How Can I Calculate the Interest Rate for a Capitec Personal Loan? Online Application and Loan Products

How Can I Calculate the Interest Rate for a Capitec Personal Loan? Online Application and Loan Products

Capitec Bank is a financial company offering different products in South Africa. This article will be useful for those thinking about getting a personal loan as, I’ll refer to the interest rate and you can find if you work with this bank. I want to also explain how to use the online calculator they offer so, in case you’re interested, you can calculate the cost of your loan. Apart from all these, you also need to know how you can apply with them and, the loan products they offer. Luckily for you, all this information is expanded in the following lines so, by the end of the reading, you will be prepared to get your loan.

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What interest rate can your loan get?

    As you know, when you repay the loan, you must pay more than what you borrowed thanks to the fees and the rates the bank charges for the service provided. Most borrowers worry about the interest rate because that is what defines how much the total cost of the loan will be. Capitec’s borrowers should know that the credits they get are personalized, that is to say, the bank goes over the applicant’s needs and financial profile to get them the best offer they can. This is why, the rate each applicant obtains differs from one another but, remember Capitec will try to give you the lowest rate possible. Later in this article, you’ll find a loan example illustrating this point.

How can Capitec calculator be used to calculate the interest when asking for a loan?

    Following, I’ll explain how the interest rate calculator works. I must clarify first, it only states an estimate as, the loan request will be affected by credit assessments and, the fees Capitec will charge. Before I go on, there’s an important detail to clear up about the initiation fee: even though this fee is charged only once, Capitec divides it along the number of installments of your loan so, you will find it included on the monthly payments.

    Going back to the calculator, all you need is to submit the loan amount you precise and, how many installments you would like to cancel the debt in and, just with that, you will get the range for the interest rate of your loan. After that, you can go on to get your monthly payments. For example, providing that you submit in the calculator that you need R50000 for 24 months, you’ll get a rate no lower than 12.90% and, the monthly payments can be around R 2501.

    Let’s see now, the loan example I referred to before. In case you need to borrow R 100000 and, you get to repay that money on 48 months, the rate can be between 16.30% and 27.45%, the Initiation Fee would be of R 1207.50 and, R 69 on the monthly service fee. Having all this quotes in mind, your monthly installments can be around R3500 and, the total cost of the loan may reach up to R 186371 or less. It’s of paramount importance that you remember these numbers may vary depending on your situation.

What are the qualifying criteria Capitec look at when applying for a loan?

    The eligibility criteria are the characteristics Capitec expects their applicants to have. All they want is to make sure the applicants are capable of repaying the loan. That’s why they pay attention to the applicant’s credit history, their income and expenses, the stability of their income, among other factors. With that information they can see if the applicant can afford the amount of money requested and, also, they can prepare the best loan rate and terms.

    Apart from that, I’ll remind you that any loan request will have a chance to be approved if the applicant is at least 18 years old, South African and, has a stable source of income. For Capitec, it will be necessary to present the following documents to prove that characteristics:

  • Of course, you will have to present your South African ID.

  • Also, Capitec needs a proof of residence, which can be any document that has your address in it.

  • In order to prove your income, you must submit the last payslip you received and, the last three bank statements in which the last salary deposits can be seen.

As it’s perfectly shown, if you have a stable job and, are from South Africa, you can perfectly apply with Capitec Bank. Other than that, it will depend on your payment and credit history.

Now, we’ve gone over the requirements, we can delve into Capitec Application for a loan

Capitec application presents some options, which you’ll find next:

  1. One way is to apply online.

  2. Another way is to use Capitec App.

  3. Also, you can send a SMS to 44773 with the word CREDIT to start the process.

  4. Besides, if you don’t like using technological gadgets that much, you can find a Capitec branch near your house and, apply in person. This can be really easy as, they have more than 800 retail branches around the nation.

  5. Another alternative if you don’t want to leave your house is to apply over the phone.

How to get a loan estimate with Capitec?

    Getting an official loan estimate with Capitec is the easiest. When you go over the application online, you are asked some information about your identity, your job status and salary, your expenditures, the loan quote you want and, what is the reason for the loan request. Following, you’re asked to present the documents to check what you completed and, finally, you receive the estimate.

What products does Capitec Offer?

