Compare the best loans of South Africa and find the lowest rate
In the digital era we are living in, everything has changed somehow. We no longer like to order out food in person or by phone, but we prefer to use an application from home by just clicking the “order” button and wait comfortably for it to arrive. The same happens with other aspects in our lives. We no longer want to wait to make a line for a product we need, we no longer want to go to the store and rent a movie because we can do that from home. The same situation applies to loans. We want loans we can apply for online, that we can complete an online application from home and find out if it was approved in a matter of minutes. If this is the case, Capitec can give you that comfort you were looking for. In this article, there is information of thw way in which you can apply online and the requirements needed.
What is the story behind Capitec Bank?
Capitec is a bank known for providing amazing financial products and services. This company was set up in 2001. With small steps, the company started to grow and has now acquired much more recognition. I has 826 locations throughout South Africa.
What are my options at Capitec?
When it comes to variety, Capitec stands out since it offers different possibilities. At Capitec you can save up cash, apply for credit in order to obtain a car you can’t afford otherwise, get insurance and even transact money. Now, there are certain regulations clients are expected to be aware of and comply with.
How do I apply online?
If your aim is to stay at home in your comfort zone, then you can apply for a loan at Capitec without the need of applying in person. Capitec offers you four different ways by which you can apply:
Through an application
In order to apply online, Capitec expects you to fill out a series of steps. You will not be able to go through the second step if you haven’t completed the first step yet. First of all, complete with your personal data. Inform the bank what your needs are, that is, do you need a credit card or a personal loan? Then let the bank know what the amount you are looking for is. How many months will you need in order to pay back the loan? Then:
Inform Capitec the name of the company you work at
Inform Capitec the date in which you started working
State whether you are working with a contract, permanent or other circumstance
State what your occupation is
How much do you get paid?
Do you receive this money weekly, monthly or every second week?
What’s your cell phone number?
State your email address
Once you have completed this step, you will come across a second step in which Capitec verifies some of the information it has received. The last step involves the results that you get from your application and an estimate of some values.
Does Capitec provide benefits for its users?
One of its most outstanding benefits is that loans are adjusted to your needs and conditions. The loans at Capitec come with multiple benefits regarding home improvements, purchases, covering debts or tuition costs. What Capitec general does is it sends you a possible offer after taking into account the data you provided. The idea is to give you rates that are low and convenient for you. It also has a calculator which you can access once you apply that will allow you to evaluate values and prices in a different manner. It consists in a device meant to help you understand the possible financial shifts and costs of your loan.
Do I have to comply with requirements at Capitec?
You surely need to provide Capitec with documents that are of paramount importance. In general, Capitec asks you to provide them with an ID (must be original), a salary slip (the most recent one), a bank statement, etc.
Is there a credit calculator that you can use at Capitec?
Yes, there are different sets of calculators ready for usage. If you need to calculate credit, for instance, you hit the “credit calculator” button and introduce the value. For instance, you choose R50 000. The, the bank gives you the possibility of choosing the term, that is, the months you will have in order to pay off the loan. Imagine you go for 24 months. Now that the device knows the term and amount you are looking forward to, it will provide you with an estimate: in this case, the client would be able to apply for a loan with a rate that ranges from 12.90 to 27.75%. If you agree with this, you will go through the next step and you will visualize the repayment (in this case it would be of R2 633 each month0). You can now get an online estimate or you can start a new calculation. Now, on the other hand, if you go for R 100 000 in a term of 48 months, your interest rate would be of 14.20. This implies that your repayment would consist in R3 127.
Is Capitec what you actually need?
In conclusion, Capitec intends you to rethink credit and to give you personalized financial deals. You can visualize the rates, the installments and decide on the spot if the deal is suitable for you or if you want to keep on evaluating instances until you reach a good deal. The positive aspect of Capitec is that it enables you to observe the behavior of these personal loans through the calculators. If you are not convinced of a financial deal, you do not have to get stuck with it. You can calculate a new one with a better offer.