Iemas Loan Calculator - know your Quote | Get your Loan
Trading with financial cooperatives can be a great way to find lower interest rates and warmest client care. In South Africa one of the leading cooperatives is Iemas. Here you will become informed of the services you can make use of, such as housing loans, and other credit lending services.
Can I request a Loan at Iemas through an Online Application?
Since Iemas is a financial cooperative, they view clients like family. Their whole concept is customer-centered rather than profit-centered. For this reason, they want to talk to you and help you with your loan request process every step of the way. You can call them or visit one of their branches and discuss your needs with a member of their stuff and, for instance, if you decide to take out a home loan with them, you will be asked to fill in an application form. Iemas has over twenty branches in South Africa, find the one closest to your location and pay them a visit or make them a call.
List of Loans provided by Iemas
What are the Requirements for Loans with Iemas?
Like any lender, Iemas has the bare minimums you must fulfill to get a loan. This section looks at your requirements to qualify for an Iemas loan. Here is what you need;
- Proof of residence
- National ID or a copy of the same
- Proof income. You must provide payslips for at least three consecutive months.
- Three months' bank statements
How do I join Iemas?
To enjoy full access to Iemas Financial Services products and services, you need to be a member of a participating employer group or work for a company with which the lender has a partnership. As stated earlier, Iemas has salary deduction facility agreements with over 600 employer groups in South Africa.
It's important to note that some services are available to the general public. You can enjoy benefits like Iemas purchase cards and short-term insurance without being a member of Iemas' strategic partners.
You don't have to worry, though. The financial service providers allow individuals to sign up for private membership. This plan will enable you to be among the cooperative, and access the majority of services at Iemas, provided you have a clean credit score and earn a monthly gross salary of at least R40000.
How can I use Iemas Loans Calculator?
It makes sense to ponder the numbers before getting into a financial obligation with a lender. Always remember you agree with the institution, and there are reparations for breaking or failing to meet the agreeable. You must consider the consequences of failing to pay the loan, no matter how desperate your financial situation is.
Loan calculators come in handy when estimating the money you need each month or the installments of loan settlement. Even though Iemas Finacial Services don't have this vital tool when writing this, you can easily access a loan calculator online through different platforms. All you need to do is to search for the term loan calculator.
How long does Iemas take to pay?
Payments are made once your loan is activated. This takes approximately two waking days after approval as Iemas makes payments through Electronic Fund Transfer (EFT).
Can I Find Secured Personal Loans in Iemas?
Most personal loans are unsecured in nature; so, no asset is asked as collateral for your loan. However, there are some companies that offer loans against valuable items, such as your car, equipment or even jewelry. This is not the case of Iemas: they only offer unsecured personal loans. If you want to consider secured personal loans, you might want to check out Cash Crusaders: a company that offers these loans of up to R15 000.
How does Iemas Emergency Loans Work?
We like to think that we have everything under control in our lives. However, that is not true all the time, is it? That is the problem with the unexpected, things happen even if we expect them or not. They don’t ask for our permission.
If you are in the midst of some kind of crisis and need cash right away, you can count on the emergency loans offered by Iemas. They let you borrow a maximum of R6 000 and no questions asked as to why you need the money. Having an emergency can be extremely stressful, imagine how stressful it is if you don’t have the money to “put down the fire”. Iemas got your back, though.
Find the best loan of South Africa
What is the Difference between Iemas Loans and Maxi Loans?
Maxi Credit Solutions is a credit provider of South Africa that partnered with the South African Army Foundation to provide financial solutions to members of the Army. On the other hand, Iemas is a cooperative that provides similar services to employees of different companies with which they have agreements signed. Both organizations offer payday loans.
If you are an employee of the Army and need for a quick loan, you can consider Maxi Loans. You can borrow from 500 rands to 2 5000 rands which you should pay back on your payday.
3 other Financial Services like Educational Loans that you can Find at Iemas
Iemas offers a great variety of financial services to its members. We already talked about their personal loans and emergency loans. There are other three important products offered by this cooperative that we’d like you to know.
The first product we want to discuss is Iemas Educational Loan. The reason we absolutely want you to know this loan is due to how extremely versatile it is. You can request this loan to pay for your child’s studies from pre-school to undergraduate programs in Universities of South Africa. Most student loans only cover for university or tertiary studies; Iemas loan is there to help you from the very start.
The second loan you need to know about is Iemas Consolidation Loan. This loan works just like any other consolidation loan in the market. You ask for a loan to pay for all the loans that you might have so that you are left with only one loan, which is more manageable to pay for.
Finally, with Iemas you can also request a loan to buy a car. This company helps you navigate the process of finding a car you like and buying it. Moreover, they offer car insurance as well.