    Actually, Capitec Bank offers a myriad of products related to finance. For example, they offer insurance, business services and saving accounts. However, as regards loans products, you can apply for Personal Loans, Consolidation Loans, Home Loans and, Home improvements Loans, Education Loans and also, Small Business Loans.

    Clearly, Capitec Bank is willing to assist their clients on any need they have. No matter what you need the money for and, what’s your particular situation, you can trust Capitec Bank will do their best to provide you with the best service possible.

Author: Cristian Renella

Update: 02/09/2023                                                                                                            

Preguntas Frecuentes

How can I pay the monthly payments for my personal loan?

You can do it online, with the mobile app or at a local branch.

Do they offer auto loans in Gauteng?

Capitec Bank does not offer auto loans specifically. However, you can perfectly well use a personal loan to purchase a vehicle.

Can I be eligible if I have a poor credit record?

You may turn out to be eligible but your interest rate will probably be quite high.

How much interest will i pay for R 3000?

The interest rate will be around 15%, which is the smalles amounts applied to installments. Remember that together with the interest rates, clients are expected to pay a small service fee.

Mi name is kuly i just want to know if i qualify for 10,000

Hello Kuly, the amount you want can be granted by the company as long as you have a salary of up to R 2500, a good credit record with other financial companies and loans and also submitting on time your payslip and 2 bank statements

How much does one pay for a loan of 5000?

If you are interested in obtaining R 5000 you will more or less pay an interest rate of 14.90 and you will be able to finance the loan in 12 months.Moreover, the rate can extend pf up to 27.95%

How much interest will I pay on a R30 000 capitec personal loan over 3 months period?

With Capitec you will not be able to repay that amount in three months as you wish. The minimum time for that size of loan is 7 months. Now, the interest rate, Capitec will be able to offer you will depend on your salary, your expenses, your affordability and your credit history.

I earn 2,500 and how much I qualify?

The amount of money you can qualify will not only depend on how much you earn each month. Factors such as what your expenses are, your banking history or your credit record will play a big part on this calculation. You can try applying online at Capitec to find out exactly how much you could request.

How much a month would I pay back on a 50000 loan?

There are two important items you must consider when thinking about loan instalments: the interest rate and the repayment period. These two will determine how much you will have to pay each month. So, if you chose to repay a R50,000 loan in 2 years and the interest rate if of 15%, you would have instalments of R1,500.

How much would I pay if I take a loan of R103,000 for 41 months?

How much you would pay for a loan at Capitec for R103,000 over 41 months will have to do with the interest rate you are able to get. So, for instance, if the interest rate is set at 20%, you would have to think of 41 installments of around R3,000,

How much would I pay if I take a loan of R10 000. For 1 year?

How much you would pay if you took a loan of R10,000 over a year at Capitec will depend on your financial situation. Let's say you are offered a 12 % interest rate. Also, let's assume you decide to pay off this loan in 24 months; in this case, you would have to pay R466 each month. 

Hi I need a loan of R25000,00 to build a house. How much am I going to pay each month if I have to repay the loan in 24 months?

If you ask for a loan at Capitec for R250,000 over 24 months, and you comply with the bank's requirements, you will be asked for information to calculate the interest rate of the loan. For instance, if we are talking about an interest rate of 15%, you would have to repay each month around $11,900. 

I want a personal loan of 10,000 rand. I will pay it in 24 months, how much will I be paying every month?

If you are looking for a personal loan of about 10,000 rand with Capitec Bank, you should take the following details into account. The interest rate which the bank applies is about 9%. Therefore, for a repayment period of 24 months, you will be paying monthly instalments of about 606,05 rand. 

Hi, how much must I pay if I want a loan of R15,000.00?

If you want a personal loan of about 15,000 rand with Capitec Bank, then in order to know how much you will be paying, it is important to check the interest rate as well as the repayment period that you choose. Therefore, for a repayment period of 12 months, you will be paying 1,559.15 rand approximately.

What is the monthly payment of a loan of R50,000 in 12 months?

The monthly payment for a personal loan of 50,000 rand with Capitec Bank and with a repayment period of 12 months, will depend on the interest rate that is offered. This rate is personalized and is based on your credit profile. That is why, the recommendation is to contact the entity for further details. 

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