Compare the best loans of South Africa and find the lowest rate
These days, citizens find it hard to save enough money to make big purchases. If you can relate to this statement, I’m sure you’ll benefit from this article as; we’ll inform you about a South African lending company that can help you with this issue. I’m talking about VBS Mutual Bank. We’ll cover the loans they have available and how to contact them through the phone, the internet or in person.
VBS Mutual Bank is a well-established entity working since 1982 to help South Africans with their objectives. That’s why they offer a myriad of products that are especially though to fit the diverse financial needs they undergo. Next, we’ll go over the lending products you can apply for.
VBS Mutual Bank, what loans do they offer?
As I told you, VBS thinks about what their clients want and, provide them with different options. You may have VBS as an alternative if what you are looking for is:
+ Personal Loan,
+ Home Loan,
+ Vehicle Finance or,
I’ll expand on each option so, by the end of the reading, you’ll be fully informed about the products, which will allow you to make the right decision.
* Let’s start with Personal Loans. In this section, we have three options to choose from: Starter, Prime or Premier Loans. Starter Loans are the perfect match for those workers with a low income salary as, you can ask for a maximum of R3000 and, the repayment period is up to 6 months. Then, if your salary is a little higher, you can make use of the Prime Loan. In this case, quotes go up until they reach a maximum of R15000. Of course, you’ll have more time to repay it. If you have some sort of emergency, like having to fix your car or computer or, even for medical bills you didn’t expect to have, this loan can be a fine solution. Last, if you need a bigger amount of money, the Premier Loan may be your best option as; you can request R100000 over 60 months. You can take advantage of this loan if you are thinking about buying a new car or, pay for higher education, for instance.
What are the requirements to qualify for a Personal Loan?
For any of the loans expanded before, the requirements are the following: as regards age, you must be at least 21 years old and, as regards nationality, you must be South African. However, there’s another option which is to own a South African residence (Permanent). You must keep in mind, you’ll be asked to present documentation to prove your address and, identity. As regard your employment status, if you aren’t in a permanent job for more than 6 months, you won’t qualify as possible loan holder. As regards your salary, it must be paid through a VBS bank account and, it must be R3000 as minimum. I’ll add, you must be in accordance to get checked on your credit record and risk profile to verify they’re good enough to get a loan.
* Let’s move on with Home Loans. Here, you can also find 3 different alternatives:
1) Ordinary Loans issued to those who pretend to buy, improve or fix a residential property.
2) Building Loans granted for those who intend to obtain or develop a property (industrial or commercial) with the objective of selling it or leasing it out with commercial aims.
3) Commercial Loans provided for companies that want to purchase, build up or expand a property.
* Let’s develop the Vehicle and Asset Finance option. The repayment period goes from 1 year up to 6 and, there are two types of offering you’ll encounter. On one side, there’s the Instalment sale agreement and, on the other, there is what they call Residual. Next, I’ll detail some specific criteria you should pay attention to, before attempting to apply for this choice: To start, you should know the approval will depend on the credit assessment they carry on. Also, if your car is more than 3 years old, you’ll have the chance to finance it but, only under particular circumstances. And, as a general rule, there are two points VBS will request before considering approving your vehicle finance. For 2nd hand vehicles, they’ll need a police clearance and, you must also provide them with a proof of insurance so, they can check everything is in order.
* Finally, let’s take a look at Overdraft. This product is not like a regular loan but, it works in a similar way. Mainly, an Overdraft will permit clients to borrow an agreed amount of money from the bank when their accounts are left empty in a fast and practical way. This product isn’t repaid by monthly repayments but, by making a deposit in the same account. VBS will prefer this deposit be your salary.
Before finishing with the contact details, I want to leave you this chart with VBS information summarized:
Home and Personal Loans, Vehicle Finance and Overdrafts.
VBS Email Address
011 03 75 440
South African citizens older than 21 and, employed.
VBS Branch Address
82 Wessels Road, Rivonia. Johannesburg.
Short and long terms loans.
VBS Mutual Bank Contact Information
Now, we’ll go over some branches, email address and phone number for those who want to get in contact with VBS.
VBS has a Call Centre to be reached from whatever part of the country you are. If you need to call them, please dial the number 011 037 54 40 and, if you prefer to write emails, their email account is firstname.lastname@example.org.
For those who choose in-person conversation, here you have a couple of branches. In Rivonia, Johannesburg, VBS branch address is 82 Wessels Road in the Metropolitan Office Park. Go to Block G on the 1st floor. Also in Johannesburg, there’s a branch in Marble Towers. This is located at 71 Von Weilligh Street.
Now you have all the information you need about VBS Mutual Bank, you won’t have any problem deciding on the loan you want. You can even get in touch with them in case you have some doubt about a specific product. So, you can stop wasting time thinking and, start taking the first step to get a loan.