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How Can I Use the Online Calculator to Make a Loan Comparison When Applying for a Personal Loan in ZA? Requirements and Quotes

     Getting involved in a personal loan must be taking serious. There are two important points to take into account to decide on the loan. One of them is the lending company and, the other, your financial affordability. That’s why it’s essential to go over a loan comparison between companies before applying and, this can be done using the online calculators the companies offer.

    In this article, I’ll refer to ubank Loans and, Old Mutual Finance, two great South African (ZA) lending companies and, its quotes, requirements and more.

    First, I’ll give you some information about ubank and, then, about Old Mutual Finance. At last, I’ll show you an example on how to use the online calculator to compare your options and, make the right decision.

What are the terms with ubank?

    ubank clients have a quote available to borrow as high as 180000 rands and, they can spend up to 72 months repaying that money. Besides, they are charged with some other monthly fees like, the Service Fee and, the interest Rate. The Interest Rate is calculated based on the terms you choose for your loan. There’s also the Initiation fee that must be paid only once, when you start the process.

ubank has some requirements when it comes to applying for a loan. They will need to check these documents.

        - Applicants’ pays lip.

        - 3 months old applicants’ proof of address.

        - Applicants’ SA ID or any other documentation issued by the government that proves their identity.

        - 3 months applicants’ bank statements (for applicants who are not ubank customer).

Apart from this, as with any lending company, ubank works with borrowers that:

        - Are currently employed.

        - Are old enough (18) to get a loan but, younger than 65 years old.

        - Are financially capable of affording the loan. This will be verified by some Affordability checks.

ubank Loans Contact

    ubank Principal Office is located in Midrand and, in case you need to contact this office, you can dial its number, which is 011-518 50 00. Now, there’s also a Call Centre Manager telephone number, which is 011 518 5781. Of course, they offer an email address also, you can write to customercare@ubank.co.za.

Old Mutual Finance Terms

    This company has some differences. For example, the maximum loan size can be of 200000 rands and, the number of installments can go up to 84. The fees are the same as with ubank and, the APR starts on 19.7% of the loan size and, ends in 72%.  This is a great piece of information as, knowing the possible APR your loan can get, you can have a better idea of the total cost your loan may have.

How to apply for an OMF loan?

    One of the most practical advantages of OMF is that customers can apply in three different ways:

a) Over the internet

b) Over the phone

c) In person

Let’s expand on each of them so; you can decide which is the most convenient for you

    a) If you like using the internet, you can go online to fill the application form and then, use an email account or, the fax machine to send OMF the documents requested. After that, you just have to wait for the answer from the company about the result of the application.



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    b) For those enjoying applying from your house but, preferring to have a real time conversation, phone application is for you. Calling Old Mutual Finance sales call centre you can find one of their assistants that will help you go through the process. As with the previous option, you’d also need to send them the documentation through email or fax.  

    c) And, for those who prefer having a face to face conversation, you just need to find one of their many branches in the country and, approach it with the documents ready. In the branch, their consultants will help you complete the form and go on with the application.

Old Mutual Finance Office Hours

    I’ll inform you about the hours in which you can find OMF consultants available. If you need to apply, or you have specific enquiries, you can call them from Monday to Friday between 7:30 and 18 h or, on Saturdays between 8 and 13h. In the case you need to consult specifically about collections, they are available up to 9 pm on weekdays and, 2 pm on Saturdays. This section contact number is 08 60 63 33 77.

    Keep in mind, Old Mutual Finance assistants don’t work on Sundays or public holidays.

Online calculators

    Finally, let’s compare the companies to see which of them offers the best alternative for you.

    ubank Calculator: you need to specify the type of loan you are taking and, your type of employment. Then, you submit your terms. In this case, we’ll take as example a quote of R 70 000 and, a repayment term of 48. ubank calculator shows monthly payments of R 2637.34.

    OMF Calculator: Now, when we select the same terms with OMF, the calculator gives us an approximated monthly payment between R 2582.83 and R 2878.41.

    It’s important you remember the exact total cost will depend on your specific situation so, as it’s shown in the example, both companies would represent similar cost for your loan.

    Before I end this article, I’ll state some key information about these two entities - ubank and Old Mutual Finance – in the same table so, it will easier for you to compare them:

ubank terms

Maximum of 72 months to repay up to 180000 rands

ubank phone

08 60 00 83 22

ubank email

customercare@ubank.co.za

OMF terms

Maximum of 84 months to repay up to R200000.

OMF phone

08 60 00 08 86

OMF email for complaints

OMFComplaints@oldmutual.com.

    To conclude, even though these two companies work in a similar way, one of them has a higher loan amount and term so, that can be an important point you can take into account when deciding. Besides, you should bear in mind other features like, branches near your house, fees and rates. So, before making the final decision, you should have a clear idea of how much each company will charge you.

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Leave your questions or comments

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Questions and Answers

Can I consolidate my debts with any of these entities?
Yes! Old Mutual offers consolidation loans. However, if you apply with ubank, you can use the money of the personal loan to cancel all your debts.
Which company offers Home Loans?
Unfortunately, none of these companies offers home loans. You may take a look at BetterBond.
For how many months will I have to pay the service fee?
The service fee is added in the installments so; you would have to pay it for the time your payment term lasts.

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(4,67) / 3 Ratings

Rating: 5
Comment: I rather work with Old Mutual because of their many branches in South Africa.
Rating: 4
Comment: ubank is the best option for the mining community!
Rating: 5
Comment: I need to fix my car.

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