Can I find Home Improvement Loans with Iemas?
How many times have you said “oh, I want to add an extra room” or “I want to rebuild my kitchen”? You’ve probably said this to yourself a thousand times, but you weren’t able to find the money for it. Don't postpone your dreams of having the house you always wanted; it's your house after all. You can finance any improvement you want to make in your house by asking for a loan at Iemas.
Iemas offers a pension-backed home loan: a loan that is guaranteed by the funds you were able to save throughout your working years in your pension fund. In order to access to this loan, there must be an agreement between Iemas, your employer and your pension fund.
If you want to buy a house, you should know that this cooperative does not issue housing loans on its own; Iemas clients are offered a consultant service that works with banks to find you the best home loan. Iemas has partnered with the bond originator MortgageMax to help you in the process of applying for a home bond in an easy and convenient manner. Iemas will assist you every step of the way in the home loan process with some of the most renowned banks of South Africa (Standard Bank, Absa, Investec, Nedbank, among others).
Does Iemas have Positive Reviews for their Loans?
Iemas is a cooperative offering financial services and is duly registered with the NCR. This means that if you ask for their services you will know that you are transacting with a responsible and trustful company.
We were able to find reviews by Iemas employees who state that they have a wonderful working environment. This can be reflected in some comments made by customers who thank Iemas for its customer service. However, there are some opinions from clients that complain about the fact that sometimes Iemas take too long to respond to messages.
What is Iemas Loans Contact Number?
If you’d like to talk to an Iemas representative you can contact them on 0861 043 627. Also, if you are in Klerksdorp and you wish to ask a few questions over the phone you can call at 18 462 0131. The phone number for Boksburg office is 011 776-4000. We would like to remind you that you can leave us your comments or questions; we'll be happy to help you out.
If your employer has an agreement with Iemas, you can benefit from their many financial services and rewards for being a member of this cooperative. We've talked about the rewards and benefits you can get by participating in Iemas as a member. In this article, it was also discussed information regarding the services provided by Iemas, such as personal loans, consolidation loans, and housing loans. Also, we talked about how to ask for them and how to contact Iemas.
Questions and answers
Will you be able to assist, please?
IEMAS is a private financial company that offers a great range of financial products including personal loans, vehicle finance and home loans and more. The whole application process can be done online. There is a form to fill in with all your personal details, and you will need to submit some documentation such as your ID, proof of residency and proof of income.
Can I ask my employer to register us at IEMAS?
Yes, of course, you can. Your employer can register you at IEMAS. You just need to remember that IEMAS is a financial service entity that offers financial services to members only. So, if you become one of them, you will be able to obtain personal loans, benefits and other products.
How should I know that my company is registered with IEMAS?
If you wish to know whether your company is registered with IEMAS or not, the suggestion is to communicate with the customer service department and provide details about your company, so the IEMAS consultants can help you out with your inquiry. You can also resort to the personal online platform to check this information.
I want to apply for consolidation loan.
In order to apply for a consolidation loan with the private financial entity IEMAS, you need to comply first with the eligibility criteria. For example, you should present a valid South African ID, the last three-month bank statements and payslips, and proof of residence. You will have the possibility to start an online application form.
Can I have a loan of 30,000 rand in 1 year? And how much will I pay every month?
The private financial company IEMAS offers different lines of credit. As a client, you can apply for a personal loan of about 30,000 rand. If you choose a repayment period of 12 months, then you need to consider the interest rate, which is approximately 21%. Therefore, you will have to pay monthly instalments of about 2,793.41 rand.
Which documents I may need to provide when I need an emergency loan?
If you are looking for a personal loan to cover an emergency, then you need to know the following information. You can obtain a maximum of 6,000 rand straight away by providing the required documentation, such as a copy of your South African identity card and a certificate that proves your monthly income.
Can I get a loan against my Pension Fund?
With the financial company, Iemas, you can obtain a pension-backed home loan which can be used to renovate and improve your home, for example. A pension backed loan means that the company can lend you money which is guaranteed by the funds you could save throughout your working years. The interest rates offered are very competitive.
Hi, if I paid my loan with Iemas and would like to take a home loan for R600,000 whilst my salary is R4,185 per month as a disability payment to me from my disability benefit. I also have a provident fund with the company that's affiliated with Iemas. Do I still have the capacity to apply for a home loan from Iemas.
It is important to know that if you want to buy a house, Iemas does not offer a home loan per se, but you can obtain a pension-backed home loan supported by the funds you could save along your working years in your pension fund. If your salary is 4,185 rand, and you need 600,000 rand, you can access this money based on an assessment and an agreement between your employer, the cooperative and your pension fund.
