rands?
If you have a good credit record, you will always have better chances of having the loan request approved. Another detail is in how many months you plan to return the money and pay the interest rate. A useful strategy is to ask Capitec Bank a loan estimate to be clearly shown the loan quote you qualify for and, to go into the process with a clear idea about the total cost your loan will represent.
Can I Obtain a loan to improve my home?
Hello! Yes, you can improve your home with a personal loan and use it for housing needs or you can directly apply for a Home Loan. Home loans are made to improve your home or buy a new property. Please contact capitect on 21 941 1377.
I'm a pensioner and would like to start a small business. Can Capitec help me with the money I need?
Capitec can assist you on your finances but, they don’t issue loans to start a business. If you can take advantage of a personal loan, you can use their money to begin your company. Either way, in your case, it will be more helpful if you take a business loan with, for instance, the First National Bank.
Can I get a loan? I bank with capitec
Yes! By getting your loan estimation or by calculating your credit through Capitec website, you can have an approximate cost of your loan before starting the request. An important detail is that Capitec’s calculator takes the minimum interest rate they charge which may not be the one you get. This means, you will get the official rate and cost of your loan once you go over the loan application.
How are the fees for credit facility at Capitec?
For this product Capitec Bank offers, you will pay an initiation fee of just R 172.5. This fee is for the first thousands rands the bank will transfer to your account. After that, it will vary as regards the amount you have available to request. Apart from that, there is a fee you must pay every month of R35.
I am a pensioner of 66 but working still earning r6000 per month and getting a pensioner of r2000. I wonder if I can get a loan
Unless you are paid in cash, meaning without payslips or bank account to check you get that money, you can apply to intend to be approved for a loan. Start your Capitec loan application and, having your income and expenses into account, the company will give you the result immediately. It’s essential you remember the quote they offer may or may not be the one you asked for because it will be determined by your financial status.
I get a permanent Sassa grant I’m 53. Can I get a r5000 _r6000 loan please? I do have a Capitec account
To have a Capitec account will surely make the process goes faster as, your bank details are already in hands of the entity. Yet, that does not necessarily mean you’ll be confirmed for a loan. The positive side is that you meet the requirements Capitec asks from as regards income and age. The one requirement that’s missing is your credit affordability the bank will carry out to give you their final answer.