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Are Mercantile Bank Loans Good? Calculate in Seconds

Are Mercantile Bank Loans Good? Calculate in Seconds

In this article we will discuss the products and services offered by Mercantile Bank. This bank has been operating in the South African credit market for over fifty years specializing in financial solutions for businesses. Here you will find out the types of loans that you can find in this Bank.

Does Mercantile Bank Offer Personal Loans?

Although this bank targets corporate clients, they also offer services to individuals. Entrepreneurs and professionals can access to different financial solutions offered by Mercantile Bank, and among these solutions they will find personal loans.

You can ask for a personal loan at Mercantile Bank for whatever purpose you want. You can use it to buy something you need, such as new TV set or a new sofa, or you can use it to consolidate other loans, for instance. You could even take advantage of a personal loan at Mercantile Bank to pay the expenses related to sending your children to school. You will be free to decide what to do with the money you borrow.

This bank works with personalized loans; for this reason the amount of money you can ask for and the term in which you can repay the loan will be discussed with you individually, so that all your needs can be met.

How does the Loan Application Process Work at Mercantile Bank?

This bank has the characteristic of providing a special care for their customers. This is why, as we’ve explained above, they prefer to discuss with each client the way a loan will be structured. For this reason, the application process is much more personal. There will be a staff member assisting you every step of the way; from start to end. To start the application process you will have to fill in a simple form with your personal information to have the bank call you back or you can call or pay the bank a visit.

2 Advantages of Using Mercantile Bank Loan Calculator

To help you estimate the amounts you would have to pay each month if you take out a loan, Mercantile Bank created a loan calculator. You need to enter the amount you want to borrow, the interest rate, and choose a term to repay the loan.  With these factors, the application will automatically calculate the repayment.

You might ask yourself why you should use this calculator at all. Well, there are two (main) advantages of using loan calculators.

  1. The calculation is done by the application and you don’t have to struggle with doing it yourself.
  2. It allows you to estimate the amount you would need to pay each month, and plan your finances accordingly

You need to remember, though, that the results you get with the calculator are approximate numbers. The calculator will use a standard interest rate that might not be the one you can get. The bank will establish the interest rate you can be offered after they assess your credit record.

Are Mercantile Bank Business Loans Convenient?

If you did a little search on forums and other online platforms, you would find out that Mercantile Bank enjoys an excellent reputation.  There are a great number of people thanking the bank for their kind service and attention. Also, some people are thrilled since they were able to grow their business thanks to Mercantile Bank Business Loans, especially SME.

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We believe that the secret behind this well-deserved reputation is the hard work that the staff members of Mercantile Bank perform on catering the needs of their clients. All their business term loans are customized to meet the needs of each individual customer.

Interest rates are highly competitive and based on the financial situation of your business. Also, requirement you need to meet will be informed to you after you tell a Mercantile Bank representative about the amount you need to borrow and what activities your company is involved in.

How do Mercantile Bank Property Loans Work?

Within the loans offered by Mercantile Bank to businesses, there is a financial facility called Asset Facility. As the name of this product implies, these credit lines are meant for the purchase of assets such as property, vehicles, machinery, and related equipment.

The asset facility offered by this lender includes business and commercial property finance that allows companies to borrow money to buy a property to run their business. For instance, if your company needs a warehouse to store materials or other elements of its production, you can consider applying for this loan to make that a reality.

Mercantile Bank offers repayments terms that are structured and competitive interest rates. With this facility you can finance 70% of the value of the property and you will need to make a deposit for the other 30%. If you are interested in applying for this loan, you will need to contact the bank. You will find all contact information at the end of this article.

On the other hand, if you are interested in a home loan for your family, you can also request a home loan at Mercantile Bank. In this case, the property is completely financed by the bank and you can either buy or build the house.

How to Contact Mercantile Bank to Request Car Loans and other Loans?

At Mercantile Bank you can request a vehicle loan both for businesses and individuals. In both cases, the car can be bought through a dealership or to a private buyer.

If you wish to contact Mercantile Bank to request this or the other loans mentioned above you should visit the bank or contact them through the following means:

  • By phone: 27 11 302 0300
  • By Fax: +27 86 262 5031 142
  • By filling in a contact form online

Mercantile Bank is a leading commercial bank that assists thousands of South Africans in their quest of growing their businesses. The financial facilities offered include Business term loans, property finance, vehicle finance and personal loans for individuals. This article made it clear that this bank enjoys an important reputation due to their excellent customer service. 

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Questions and answers

How long, from receiving a home-loan application, does it take to receive the outcome of the application. Do you keep in mind the expiry date of the offer to purchase?

If you requested a residential home loan at Mercantile Bank and you have already provided the bank with all the required documents, you should have an answer in one to two weeks. If you have not heard from Mercantile Bank within that framework, you might want to contact the bank to check the status of your loan.

Good day. I bank with Capitec Bank. I heard that Mercantile Bank is an excellent credit provider. So I would like to know in detail, please, what your policy is towards people with business loans in these financially trying times. Eg, do you also give 3 months leeway like my husband's bank does?. What is your policy regarding Businesses where the loans are paid up to date, but because of the lockdown they had to close and therefore temporarily have no income to pay the loan ? Kind regards.

Mercantile Bank is one of the banks that is providing the loan guarantee scheme announced by the Government of South Africa for small and medium companies that had a hard time during the Covid-19 pandemic. This loan is for the purpose of helping companies be able to pay salaries, utilities, rent, and other needs.

I need a loan

If you need a loan with Mercantile Bank, you can have it. You can make a call and specialists will help you find the best financial solution. They can be used for dealing with bill consolidation and they are meant to meet your financing needs. Lending professionals will review you loan application.

Can I pay with my debit card?

Yes you can

Do they have penalties?

Yes, for not complying with payments

How much do I have to wait to own goods?

Depending on the loan

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