Apply for Old Mutual Home Loans in South Africa| Instant Quote
Are you looking for Old Mutual home loans in South Africa? If you need to find out about the types of loans offered at Old Mutual, explore this article further.
Does Old Mutual offer loans?
Old Mutual is known for providing different sorts of services, including loans, insurance, savings, banking, financial solutions, plans for retirement, among other products. Although this company does not provide home loans per se, the loans provided at this company have positive reviews and clients have claimed to feel comfortable working with Old Mutual.
How do Old Mutual loans work?
At Old Mutual, the system is pretty easy to understand. When you have already made up your mind for applying for a loan at Old Mutual, you need to start off by picking the amount of your loan. This amount could range from R500 as a minimum to a maximum of R200 000. Once Old Mutual has approved of your loan, the money will be given to you in the way you have chosen. Now, there are certain bits of information you need to consider:
When it comes to repayments, they take place per month and they are fixed
Depending on the amount of the loan, your repayments go on for a specific set time, which could be up to eight four months
Repayments are determined based on what the client can pay and the terms that were set for the loan before hand
Who qualifies for Old Mutual Loan?
Anyone can qualify for Old Mutual loans who is eighteen years old or older. However, this company takes very seriously your credit score. Every time you take a loan, your credit score is affected in a positive or negative way, depending on the situation. If, for instance, you make loan repayments in a regular way, it shows that the client is a borrower that can be trusted. If a client keeps up with his or her repayments, then the credit score of the client can be improved with a personal loan. If you want to qualify then, you will need to make the requirements imposed by the company and improve your credit score.
What do I need to apply for a loan at Old Mutual?
It is not difficult to apply for a loan at Old Mutual since the workings are quite similar with the ones of every other bank. You will definitely need to submit or present the following:
A valid passport or ID
Your bank statements of the three last months
Your payslip, that is, the most recent one
Te proof that you are living in a particular area or proof of address for the bank to verify it
You need to be eighteen years old or older to apply.
Is there an Old Mutual personal loans repayment calculator?
Old Mutual enables customers to make use of the repayment calculator in order to anticipate the amount for monthly installments and payments. This is how it works:
Select the loan amount you are interested in (it could go from R2000 to R200 000).
Imagine that you pick R2000
The loan term you can choose for this amount could be of three, six or twelve months
Imagine that you choose six months
As an estimate, the deduction could be ranging between R459.55 and R489.17. This would be the value per month.
Every time you try a new value or amount, you will be able to see the terms available and to find out an estimate of the possible deductions.
How does Old Mutual consolidation loan work?
If you are interested in a consolidation loan, you can apply for one at Old Mutual. It is important to know, though, what you would be having access to. A debt consolidation loan is generally used in order to pay off different liabilities and possible debts that you have as a consumer. You would be combining all sorts of debts into a single debt so that you can access a lower interest rate. It helps those with credit card debts, or student loan debts. They are generally used for two main purposes:
To make monthly installments smaller, in order to access minimum payments
To make the collective debt more affordable
Is there an online application for Old Mutual loans?
Yes, there is actually an online application that the company offers for all clients to complete. Before applying online, you can make use of the online loan calculator to foresee the values of your monthly payments or change the term of the loan and compare different possible scenarios. In order to apply, remember that you can request the bank to call you back, visit a particular branch or simply apply online. If you decide to do it online, you will be asked the following information:
Surname and first name
Amount desired for your loan
Monthly income (Nett)
Gross monthly income
Type of wage, such as weekly, monthly, etc.
Expenses per month
Date when you started employment
Your employment status
Mobile number together with an alternative number
Bank account number
Are there any Old Mutual loans frequently asked questions?
The bank makes sure to answer all the typical and classical frequently asked questions so that you can make the most informed decision possible. When it comes to personal loans, the typical questions have to do with the following:
Do I need to provide documents?
How is the working of a personal loan?
When will I recover my money?
What is the cost for a personal loan?
Do I need to take into account any factors to apply?
How do I deal with credit life?
Does Old Mutual offer long term loans?
You can apply at Old Mutual for long term and short term loans. The terms vary depending on the amount that you need. For instance, if you decide to opt for a loan of R2000, you will have access only to terms that go from three to twelve months. Now, let us evaluate other options:
If you decide to choose a loan of R5000, then you can access terms of three, six, twelve, eighteen, twenty four, thirty six, forty eight and sixty months. If you pick the longest term of sixty months, then the deduction would range between R246.44 and R270.57
Which are Old Mutual loans’ reviews?
Many clients have claimed a good experience at Old Mutual. Old Mutual was described as “competitive, efficient and trustworthy” by many of its clients. Even new users claimed having a good financial deal and obtaining their loan right on time. Some clients reported a mildly negative experience with renewal of loans, since the company took too much time in certain cases to renew the given loan. However, most reviews and opinions were quite positive.
How long does Old Mutual take to payout a loan?
The time taken to payout a loan at Old Mutual will depend on a variety of factors. In order for the approval process to run smoothly, a client must provide all the information they are asked and it must be true, with a possibility to verify it if needed. Clients should have all the documentation needed in hand so as to make the process faster. In general, it just takes a couple of hours.
Is there an Old Mutual loans call centre?
If you need to reach the loan call centre for Old Mutual, you can call at the following number: 0860445445. This is a loan made especially for complaints. There are other telephones numbers you can call at if you need to report a fraud o apply for a service.
Coudl I find an office in Old Mutual for loans in Randburg?
In Randburg, you will find many Old Mutual offices where you will be able to apply for a loan. One of these offices is located in Olievenhout Avenue, and it is the shop number 308.
Are there any Old Mutual loans in Cape Town?
If you search through the branch locator, you can introduce the key words “Cape town” and will find all the offices there that will provide you with Old Mutual loans. There is one located in Gran Parade Centre, very close to other classical shops.
Are there any Old Mutual loans in Kimberley?
Yes, you will be able to find many offices in Kimberley to apply for your loan. One of the offices is located in Diamon Pavilion, which is close to Mcdougal street. If you need to reach this company, you can call at 053 8070900.
Coudl I get Old Mutual loans in KZN?
Clients can turn to the office in KZN that is located between Commercial and Turnbull streets. It is the only Old Mutual office that you will find in Kimberly, according to its branch locator.
In conclusion, getting loans at Old Mutual can be incredibly convenient with so many benefits and easy access.
Questions and answers
Should I call at the main office for more questions?
If you are interested in taking out a home loan, you can contact an specialized advisor in the field at this number 086 0000 366.
What is the loan term for a personal loan?
You have up to 84 months to make the payments for the loan.
What happens once I send the application?
An advisor will look for some financing institutions and its offers, and he will help you choose among all the options you have, which is the best one for you and your financial situation.
Useful and wide variety of online services at clients' disposal, from loan and tax calculators to pdf documents.
You can choose the advisor who will be in charge of assisting you during the financing process.
In Old Mutual site there appears some information such as the market indicators, local and offshore. This information is really useful.