See How to Apply for the Capitec Personal Loans

What to know before applying?

Capitec Bank offers some of the highest loan plans in the market, reaching up to R500,000, with the security of being approved in minutes and receiving the money quickly!

Capitec is a financial institution with just over 20 years of experience in the South African market, providing a range of financial services to the public.

One of the bank’s standout services is personal loans, which can be used for various purposes, such as home improvement, purchasing vehicles, financing education, or covering medical emergencies.

The loan can be utilized for a wide array of needs.

In terms of interest rates, Capitec promises rates as low as 9.25% in some cases, although the more common rate starts at 13.75%, depending on the borrower’s specific conditions.

This means that each loan application is thoroughly reviewed by the bank, which provides a direct offer based on the customer’s circumstances.

As a result, your access to credit may differ from that of other customers, particularly because your creditworthiness is taken into account.

Capitec also offers the opportunity to consolidate debts, meaning you can transfer loans from other banks and consolidate them into one, simplifying your repayments.

If you’d like to learn more about Capitec, keep reading.

Who can Apply?

Capitec clearly outlines the conditions for applying for personal loans.

First, you must be a citizen aged 18 or older, presenting a passport with a valid visa if you are a foreigner.

To qualify for credit, you need to have a minimum income, typically in the range of a few thousand rands, which must be verified with documents. Speaking of documents, you’ll need to provide the following:

• Original identification document
• Latest payslip
• Bank statement showing the last 3 deposits

In any case, all applications are subject to the terms and conditions of the South African bank.

How do I Apply for the Capitec Bank Personal Loans?

Capitec’s online platform offers a “See What You Can Get” option, leading to an application form for the bank.

First, you will need to state your credit needs by selecting the corresponding personal loan option. You will then specify the loan amount and repayment period.

The bank offers another excellent option, allowing you to choose specific loans with Capitec’s partners, such as:

• Home improvements with Cashbuild or CTM
• Vehicle purchases with WeBuyCars and The Car Place
• Financing education with SmartFunder
• Managing medical expenses with Mediclinic

Next, you will need to provide personal and financial details, such as:

• Identification number, full name, employer details, type of job, occupation with start date, salary after deductions, email address, and phone number

After submitting the documents, the bank conducts a comprehensive credit analysis to give a positive or negative response. You can always contact the bank’s customer service for any difficult questions.

More Details

To sign the loan agreement, you will need to have life insurance, which serves as a response to emergencies like death or permanent disability. In addition to its flexibility, offering credit options for any situation,

Capitec Bank also provides quick loan disbursement. According to the bank, approval can be granted in just a few minutes, with the funds being almost immediately available to customers.

This way, Capitec delivers quality financial management with excellent customer service and credit options.

In this way, Capitec offers what works best for you, providing a good balance of loan amounts and rates with fixed monthly installment payments.

This way, you can potentially access favorable credit conditions without needing to visit a bank branch, receiving everything directly at home through the bank’s digital channels.

You will be able to know all the terms before signing the contract.

Want to learn another option?

Capitec is not the only South African bank offering favorable conditions for unsecured personal loans, as Absa Bank also provides this service within its offerings for the country. 

Therefore, you can access credit amounts up to R350,000, well-suited to various customer needs. See how to apply.

Written by

Gabriel Gonçalves