When you’re looking for a bank to get a loan with, you look for one that offers you some of the best rates in the market. So, how about you look at a bank that can offer you rates from as low as 12.9%? Considering the market and how it has been for quite some time now, this is a decent offer.
That’s what you get when you take out a loan with Capitec Bank. There are, however, a number of determining factors that can lead to you getting that loan for those rates. The other exciting factor about getting a loan from this bank is that you can apply for the loan online.
To learn more about these features and benefits that you can get when you take a loan with Capitec Bank, you should read on. You can also learn how you can apply for the loan online. Plus, the fees involved when taking out the loan with the bank can also be found here.
Features & Benefits
It usually doesn’t matter what you want to take out a loan for, as long as the loan is for the right price among other benefits. Some of the benefits included here are the following.
Consolidating Your Debts
One great part about taking a loan with Capitec Bank is that you can easily consolidate your debts. It actually doesn’t matter where your debts are from, you can have them in one basket here. This makes keeping up with payments and due dates much more simple.
Fixed Monthly Repayments
With most banks, the monthly repayment varies and the bank decides how much you have to pay. With Capitec, however, you choose the amount you are comfortable with paying. Having fixed payments help you easily budget how much you can spend each month.
Easy Managing Credit
You can easily manage your credit through the Capitec app. This allows you to have access to your credit anytime from the comfort of your phone. This way, you can always stay on top of your account.
Credit Limit
The other benefit you get to enjoy with Capitec Bank is that you have a loan limit of up to R.250,000.
Fast Approval and Disbursement
When it comes to credit approval, Capitec only takes a few minutes to get the loan approved. Better yet, once the loan is approved, you have the money in your account instantly.
Apply for a Loan with Capitec Bank
To apply for a loan with Capitec Bank, first of all, you have to be eligible. And there are a number of determining factors to getting a loan. Your credit profile is at the very top of the list of those factors – it should stable at the very least.
The bank will then go to check if you have a stable source of income. You also have to be at least 18 years old before you can apply for the loan. You’ll be required to have your ID card, latest payslip, and an original bank statement showing your latest salary deposits.
To apply, you can use either of four ways with online being the most convenient by far. You can physically appear at a branch of the bank, apply through the bank’s app, through the bank through bank’s contact number, and apply through the bank’s website.
For online application, visit the bank’s website and click on the loan menu. That will direct you to another page where you have click on the type of loan you’re looking to take. For example, you can choose from personal loans or the other available options.
Once you’re on the next page, you can start filling out your personal information and, remember, you need to be as honest as possible. Use this link to get to the loan page of Capitec Bank.
Fees & Charges
There are fees that you have to part with when you take out a loan. Like most banks, you have an initiation fee of around R.1,197. You also have to part with a monthly service fee of R.68.40. The interest rate fluctuates from as low as 12.9% to heights of up to 21%.
Bank’s Contact Info & Address
To get more info on the loan before you apply for one, you can reach out to the bank through +27 21 941 1377. The head office of the bank can be found at 1 Quantum Street, Techno Park, Stellenbosch, West Cape, South Africa.
Conclusion
Taking a loan has moved on from the traditional format it was in the years past. Today, you can easily apply for the loan through a number of ways and not just by you appearing at the bank in person. This is how you can apply for a Capitec Bank loan online.
*Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information.