Hi, if the house is 370,000 rand, how much can I pay per month? And for how many months?
First, it is important to know that Iemas does not offer a house loan per se, however, applicants can have a consultant service linked with banks which can help them find the most convenient home loans. This will help you obtain the money you need to purchase a house of 370,000 rand, and organise the repayment period.
If you want loan of 100,000 rand for a period of 6 years, how much you have to pay if you are a weak earner?
If you wish to take a personal loan of 100,000 rand for a period of 6 years with IEMAS, you need to consider an interest rate of 21% approximately. So, for example, during 72 months, you will be paying monthly fees of around 21,000 rand. Remember that the company will carry out a credit check before granting the money.
If requesting a R60,000 personal loan in 2 years, what will be my monthly payment? I am working for PG Bison Board Plant.
If you wish to request a personal loan of about 60,000 rand with the financial company Iemas, you need to consider an interest rate of around 21%. As a client, you can choose a repayment period of 2 years. Therefore, you will have to pay monthly instalments of 12,731.23 rand.
Can you apply for a consolidation loan while having a maxi loan?
If you are an outstanding client with Iemas Financial Services and you need a consolidation loan while having a maxi loan, usually the company will analyse your economic situation to determine if you can borrow the money. The purpose of this consolidation loan is to provide monetary aid, so you pull all the amount due together into one payment.
What will be the monthly instalment on a loan of R150 000 paid off over 5 years?
If you wish to apply for a personal loan of about 150,000 rand with the financial company Iemas to be paid in a period of 5 years, you need to consider that the interest rate can be about 21%. So, you will be paying instalments of around 31,500.34 rand every month.
Hi, if I had paid my loan with Iemas and would like to take a home loan for R600.000 whilst my salary is R4185 per month as disability payment to me every month from my disability benefit and also having a provident fund with the company that's affiliated with Iemas, do I still have the capacity to apply for a home loan from Iemas?
First of all, in order to be eligible for a home loan for 600.000 rand with Iemas, you need to have enough affordability capacity to pay for the monthly instalments. The company will perform an analysis of your economic situation and credit history, and in this way, will determine if you qualify for a loan with a salary of 4.185 rand.
I want to borrow 150000. How much will I pay monthly?
If you request a loan of about 150.000 rand with Iemas company and you wish to know how much you will pay per month, it is important that you first determine the period of repayment. For instance, for a period of 60 months with an interest rate of 21%, you will be paying 31.500 rand approximately.
Do you offer loans to low credit score employees? I need a loan to complete rental rooms to be settled in 12 months
Unfortunately, this may not be possible. If you wish to apply for a loan with Iemas Financial Services, it is fundamental that you have a favourable credit record. You need to show proof of income and have sufficient affordability capacity to pay a loan. The company will request some documentation to determine whether you are a reliable client.
Hi, can I qualify for another loan at iemas if I have one?
Usually, the recommendation is that, in order for clients to apply for a second loan with Iemas, you need to completely pay your current loan. In this way, the company will make sure you have enough monetary capacity to afford monthly instalments. Once your debt has been stricken off, you wil be able to apply for a second credit plan.
I would like to borrow 300000 for a period of 60 months how much will I have to pay in installments?
The maximum amount of money you can ask at IEMAS is R200,000. So, you will not be able to ask for R300,000 as you wish. For example, if you request this loan and decide to repay it in a period of 60 months, and the interest rate was set at 21%, you would pay $6,200.
How do I know if my employer has an agreement with Iemas?
If you want to know if the company you work for has signed an agreement with Iemas allowing you to enjoy their many products, you should contact your human resources manager. An alternative can be contacting Iemas directly. You can call them on their 0861 043 627 or find out the number of the branch near to your location.
I want a car loan, what documents you need me to send you?
If you want to request a vehicle loan with Iemas, you have to submit your South African Document, your driving license, the last three payslips, your last bank statement, a certificate proving your address (it cannot be older than three months), and the quotation of the car you want to buy.
If I ask for a personal loan, how long will it take Iemas to pay for it?
After you apply for the loan and submit all the requested documentation, Iemas has to start corroborating all the information you provided. This is done in a short time period, though. 2 working days after your loan has been approved by Iemas, your money will be transferred to your back account.
What if my employer does not have an agreement with Iemas. Can I still access their products?
The easiest way to become a member of Iemas is to work at a company which signed a salary deduction agreement with Iemas. However, there is one way in which you can still be a member of Iemas even though your employer is not a partner of this cooperative. How? By applying to private membership. For this, you need to earn a gross salary of at least R40 000 a month and have a clear credit record.